32 C
Dubai
Sunday, April 13, 2025
spot_img

ITIC returns profits to members for 27 consecutive years

[ad_1]


The International Transport Intermediary Club (ITIC), a mutual insurer offering professional indemnity insurance, has reported annual premium growth of 9.8% in 2021/22 and will return $8 million in surplus to its members.

In reporting its 2021/22 results, ITIC and its mutual reinsurer TIMIA increased its free reserves from $213.9 million (31 May 2021) to $221.9 million (31 May 2022).

Lars Säfverström, Chairman of ITIC, said: “Strong financial position, unparalleled service levels, expertise and responsiveness make ITIC a very easy insurance option. Renewal points are paid to renewing members, effectively reducing the cost of insurance. ITIC has more than 3,400 members , has no outside shareholders, and offers a professional indemnity policy at cost, designed around the specific requirements of those serving the transportation industry. One of the great advantages of mutual insurers is that the surplus goes to members rather than third-party shareholders.”

provide cover

ITIC continues to retain approximately 96% of its members upon annual renewal. ITIC is managed by Thomas Miller.

The Mutual Aid provides coverage and details of the risk environment for a wide range of professionals including ship brokers, ship agents, ship builders, ship and crew managers, charter brokers, aircraft managers, designers and surveyors, and professionals in the offshore energy market. Insight.– arab trade news agency


[ad_2]

Source link

Related Articles

Crowwd: Bringing Clarity and Credibility to Retail Investing

At just 24, Ajitesh Gupta is quietly leading one of the most promising shifts in India’s financial content space. After co-founding Crowwd in Europe,...

Dubai’s Booming Real Estate Market: Exclusive Interview with Max Piccinini

Dubai’s Booming Real Estate Market: Exclusive Interview with Max Piccinini Q: How would you describe the current landscape of Dubai's real estate market? Dubai’s real estate...

Empowering Livelihoods: The Visionary Journey of Madhuban Pandey and SCORE Livelihood Foundation

A Mission Born of Necessity For Madhuban Pandey, entrepreneurship has never been just about business; it’s been about impact. A seasoned entrepreneur with experience spanning...

UAE and Republic of Congo Seal Transformational CEPA, Landmark Deal Boosts Prosperity

UAE and Republic of Congo Seal Transformational CEPA, Landmark Deal Boosts Prosperity The United Arab Emirates and the Republic of Congo have officially signed a...

Breaking Boundaries in Design: Mit Vasant Patel’s Vision for Nouz3D

Mit Vasant Patel doesn’t just design buildings—he reimagines how they’re made. As a multidisciplinary architect with a Master’s in Robotics and Advanced Construction, Patel...

Latest Articles