Underwriting Commentary

New business

We are now seeing a variety of transport professionals as members, particularly from the offshore and aviation industries.

The 2014 ITIC underwriting year has been extremely positive. More new premium income has been gained this year than in any of the previous ten years. Over 80% of this year’s new business to ITIC came through insurance brokers. We are grateful to all insurance brokers across both the wider marine and professional indemnity risks broking sectors who continue to promote ITIC to their clients as the specialist insurer of marine and transport industry professionals.

In addition to the increase in new premium, many current members have looked to widen the cover that they have with ITIC. Over US$2.5m of Director’s and Officers’ liability insurance, loss of commission, debt collection and cash in transit insurances was purchased.

As discussed in the Year Book 2014 the variety of professionals that can now be insured by ITIC has been widened over the last ten years. Whilst retaining a strong position in the marine sector, we are now seeing a variety of transport businesses as members, particularly from the offshore and aviation industries.

If you would like further information on who can be insured by ITIC, or indeed our range of insurance products, please contact your insurance broker or underwriter.

Renewals

We are quite rightly proud that 95% of ITIC members continue to renew their insurance with ITIC each year.

The key factor for most members at renewal this year has been the increase in the continuity credit. These continuity credits have been offered by ITIC for 20 years and vary from year to year depending on ITIC’s financial performance. As you will have seen in the Chairman’s statement in this publication, the improvement in the claims and investment returns this year have led to a credit of 12.5% for members renewing for one year (an increase from 7.5%) and 17.5% for members renewing for two years (an increase from 12.5%).

We are quite rightly proud that 95% of ITIC members continue to renew their insurance with ITIC each year, as well as the fact that 65% of ITIC’s members choose to renew on a two year basis. Thank you to all ITIC members and their insurance brokers for your ongoing support of ITIC in 2015.