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Silver lining emerges from TT Club's clouds.
(From Lloyds List)
Byline: James Brewer
MAJOR insurer Through Transport Club has emerged into the financial sunshine after a cloudy beginning to the decade.
Premium volume, solvency ratio, underwriting ratio and profitability are all looking good, and there is said to be an excellent chance of a ratings upgrade.
Port and terminal operators, container lessors and other members will be asked for an annual claims inflation increase of 5% at renewals, it has been announced.
These are very modest rises by standards in the wider insurance market, and members with the best claims records may be able to negotiate them to a lower level.
This compares with two previous years of 'general' (in other words, mandatory) increases of 20% and then 15% to mend a hole left by an earlier claims slide resulting from a less focused underwriting strategy.
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