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Intermediary October 2002
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The ITIC Board met at the spectacular Emirates Towers Hotel in Dubai on 13th March, the Chairman and two other Directors having previously attended a Members’ seminar and Reception in Mumbai on 11th March.
The Board Meeting took place against a background of premium increases in most sectors of the insurance market, and a continuing reduction in share prices on the world’s stock markets. Income from investments had accordingly been severely reduced. The Directors received a lengthy presentation from the Club’s investment managers who reported a return of almost 1% on the Club’s interests for the year to date (which had increased to 1.7% by the close of the Club’s policy year in May).
The Managers reported that the Club had again achieved an operating surplus for the previous year and after discussion the Directors decided to ignore the insurance market trend and for the seventh consecutive year return premium to the Members by means of a continuity credit. They had also noted the fact that by virtue of its focus on professional indemnity insurance for professionals in the transport industry, the Club had not faced any claims arising out of the 11th September, 2001 attack on the New York World Trade Center.
The Directors also took the opportunity to meet Members, insurance brokers, and lawyers from the United Arab Emirates at an evening reception which they hosted at the Jumeirah Beach Club.
The next Board Meeting will be held in London in September and in April 2003 the Directors will be meeting in Genoa.