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ITIC’s target for new premium income in the 2017 year (the period 1st June 2017 – 31st May 2018) was initially set at US$ 2.75m. We are pleased to report that the actual new premium gained for the year was US$ 3.50m.
This was over 400 new members, the majority of which came to us via insurance brokers. We are extremely grateful for the continuesupport and enthusiasm that insurance brokers, from all over the world, continue to show to ITIC.
As has been reported in the Chairman’s statement, the continuity credit structure is providing members who renew this year with the highest credit ITIC has ever paid. A total credit of as much as 50% being awarded to those who renew for a two year period. Those members who are in the middle of a two year policy are receiving an additional special bonus credit of 27.5% on top of what they had initially been promised, so they also receive the maximum 50% credit.
Over recent years we have seen a number of the larger member companies merging. Whilst ITIC retains the business, there is normally a reduction in the overall premium paid, due to economies of scale. This fact, combined with pressure at renewal to reduce premium due to generally lower income declarations has meant that ITIC’s top line premium has remained relatively flat. That said, it is apparent from the renewal discussions which have taken place since 1st June 2018 that there is an increase in activity, and therefore income, for many members across ITIC’s membership.
The growth in the number of rail and aviation members continues. Whilst ITIC’s strength in rail remains focused on companies within the UK, there are also rail members in Canada, Spain and Italy. The aviation membership has also increased with the majority of assureds being based in the UK and Australia. ITIC is being recognised as a provider of professional indemnity to the wider transportation industries.