TT Club enlarges its surplus
TT Club, the international transport and logistics insurance provider earned USD 195 million gross premiums in 2018 (2017: USD 181.8 million) and a surplus for the year of USD 16.5 million (2017: USD 7.3 million). TT Club has total assets of USD 619.3 million (2017: USD 597.6 million).
Ulrich Kranich, chairman of TT Club, said: “It has been a good year for the Club, although 2018 was another difficult year for the insurance industry. The global broker Aon has assessed 2017 and 2018 as the costliest back to back years for insured losses."
"Major hurricane-related industry loss events in 2017 did not significantly impact the Club, and I am pleased to say this was repeated in 2018. The Club was involved in two large events ‘Maersk Honam’ and hurricane Michael. The gross cost of hurricane Michael to the Club is just over USD 5 million, which should be very reassuring to members as an insight into the Club’s management of its exposures." (mw)