TT Club

10 October 2014

The TT Club, the leading international transport and logistics insurance provider, today released a trading update for the period 1 January – 31 August 2014.

Highlights:

• $121.4 million gross earned premiums 
• Total assets of $503.6 million
• Total surplus and reserves $167.4 million
• AM Best Financial strength rating maintained as  A- (Excellent)
• Number of claims continue to decline
• 2014 financial year combined ratio of 92%
• 85% of stake holders feel the Club always meets or exceeds the service commitment

Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT Club’s strong financial performance in the year to date. We have obtained a mid-year combined ratio which is below 100% and slightly below the Board’s requirement. This is a very healthy place to be.

“The current soft market conditions we are seeing have negatively impacted premium levels but this has been offset by good growth in Member reported volumes and also by net new business. The Club’s retention in the year to date has been excellent and that, coupled with on budget new business performance, is making a positive impact on premium income.

“Our Member satisfaction levels remain high with 85% of stake holders commenting that the Club always meets or exceeds the service commitment that we have pledged.

“We will continue to build on our current success and remain as the leading provider of insurance and related risk management services to the international transport and logistics industry.”

– End   –

Notes to editors

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

www.ttclub.com

London, 14^th July 2014

TT Club, a leading insurance provider to the freight transport industry, is continuing its sponsorship of FIATA’s Young International Freight Forwarder of the Year Award.  The relationship between the two organisations in relation to this training and development award is now in its sixteenth year and is aimed at identifying, recognising and encouraging young talent throughout the freight forwarding community around the world.

The four regional finalists, selected this year from a record number of entries from 22 national forwarding associations are:

Africa/Middle East:   Miss Fortunate Nompumelelo Mboweni, South Africa

Americas: Mr Douglas Whitlock, Canada

Asia-Pacific: Mr Saiful Ridhwan Bin Zulkifli, Singapore

Europe:   Mr Christian Hensen, Germany

This year’s entries were of a very high standard and featured a spread of dissertation topics that were of a marked variety, demonstrating the complexity of the logistics supply chain. These included the transportation of tunnel drilling equipment to Bolivia, the delivery of a catamaran to Indonesia, a project to move radioactive isotopes from South Africa to Namibia and the expedited deployment of a Disaster Assistance Response Team in the Philippines. Many entries appealed to the judges for their overall innovative solutions, displaying a depth of operational understanding and the delivery of a safe result.

The finalists will travel to Istanbul, Turkey for the FIATA World Congress, taking place between 13 and 18October.  They will receive their regional prizes of certificates and trophies, and make individual presentations of their work to the Awards Steering Committee, who will then select and announce the overall winner of the prestigious International Award.

The prize given to the award winner principally consists of practical and academic training, including a week based at one of TT Club’s regional centres in London, Hong Kong or New Jersey plus a week in TT Club’s Head Office in London. Additionally, one year’s subscription to the International Transport Journal (ITZ), Switzerland is granted to all four regional winners.

Andrew Kemp, TT Club’s Regional Director, EMEA and Chairman of the Award Steering Committee, comments, “The Young International Freight Forwarder of the Year Award aims at contributing to the development of quality professionals in the freight forwarding industry and at rewarding young talent with valuable training opportunities. At TT Club, we are proud to have been a sponsor of the award since its inception and firmly believe in the importance of individual training and on-going development of professional freight forwarders in order to maintain the highest of standards within the industry”.

Documentation for the 2015 Award will be distributed to FIATA Association members this autumn, with a deadline for nominating candidates of 15 January 2015.

ENDS

Notes to editors:

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

Speaking at TOC Europe’s Container Supply Chain Conference in London, freight insurance specialist TT Club’s Mike Yarwood has warned of the increasing dangers posed by ‘cyber-criminals’ targeting carriers, ports, terminals and other transport operators. Examples of computer hacking affecting organisations, companies and individuals are numerous.  Data and information used to focus on high value cargo and susceptible loads.

