ITIC and insurance brokers

Thank you to everyone who attended the recent webinar. As a reminder, a recording can be found here for those who couldn’t attend.

You, the insurance brokers to our assureds, are extremely valued by all the team at ITIC. More than 85% of ITIC’s premium income of US$75m is brought to us from the insurance broking community, for which we thank you.

Current PI market

ITIC is aware that the current PI market is viewed as being soft. Those insuring in the commercial markets will see their premiums rise and fall to reflect the state of the market. ITIC, as a mutual is consistent in its pricing, which allows members to budget accordingly. Despite this soft market, ITIC remains competitive and the new continuity credit of 45% for the 2025 year, will further endorse ITIC’s competitiveness.

Furthermore, the cost of claims has increased over the past five years as has the complexity of the claims ITIC handles. This is partly due to the geopolitical climate affecting the global economy and also insurers generally facing higher expenses due to claims inflation.

It's not all about the price

With ITIC there is a certainty of insurance. ITIC pays claims. The team also work really hard at providing a top class service – to the insurance brokers and to our members, your clients.

When being shown risks, ITIC prides itself on providing you with a quote as swiftly as possible. Similarly, if the enquiry doesn’t match ITIC’s risk appetite, you will be informed quickly.

ITIC offers an excellent claims service, whether through an account executive, or from the dedicated in-house legal team. There are four lawyers in ITIC’s legal team, who have over 30 years of experience between them. As a result, ITIC will endeavour to assist from the outset.

Finally, ITIC’s loss prevention is very focussed on the claims and experiences that members have. Regular publications are provided and advice is available on the website and through worldwide seminars and webinars. Additionally, the website offers guidance on the use and incorporation of standard trading conditions and provides standard template terms for a number of the sectors insured (Standard trading conditions - ITIC).

Technological risks

The integration of AI and other technologies in professional services introduces new risks. Insurers must update policies to cover these emerging risks and manage potential liabilities. For example, a growing number of marine companies are using platform software to collect and exchange data seamlessly. ITIC monitors these advancements to understand their impact on standard PI policies.

ITIC in Europe

To be able to continue to underwrite in Europe, ITIC Europe opened as a subsidiary of ITIC based in Limassol in Cyprus. A team of three work in this office covering underwriting, claims and finance. ITIC Europe started underwriting on St. Valentine’s day, February 2024 and by December 2024 all European based members were transferred to ITIC Europe. If you are in Cyprus, please let the team know, as they would be delighted to welcome you to the office there.

What ITIC can do for you

To make your life as easy as possible,  ITIC’s website has an area dedicated to insurance brokers which provides ITIC’s proposal forms, information on risk appetite, fact sheets on the risks insured, financial highlights and a much used section of FAQs. Click here to access these resources.

ITIC also offer Thomas Miller Connect, which is an online platform for insurance brokers and members to access their policy documentation, claims listing and more.

For more information please e-mail ITIC@thomasmiller.com or speak to your usual ITIC contact.