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The International Transport Intermediary Club (ITIC), a mutual insurer that provides professional indemnity coverage, has reported an annual premium growth rate of 9.8% for 2021/22 and will return an $8 million surplus to its members.
In reporting its 2021/22 results, ITIC, together with its common 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.
Mutual Aid provides coverage and coverage 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. Detailed Insights.– arab trade news agency
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