London, 26^th June 2014

As invasive cyber-technology becomes more widely available, a greater risk to legitimate trade is emerging, exposing operators in the supply chain to economic and commercial damage.  Whilst advances in IT systems undoubtedly provide greater opportunities for carriers, transport operators and cargo handling facilities to mitigate their exposure to theft and fraud, unfortunately such increased sophistication also benefits those with criminal intent.

As a leading provider of insurance and risk management services to the freight transport industry, TT Club is well-placed to observe and analyse both the nature and effect of such ‘cyber-crime’.  Insurance claims expert Mike Yarwood has made a particular study of the fast-growing trend. “We see incidents which at first appear to be a petty break-in at office facilities. The damage appears minimal – nothing is physically removed,” reported Yarwood in his TOC presentation. “More thorough post incident investigations however reveal that the ‘thieves’ were actually installing spyware within the operator’s IT network.”.

More commonly targets are individuals’ personal devices where cyber security is less adequate.  Hackers often make use of social networks to target operational personnel who travel extensively and truck drivers to ascertain routing and overnight parking patterns.

The type of information being sought and extracted may be release codes for containers from terminal facilities or passwords to discover delivery instructions.  “In instances discovered to date,” revealed Yarwood “There has been an apparent focus on specific individual containers in attempts to track the units through the supply chain to the destination port. Such systematic tracking is coupled with compromising the terminal’s IT systems to gain access to, or generate release codes for specific containers.  Criminals are known to have targeted containers with illegal drugs in this way however such methods also have greater scope in facilitating high value cargo thefts and human trafficking.”

Yarwood and TT Club are strenuous in their advice to operators to be vigilant. Simply identifying the value of the data held by an organisation or individual is a starting point when assessing potential exposure to cyber crime. “Awareness is often the first step,” commented Yarwood.  “Education of employees across all disciplines of the organisation is crucial.  Making them aware of robust risk management policies designed to defend the organisation from cyber-crime. Often the level of threat is dependent on an organisations’ own culture,” concluded Yarwood.

ENDS

Notes to editors:

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

In a speech given to the Trans Middle East Conference in Qatar in May, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club, called for operators to do more to minimise the causes of incidents resulting in bodily injury, cargo and property damage

London 18 June, 2014

Analysis of extensive TT Club data has shown that over 80% of insurance claims related to cargo handling at ports and terminals are the result of operational shortcomings or poor equipment maintenance.  “It is clear,” emphasised Kemp, “that many of these incidents are avoidable if operators were to pay greater attention to some basic safety related processes and give a higher standard of training to their employees.”

In addition, the presentation to freight industry professionals from across the Middle East region stressed the economic validity of well-advised insurance cover.  Kemp quoted from UK Health & Safety Executive research.  “This national authority estimated that for every pound sterling spent on insurance there is between eight and thirty-six pounds of costs incurred through the consequences of uninsured incidents.  These expenses cover such outgoings as emergency supplies, reputational damage, operational delays and increased maintenance and training requirements after the event, let alone the costs of management time,” he highlighted.

The analysis of a total of over 9,500 claims, carried out by the Club on data received over the past seven years, showed that a low percentage, just 5%, were caused by weather or similar natural causes.  The vast majority came as a result of much more avoidable causes – a quarter being due to poor maintenance of property or equipment and some 66% down to failures in some facet of the operation.

Much can be learned from the analysis of these operational issues.  Kemp stated, “We found that over a half of incidents involved the internal systems and processes of the operator and another quarter were due to theft.  These types of claim are most assuredly to be placed in the category of preventable,” he said.

Terminal and cargo handling facility operators are therefore strongly urged to employ effective monitoring and checking procedures, a regular training regime and to maintain industry best practice for safety and security.  The conference presentation exemplified a number of situations where a lack of traffic flow systems and speed limits, allowing people into operational areas and use of inferior spare parts on lifting equipment (to name just a few examples) regularly caused damage and injury.

