ITIC’s target for new premium income in the 2018 year (the period 1st June 2018 – 31st May 2019) was set at US$ 2.75m. We are pleased to report that the actual new premium gained for the year was US$ 3.34m.
There were 400 new members, the most ITIC have gained in any one year, the majority of which came to us via insurance brokers. We are extremely grateful for the continued support and enthusiasm that insurance brokers, from all over the world, continue to show to ITIC. Any individual insurance broker is welcome to spend time in ITIC’s office to learn about our risk appetite and underwriting systems.
As has been reported in the Chairman’s statement, the continuity credit structure this year provides those members that renew for a 2 year period with 35% in the first year, along with a guaranteed minimum credit of 25% in the second year. The 35% credit is the second highest that has ever been given – beaten only by the 2018 structure which gave a combined continuity credit and bonus credit of 50%.
In the first part of 2019 we have seen a very healthy increase in new members and premium. ITIC has no restrictions on capacity and is very much open for business. The underwriting team will consider a wide range of miscellaneous risks from the transport and offshore and energy industries requiring professional indemnity insurance.