TT Club

Disruptions through the global supply chain continue to create opportunities for criminals to infiltrate and access cargo. In recognition of the threat landscape, TT continues its advisory campaign with the second edition of its a regularly published Supply Chain Security Bulletin.

London 17^th November 2022

The international freight transport insurer, TT Club is redoubling its efforts to inform the sector on critical risk profiles. The ongoing impacts of the pandemic blight economies, variable consumer demand trends, labour disputes, and the war in Ukraine all have an influence on continuing the profoundly dynamic global supply chain situation.  Congestion at ports and other freight hubs, mis-matches in the availability of transport equipment and ships in relation to demand are all consequences of this volatile environment. 

TT’s latest Supply Chain Bulletin* highlights that such disruption can create opportunities for those with criminal intent. Drawing on data, expertise and opinion from organisations across the globe, including TT’s own claims analysis, the  Bulletin highlights a series of risk trends and in particular cargo theft.

The graphic above taken from the Bulletin highlights the top countries for cargo theft.

Commenting on the latest publication, Mike Yarwood, TT’s Managing Director, Loss Prevention said, “Our series of Bulletins are aimed at identifying global trends, as well as to focus on particular areas of concern and offer practical guidance for those potentially impacted by freight crime.  The risk landscape is constantly evolving; the criminal organisations providing the threat are getting ever more sophisticated. So our regular Bulletins will keep track of those intent on monitoring supply chain activity and building operational profiles to identify a weakness or a particular vulnerability to exploit.”

The 2022 year to date TT claims data utilised in this latest Bulletin highlight the preponderance of electrical goods as targets globally, with the US reporting over 70% of these losses.  The split in general between theft from vehicles and depots is in the order of two-thirds versus one-third.  This is a consistent finding; though vehicles ‘at rest’ as opposed to hi-jackings are more prevalent targets. 

The threat posed by the insider continues to present challenges. TT’s analysis for 2022 suggests that around 23% of reported cargo thefts likely involved insider activity, whether it is in facilitating intricate knowledge of systems and security provisions or simply allowing access to criminals.  Digital solutions to enhance the free-flow of goods within a disruptive supply chain environment, however well designed, is a further trend which can give rise to internet-enabled fraud.  Computer generated access is creating opportunities to steal cargo through seemingly legitimate transactions.

Yarwood underlines the Bulletin’s advisory nature, “At this time, it would be prudent for those throughout the international supply chain to heighten their levels of awareness and increase their vigilance when carrying out financial transactions. The insider threat clearly also needs to be managed. Security strategies should include control over identification badges/passes and restricting full site access where applicable.”

Other issues covered in this latest edition of the Supply Chain Security Bulletin are the power of social media as a means of investigation; the threat imposed by fake carriers in Europe and a special focus on theft in Papua New Guinea. 

Yarwood concludes, “During this final quarter of the year when this type of crime is typically at its most abundant, those managing risk through the supply chain must remain vigilant. The holidays unfortunately create increased demand and market opportunities for criminals to sell their stolen cargo.  Via its Bulletins and other stringent risk management activities TT remains dedicated to advise on robust mitigation processes and efforts to disrupt criminal activity throughout the year.”

* Guidance | Supply chain security bulletin (ttclub.com)

ENDS

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1,100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more. www.ttclub.com

Regulation and improving fire-fighting techniques have proven inadequate to stem the tide of serious incidents costing lives, significant cargo losses and ship damage.

London 10^th November, 2022

The freight transport and logistics insurance specialist insurer, TT Club is continuing its battle to convince cargo interests, supply chain professionals and enforcement agencies that the responsibility for mitigating container ship fires is shared by numerous entities involved from end to end of the entire global supply chain.  With its estimated sixty-day average occurrence of serious fires being maintained by the Zim Charleston fire in August and the TSS Pearl in the Red Sea in early October, TT is once more urging a more comprehensive approach to arresting the trend.

“There were significant lessons coming from the sad incident on the MSC Flaminia, which cost the lives of three seafarers, particularly from the subsequent legal proceedings that adjudged the shipper and NVOC responsible for root cause errors,” says TT’s Peregrine Storrs-Fox.  “Despite the biennial updates to the IMDG Code, including multiple arising from this particular incident, the judge’s assessment that the regulations merely set the ‘baseline’ for good practice remains utterly true today.”

Ensuring compliance with the latest mandatorily applicable version of the IMDG Code is essential as a minimum standard for all those shipping dangerous goods by sea. But the liability judgment in the MSC Flaminia case made it clear that regulations merely set the baseline.  “This is an important statement to which any entity inclined to rely solely on the letter of the law when consigning dangerous goods, would do very well to pay heed,” comments Storrs-Fox.

