Continuity credit

The ITIC board met in March 2025 in Hong Kong. The board of ITIC have agreed that:

• there will be no general increase in premium in the 2025 policy year;
• for the 31^st  consecutive year, each member will receive a continuity credit which will be offset against their premium.

For members who renew between 1^st June 2025 and 31^st May 2026 the continuity credits are as follows:

• Members renewing for one year will be entitled to a continuity credit of 35%.
• Members renewing for two years will be entitled to a continuity credit of 45% in year one and a guaranteed minimum credit for the second year of 30%.

All members currently in a two year policy will receive a total continuity credit of 45% at the midpoint of their policy period, instead of the originally promised 20%.

The boards of both ITIC and ITIC Europe  believe that the continuity credit should continue to be the method used for the distribution of any excess free reserves. Furthermore they are committed to the continuity credits remaining at a sustainable level for future years.

Please note:

1. The continuity credit is calculated on the member’s gross premium paid during the 12 months prior to their renewal.

2. Premium paid for additional insurances, such as Directors' and Officers', unanticipated port disbursements, loss of commission and cash in transit or money insurance is not included in the calculation of the continuity credit.

3. The continuity credit is only available to members who renew for a minimum period of 12 months.

4. Under no circumstances will the net payable premium be less than zero.

5. The continuity credit is also payable to members who are fronted by other insurers for local regulatory reasons.