As a result TT Club can, and frequently does, offer effective advice on loss prevention and risk management.  “Prevention can be successfully achieved via a combination of safe and physically secure facilities and equipment, rigorous checks and double-checks on safety procedures, combined with well-trained, well-motivated employees and trusted partners,” concluded Kemp.

ENDS

Notes to editors:

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

In a speech given yesterday at the ASEAN Ports & Shipping Conference in Jakarta, Phillip Emmanuel, Regional Director Asia-Pacific of the freight transport insurance specialist TT Club, called for operators to do more to minimise preventable accidents that result in bodily injury, cargo and property damage

Hong Kong 12^th June, 2014

As a leading freight transport insurer TT Club numbers many port terminals a cargo handling facilities among its Members and as such occupies a prime position from which to identify the primary causes of risk and to advise on how such causes can be minimised.  An extensive analysis the Club’s historic claims data has shown that 68% of the cost of claims results from incidents of an operational nature within the port or terminal and a further 14% from poor or insufficient maintenance.  The remainder were weather related.

“It is clear,” emphasised Emmanuel, “that many of these incidents are avoidable if operators were to pay greater attention to some key safety related processes, install more available technology to help prevent collisions and give a higher standard to training to their employees.”

The analysis of a total of over 9,500 claims over a seven-year period totalled some US$ 400 million and covered bodily injury, property and equipment damage and liability.

Emmanuel was at pains to point out that much can be learned from the analysis and that TT Club is ready, willing and able to advise its Members and the industry in general on how such incidents can be avoided and claims minimised.  “The reduction of claims assists the efficiency and profitability of many operators.  It is not just the unforeseen costs of such accidents and the crucial eradication of injury to staff and third parties that results from good risk management,” argued Emmanuel.   “The reputation of the cargo handling organisation is enhanced through an improved safety record.  Operational delays are lessened and customer service levels heightened,” he emphasised.

TT Club strongly urges the use of industry best practice when it comes to safety and security procedures, regular training regimes for management and employees and the inclusion of quality safety devices when designing handling equipment specifications and/or budgeting for retrofitting such devices.

In his presentation to industry professional from throughout the ASEAN region Emmanuel gave several examples of how the later measure can be particularly effective.  “31% of the quay crane damage identified in our analysis was as a result of crane boom collisions; either crane-to-crane or the crane boom hitting a vessel.  There is a good choice of effective boom anti-collision sensors on the market, which if installed professionally and maintained correctly would avert a large number of these accidents,” he noted.  In the container yard, automated stack profiling systems are also available, which would have helped avoid some of the 339 claims incidents experienced by TT over the seven years covered by its causal analysis.

Likewise much of the cost of theft can be alleviated by employing improved security regimes.  These may involve physical barriers such as better fencing and more CCTVs but should also include more effective processes such as paperwork checks and IT anti-hacking software.

Emmanuel concluded, “Prevention through careful risk management is by far the best cure for costly incidents.  A combination of safe and physically secure facilities and equipment; rigorous checks and double-checks on safety procedures and well-trained, well-motivated employees will go a long way to improve operational loss in ports.”

ENDS

Notes to editors:

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.
www.ttclub.com

Contacts:

Media:

Peter Owen

ISIS Communications

Tel: +44 (0)1737 248300

E-mail: info@isiscomms.com  

TT Club:

Tally Judge

Tel: +44 (0)20 7204 2632

E-mail: tally.judge@thomasmiller.com

www.ttclub.com

Freight and logistics professionals at Multimodal 2014 this week will hear specialist insurer TT Club’s Risk Management Director, Peregrine Storrs-Fox and other experts warn of the hazards of incorrect packing of containers and CTUs of all types

29 April 2014

Much industry attention recently has been focussed on the debate surrounding the degree to which inaccurately declared cargo weights cause accidents involving Cargo Transport Units (CTUs), in particular maritime containers.  Poor weight information has been cited as a cause of such incidents as container stack collapse, road and terminal vehicle overturning, crane failure or even contributing to ship loss.