TT advocates a comprehensive approach, striving to bring an understanding of all the factors contributing to these fires to everyone involved in the movement of cargo in containers and therefore underlining their responsibilities for safety. Errors, misunderstandings, mis-declarations and inadequate packing and securing lie at the heart of many significant incidents, both at sea and in storage facilities. Movement of cargo is initiated in the trading of goods – sellers and buyers – who instruct packers and whoever becomes the shipper. They have a duty of care as much as the packers, warehouse operators, forwarders, logistics companies, carriers of all modal types, cargo handlers and terminal operators. Attention to accurate classification and declaration are critical to improve certainty of outcome from end to end. This requires truth as much as awareness of regulations and sound safety practices.

TT’s efforts to disseminate such awareness and knowledge have been long-standing and remain prolific.  Along with its sister insurer, the UK P&I Club it has recently up-dated its guideline publication, ‘Book it Right, Pack it Tight’¹.  This provides key insights for all involved in dangerous goods’ shipments, including a clear exposé of the more technical aspects of the IMDG Code. The aim is to influence higher standards of compliance by assisting all involved to understand their own duties and the duties of their contractual partners.

Closely related to the issues specific to dangerous goods are the broader aspects of packing cargo in general. While the IMO/ILO/UNECE Code of Practice for Packing of Cargo Transport Units (CTU Code) remains non-mandatory international law, it is clearly referenced from the IMDG Code. Through its participation in the Cargo Integrity Group, TT has contributed to work on the ‘CTU Code – a quick guide’². Once more this has been recently updated and assists those responsible for packing containers, accurately declaring details of their contents in order to access the guidance contained in the voluminous CTU Code itself more easily.  There is also a useful Checklist of actions required, which along with the Quick Guide is available in multiple languages.

TT’s campaign to influence all parties continues with a series of Webinars early in 2023 on the subject of container ship fires and the on-going efforts to prevent them.  The intent is to attract awareness and debate particularly around innovations that could materially improve the risk, including a number of those whose efforts have been recognised through the TT Club Innovation in Safety Awards over recent years. Thus, these online forums will contribute further to the valuable weight of knowledge and expertise in the arena.  This year’s Safety Award entry process is nearing its conclusion but further information is available HERE

“The complexities of the global container trades increase rather than diminish,” concludes Storrs-Fox.  “No one entity can surmount the dangers of these horrific fires, as a consequence it is essential that the entirety of the risk faced should be embraced by all involved through the supply chain if they are to be successfully reduced.”

¹ https://www.ttclub.com/news-and-resources/publications/birpit

² https://www.ttclub.com/news-and-resources/publications/ctu-code-a-quick-guide

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1,100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more. www.ttclub.com

Insurers TT Club and UK P&I Club have teamed up with scientific consultants, Brookes Bell, and issued a whitepaper highlighting the continuing safety threat created by the transportation of lithium-ion batteries.

The publishing of a whitepaper by insurance providers TT Club along with its fellow Thomas Miller managed business, UK P&I Club, and technical and scientific consultancy, Brookes Bell brings greater awareness of the dangers inherent in the transport of lithium-ion batteries, particularly by sea. The increased demand for ‘green power’ for a wide range of portable devices such as mobile phones, mobility aids and recreation, manufacturing and power storage, through to larger products, such as electric vehicles will undoubtedly result in the production and transport of these batteries rising exponentially in the coming years.

The whitepaper outlines many of the numerous challenges facing the transport industry and raises awareness of the potentially catastrophic situation that can be caused by battery failure, thus in part correcting the widely held perception in the maritime community that risks in the supply chain of such products are relatively small.

Commenting on the need for rapid recognition of the risks, Peregrine Storrs-Fox, TT’s Risk Management Director said, “Recently, serious and sometimes catastrophic incidents involving lithium-ion batteries have become more commonplace, with fires reported in all modes of transport – ocean, air and land — as well as in warehouses and where such consignments are at rest. 

As Loss Prevention Director of the UK P&I Club, Stuart Edmonston is no stranger to the damage ship fires can cause, “The consequences of battery failure and the resultant thermal runaway must be clearly understood and the correct procedures for handling them adhered to throughout their lifespan.  The dangers can exist no matter the status of the battery; charged, semi-charged, used, second-hand or scrap, and whether present in devices and vehicles or packaged separately.”

The topics covered in this comprehensive whitepaper include details of the background science behind lithium-ion batteries, the dangers associated with transporting them and why they arise, such as insufficient testing and incorrect declaration. The paper also provides a review of current dangerous goods (DG) regulatory provisions, focusing on the International Maritime Dangerous Goods (IMDG) Code, with recommendations for change or further work. The final section of the paper discusses the current state of the firefighting provision and changes that could be implemented.

