Press release: ITIC returns profits to members for 27th year running
ITIC returns profits to members for 27th year running
The International Transport Intermediaries Club (ITIC), a mutual insurer which provides professional indemnity cover for intermediaries serving marine, offshore and renewable and aviation customers, has reported annual premium growth in 2021/22 of 9.8% and will be returning US$ 8m in surplus funds to its members. Reporting its annual results for 2021/22, ITIC, together with its mutual reinsurer TIMIA, increased its free reserves from US$213.9m (31 May 2021) to US$221.9m (31 May 2022).
ITIC Chairman Lars Säfverström said:
“Strong finances, peerless levels of service, expertise and responsiveness make ITIC a very easy choice of insurance. Continuity credit is paid to renewing members and it effectively reduces the cost of insurance. With over 3,400 members and no external shareholders, ITIC provides professional indemnity policies at cost, designed around the specific requirements of those who the serve transport sector. One of the great strengths of a mutual insurer is the fact that the surpluses accrue to the membership, rather than to third-party shareholders.”
ITIC continues to retain approximately 96% of its members at renewal each year. ITIC is managed by Thomas Miller.
The mutual provides cover and detailed insight into the risk environment for a wide range of professionals including shipbrokers, ship agents, naval architects, ship & crew managers, air charter brokers, aircraft managers, designers and surveyors as well as professionals in the offshore energy markets.
Click here to view the annual report Financial Highlights - ITIC (itic-insure.com)
For further information please contact:
Bill Lines, Navigate PR
T: +44 7970 730521
International Transport Intermediaries Club (ITIC) is the world’s leading provider of professional indemnity insurance to transport professionals across the globe.
As a mutual insurer, it has over 90 years’ experience providing cover to companies in the marine, naval architecture, aviation, offshore and hydrographic industries. With 3,100 members in over 110 countries and with a worldwide network of correspondents, ITIC is the acknowledged leader in its field.
ITIC’s insurance has been developed primarily to cover claims of negligence – errors or omissions. Cover can also extend to specialist areas such as debt collection, loss of commission income, cyber liability, cash in transit and directors’ and officers’ insurance. ITIC’s wide cover also includes a unique discretionary insurance which could support claims not normally be paid by other professional indemnity insurers.
ITIC is managed by Thomas Miller. More details about ITIC and the services it offers can be found at www.itic-insure.com