Hurricanes fail to blow away TT Club profits

TT Club, the international transport and logistics insurance provider, produced a surplus of $7.3m last year, up from $5.2m in 2016, despite the highest ever level of insured losses from natural disasters.

Chairman Ulrich Kranich, said: “The Club has taken in its stride hurricane-related claims that impacted a number of Members’ operations in the Caribbean and North America in August and September 2017. To have done so in the context of the highest ever level of insured losses on record from natural catastrophe events is a notable achievement and is especially pleasing given this year we are celebrating the 50th anniversary of the Club.

“Large claims performance in the year was dominated by claims from the three North Atlantic hurricanes, Harvey, Irma and Maria. Aon Benfield has estimated the industry’s insured losses from these hurricanes to be around US$ 80 billion. Set in this context, the Club’s estimated losses from the three hurricanes, at less than US$ 10 million, are testament to the success in ensuring the Club is managing its gross and net exposure successfully.”

Gross earned premiums rose to $181.8 million  from $177.8 million in 2016.