However, while still important to achieve improved regulation of verified gross mass, the reality is that accurate cargo weights contribute in only a small part to safety in the supply chain.  The way in which cargo is packed and secured in CTUs is arguably far more significant, leading – where incorrectly carried out – to loads shifting and cargo spillages.   Accident investigations into cargo claims received by TT Club frequently identify poor load distribution, improperly packed cargo and inadequate blocking, bracing and securing, including inappropriate use of dunnage.

Such a finding is echoed by the ocean carriers’ Cargo Incident Notification System (CINS), where a third of incidents investigated were found to have this cause. The loss to the industry is substantial, resulting in direct expense, operational disruption and management distraction, not to mention litigation or insurance costs.

Along with speakers from the International Cargo Handling Co-ordination Association (ICHCA), the International Transport Worker’s Federation (ITF) and the Freight Transport Association (FTA), Storrs-Fox will underline the crucial importance of promoting the need for ‘best practice’ guidelines for cargo packing procedures.   “For many years SOLAS (International convention for the Safety of Life at Sea) and the IMDG Code (International Maritime Dangerous Goods Code) have referenced the IMO/ILO/UNECE* ‘Guidelines for Packing Cargo Transport Units to assist those involved in packing containers and other

transport units. Recent revisions to these Guidelines have been approved as a Code of Practice by the UNECE, with the other two bodies due to endorse them later this year.  It is vital that, as an industry, we do our utmost to promote this new CTU Code as a minimum operational standard,” he said.

As part of this effort TT Club has commissioned the expert e-learning course designer Exis Technologies to develop the CTUpack e-learning^TM course.  This is an online training tool for those involved in the packing and unpacking of cargo transport units (CTU).  The first release of CTUpack is a foundation level course and was launched in January.

Students are assessed continuously through the course and receive a course completion certificate which records their final score. The e-learning course is accessed via the web and is available for individual training or for national, regional or global company training programmes. Multiple courses are managed using Exis Technologies’ e-learning management system, which provides administrator functions for setting up courses and monitoring students’ records.

The CTUpack e-learning™ will evolve to reflect any further changes to the UN documents and other industry best practice guidance.

Storrs-Fox concludes, “CTUpack e-learning™ follows the well-established IMDG Code e-learning training course from Exis, which is also sponsored by TT Club.  Both courses fit closely with the risk management approach that the Club has always fostered among the global freight transport community.  As in other operational sectors of the industry, training is clearly the number one loss prevention measure and, if adopted as a core feature of the operator’s culture, can greatly reduce the number of incidents incurred globally each year throughout the industry.  We have already seen promising interest in the course since its launch in January, but we are now working with Exis to disseminate information about the course on an international level. ”

Visit TT Club & Exis Technologies on Stand #1049 at Multimodal www.multimodal.org.uk

CTUpack e-learning™ can be purchased directly from www.ctupack.com

* International Labour Organization/International Maritime Organization/United Nations Economic Commission for Europe

ENDS

About TT Club:

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks.  TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

About Exis Technologies:

Exis Technologies, headquartered in Darlington, UK, is the leading supplier of compliance systems for the management of dangerous goods in sea transport.  For over 25 years major container shipping lines, ports and shippers have been relying on Hazcheck Systems for regulatory compliance, efficiency and safety in their global operations. They serve 80% of the top container lines.

Exis Technologies also develops e-learning courses.  IMDG Code e-learning is a cost-effective training solution for shore side staff that has been implemented by half of the top 20 container lines as well as shippers and logistics operations worldwide. CTUpack e-learning is the latest addition to their training courses.

www.existec.com/solutions.aspx

TT Club appoints Claims Director

The TT Club, the leading international transport, freight and logistics insurance provider, has appointed Robert Kempkens as claims director. Based in London, he will be responsible for overseeing global claims handling for the TT Club.

