The ITIC board met in March 2023. The board considered whether, in light of the current high inflationary environment, ITIC should - for the first time - make a general increase. The board concluded that ITIC is sufficiently well reserved (with an extremely strong financial and solvency position) to be able to weather the current environment. Accordingly, there will be no general increase in premium in the 2023 policy year. The board are strongly of the view that the continuity credit system should remain in place and agreed, for the 29th consecutive year, that each member will receive a continuity credit to be offset against their premium.
The ITIC Board have agreed the continuity credits for members who renew between 1st June 2023 and 31st May 2024 are as follows:
- Members renewing for one year will be entitled to a continuity credit of 15%.
- Members renewing for two years will be entitled to a continuity credit of 25% in year one and a guaranteed minimum credit for the second year of 15%.
All members currently in a two year policy will receive a total continuity credit of 25% at the midpoint of their policy period, instead of the originally promised 15%.
- The continuity credit is calculated on the member’s gross premium paid during the 12 months prior to their renewal.
- Premium paid for additional insurances, such as Directors' and Officers', cyber, unanticipated port disbursements, loss of commission and cash in transit or money insurance are not included in the calculation of the continuity credit.
- The continuity credit is only available to members who renew for a minimum period of 12 months.
- Under no circumstances will the net payable premium be less than zero.
- The continuity credit is also payable to members who are fronted by other insurers for local regulatory reasons.
ITIC has returned more than US$ 174 million to its members by way of a credit payment since 1994.