TT Club Annual Report 2024: Industry Resilience & Growth

TT Club, a specialist mutual insurer for the global transport and logistics sector, has demonstrated resilience in 2024 amid industry volatility. Gross earned premiums stood steady at US$ 284.2 million, reflecting stable trading volumes despite macroeconomic pressures and geopolitical uncertainties. However, the underwriting result showed a deficit of US$ 27.7 million, largely driven by bodily injury claims in the US and significant investment in modernising core IT systems. Despite these challenges, the Club secured a surplus of US$ 4.8 million, supported by strong investment returns of US$ 34.2 million, underpinned by a conservative portfolio strategy yielding a 5.6% return.

Member focus and risk management

Throughout 2024, TT Club maintained its AM Best A- (Excellent) rating, signalling solid financial strength. Member satisfaction scores were notably high, prompting further enhancements in digital services and local engagement. TT Club’s business strategy remains dedicated to delivering superior insurance and claims handling for transport and logistics operators, cargo handling facilities, and efficient claims management and digital services.

The Club’s loss prevention efforts were extensive, with over 230 Member engagements across 30 countries. Key initiatives included the launch of an ESG toolkit, guidance on climate change adaptation, and industry collaborations tackling theft risks and hazardous cargo management. Additionally, TT Club remains proactive in technological transformation, successfully launching a new underwriting platform in mid-2024, aimed at enhancing operational efficiency and Member service.

Looking ahead, TT Club’s mission remains to make the global transport and logistics industry safer, more secure and sustainable. Despite ongoing challenges from inflation, climate change, and cyber threats, the Club’s conservative financial management and member-centric approach position it well for future stability and growth.

Key Takeaways

• TT Club maintained a stable premium base at US$ 284.2m despite market headwinds.

• Underwriting deficit driven by US bodily injury claims and IT investment costs.

• Investment returns of 5.6% bolstered the Club’s financial position.

• New underwriting platform launched, enhancing digital capabilities.

• Strong focus on ESG, safety, and loss prevention to support Members.

Frequently asked questions

What caused TT Club’s underwriting deficit in 2024?
Higher bodily injury claims in the US and costs from modernising the underwriting system led to the deficit.

How does TT Club support sustainability in the logistics sector?
Through initiatives like the ESG toolkit, climate risk guidance, and partnerships promoting safe and sustainable practices.

What services does TT Club offer to Members?
TT Club provides insurance and risk management for transport operators, cargo handling facilities, and specialised claims management.