2024 Financial Highlights

TT Club, the mutual insurer dedicated to the global transport and logistics sector, concluded 2024 demonstrating remarkable resilience amid ongoing macroeconomic turbulence and geopolitical uncertainty. Gross earned premiums remained stable at US$ 284.2 million, supported by high Member retention rates of 93%, reflecting the Club’s enduring reputation for service excellence.

Strategic progress and financial resilience

Despite reporting a lower net result of US$ 4.8 million compared to US$ 15.9 million in 2023, the Club’s underlying performance was solid, impacted mainly by final costs associated with the extensive upgrade of its underwriting systems and bolstered claims reserves for bodily injury exposures in the US. The Club’s combined ratio rose to 106%, indicating the effect of elevated claims costs and operational investments.

Investment income provided crucial support, delivering a 5.6% return, underlining TT Club’s prudent approach to asset management. The Club’s AM Best rating was reaffirmed at A- (Excellent), highlighting robust financial strength, with total surplus and reserves reaching US$ 282.2 million.

Looking ahead, TT Club remains committed to advancing digital transformation and delivering outstanding service to Members. Significant strides were made in deploying new technology and streamlining operations, ensuring the Club can effectively support its Members’ evolving needs, whether they require transport and logistics operators cover, specialist cargo handling facilities protection, or efficient claims management and digital services.

Moreover, TT Club continues to prioritise sustainability and safety, recognising the heightened climate risks evidenced by catastrophic weather events in 2024, including hurricanes and widespread flooding. The Club’s proactive stance aims to mitigate industry risk and deliver value to its Members worldwide.

Key Takeaways

Gross earned premiums held steady at US$ 284.2 million in 2024.
Net result declined to US$ 4.8 million, impacted by system upgrades and claims reserves.
Investment returns reached 5.6%, underscoring prudent financial management.
AM Best A- rating reaffirmed, reflecting strong financial security.
Ongoing commitment to digital innovation and Member-focused services.

Frequeently asked questions

Why did TT Club’s net result decrease in 2024?
Costs for upgrading underwriting systems and strengthening bodily injury claims reserves reduced the year’s net result.

What is the significance of TT Club’s AM Best rating?
The A- (Excellent) rating confirms TT Club’s strong financial health and capacity to meet its policyholder obligations.

How is TT Club addressing climate change risks?
TT Club actively integrates climate resilience into its risk management and loss prevention efforts, supporting a safer logistics industry.