Robert joined the TT Club in 2006, becoming Regional Claims Director for Europe, Middle East and Africa in 2010. He has studied law at the University of Hamburg and holds an LL.M. in European and Public International law from EdinburghUniversity. After his traineeship at the Higher Regional Court of Hamburg he worked as a Rechtsanwalt in the shipping/transport departments of first Wessing Behrenberg-Gossler (now Taylor Wessing) and then Ince & Co in Hamburg. He holds an Executive MBA in Shipping and Logistics from CopenhagenBusinessSchool.

Robert replaces Phil Nichols who has retired after having served as claims director at the TT Club for 6 years. In his time at the TT Club Phil was involved in the development and implementation of a new claims and fee payments system and introducing audits for zero and low value claims.

Phil joined the Thomas Miller Group in 1968 and has worked across both the TT Club and the UK P&I Club for a total of 46 years.

Charles Fenton, CEO of the TT Club, said: “The role of Claims Director is at the heart of the Club, since it is the claims function that ensures Members’ claims are paid and that assists in helping resolve Members’ trading problems. Robert’s deep expertise in the management of claims and understanding of their implications for transport operators’ will ensure that he leads this key area for the Club extremely well, and I am confident that Robert will be a driving force for the Club,”

– End   –

Notes to editors

The TT Club

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.
www.ttclub.com

The TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2014, maintaining its A- (Excellent) rating by agency AM Best for the 8^th consecutive year.

Highlights:

• $186.3 million gross written premiums
• $12.0 million surplus
• Total assets of $641.4 million
• Total surplus and reserves $161.6 million
• AM Best Financial strength rating maintained as  A- (Excellent)
• Number of claims continuing to decline
• 2013 financial year combined ratio of 87.4%

Knud Pontoppidan, Chairman of the TT Club, said: “The TT Club’s strong financial performance in the past 12 months, which has been recognised in our maintained A- (Excellent) rating by AM Best, has been echoed in our claim levels which have declined compared to figures recorded in recent years. A pivotal contributing factor to this positive picture is the work that we have carried out to restructure our business in order to better match the overall premium income to the TT Club. Cost management has been a focus area for the TT Club and this approach will continue in the current year to maintain Member premiums at the lowest sustainable levels.”

Charles Fenton, Chief Executive of the TT Club, said:”Our positive financial results are a reflection of the healthy position of the TT Club in the industry and this was endorsed by our AM Best rating. Despite the tough premium rating environment, the TT Club’s premium levels have remained as expected at the beginning of the year and we remain committed to working with members and brokers to maintain our position as the world’s leading provider of international transport and logistics insurance. ”

– End   –

Notes to editors

TT Club

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

London & Hong Kong, 14^th  April, 2014

Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines.  Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region, underlining the Club’s commitment to provide its Members with both local expertise and global coverage.

From its headquarters in Manila, Del Rosario Pandiphil will be dedicated to handling TT Members’ claims in the most comprehensive and effective manner.  As a Network Partner its operation will be integrated into the Club’s claims IT system and  receive delegated claims handling authority.

Phillip Emmanuel, TT Club’s Regional Director – Asia Pacific has welcomed the agreement.  “The Philippines is a fast-growing and important regional economy with a developing transport and logistics role in both the burgeoning intra-Asia trades and within global trade as a whole.  Our agreement with Del Rosario Pandiphil grows the Club’s global network to the benefit of both our local Members as well as the Membership in general,” he said.

TT Club prides itself on the efficiency of one of its strongest attributes — its global claims service. Its Members’ operations touch every part of the world and as such service provision must be truly international.  “Our appointment of a partner in The Philippines demonstrates the Club’s balancing of focus on the Asian market and the recognition of its continued increasing influence on the global freight transport sector,” emphasised Emmanuel.

ENDS

About TT Club:

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating a handful of vehicles.  TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com