However, the authors don’t limit their risk prevention advice to technology aimed at extinguishing fires once begun but also put forward guidelines to help pre-empt dangerous incidents by correct classification and declaration, safe and effective packaging, mandatory markings and labelling, uniformity of regulations regarding testing and suitable storage environments while batteries are awaiting transport.

Speaking of the growing risk, Karwei So, Managing Scientist at Brookes Bell concludes, “While increased industry awareness is crucial and technology to monitor and restrict fires is advancing, the increased capacities of batteries and the expected rise in trade volumes means regulations are potentially not fit for purpose, having been slow to catch up.” 

The joint paper outlines initial ‘calls to action’ in a number of respects, impacting not simply those tasked with moving this commodity and their regulators, but most importantly any industries involved in manufacturing or using this increasingly crucial power source, who enter the goods or related products into the freight supply chain.”

The full text of the ‘Lithium batteries whitepaper’ can be downloaded free of charge HERE

About Brookes Bell

Founded in 1903, Brookes Bell is a leading multi-disciplinary technical and scientific consultancy serving the marine and energy sectors. They investigate, troubleshoot and advise on a broad range of marine and energy matters and enjoy a reputation for being the ‘go-to’ firm for casualty investigation, forensic analysis, technical dispute resolution and expert witness work. Working across the UK, Europe, Asia Pacific and the Americas, Brookes Bell has a global presence allowing them to provide their expert services wherever clients need them to be. Alongside Brookes Bell’s investigative and expert witness services they have a state-of-the-art laboratory, The Lab at Brookes Bell, providing the marine, energy, industrial and manufacturing industries with access to world-class forensic analysis and investigative services.

https://www.brookesbell.com/

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

https://www.ttclub.com

About UK P&I Club

UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1865, the UK P&I Club insures over 240 million tonnes of owned and chartered shipping through its international offices and claims network. ‘A (Stable)’ rated by Standard & Poor’s with free reserves and hybrid capital of $597m, the UK P&I Club is renowned for its specialist skills and expertise that ensure ‘best in class’ underwriting, claims handling and loss prevention services.

https://www.ukpandi.com/

Specialist international freight transport insurer TT Club has committed to the UN’s initiative designed to unite the global insurance sector’s efforts to achieve sustainability and improve the health of the planet.

Through Transport Mutual Insurance Association Limited (TT Club) is acutely aware of the requirements of all enterprises to take responsibility for achieving a sustainable future for the natural environment and to go further by adhering to the wider environmental, social and governance (ESG) aims. By applying the principles of this United Nations’ initiative, TT Club is underlining its commitment in a way that is relevant to its global risk management and insurance operations.

The Principles for Sustainable Insurance (PSI) is global framework for the insurance industry to address ESG risks and opportunities launched in 2012 by the UN Environment Programme Finance Initiative (UNEPFI). It is a global, collaborative initiative that strengthens the industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet.

Commenting on the news that TT Club has been accepted as a PSI signatory, Charles Fenton, CEO said, “As a mutual insurer our overarching purpose is to make the international transport and logistics industry safer, more secure and as a result, more sustainable. We see the challenges our Members face to tackle sustainability head on and work hard to support them wherever we can. The Principles for Sustainable Insurance align with the Club’s approach in servicing its Members and we look forward to working with other like-minded organisations towards this common goal.”

The insurance industry is particularly well-placed to effect the advance of sustainability policies as it performs a triple role, as risk managers, risk carriers and investors. Insurers therefore can be particularly influential in fostering sustainable economic and social development.

The PSI is the largest collaboration between the insurance industry and the United Nations with over 220 members from all around the world. Ban Ki-Moon, ex-Secretary General of the UN supports the PSI initiative, “The Principles of Sustainable Insurance provide a global roadmap to develop and expand innovative risk management and insurance solutions. With a world premium volume of more than US$24 trillion, insurers that embed sustainability in their business operations can catalyse the kinds of financial and investment flows and long-term perspectives needed for sustainable development.”

TT Club will embrace the guidance provided by the PSI by embedding the issues of ESG in its decision-making; work with its members and business partners in extending awareness of such issues; demonstrate accountability and transparency in reporting its progress and work together with regulators and other stakeholders to promote widespread action on ESG issues.

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

https://www.ttclub.com

Busan/London, 16 September 2022- FIATA, the International Federation of Freight Forwarders Associations and TT Club, international freight transport insurer, are very pleased to reveal this year’s global winner of the Young Logistics Professionals Award (YLP) at the 59^th, and 2022 FIATA World Congress in Busan, Republic of Korea.

FIATA and TT Club are delighted to announce that Karina Perez Perez, the regional winner of Region Americas, representing the Canadian International Freight Forwarders Association, CIFFA, has been awarded the title of Young Logistics Professional of 2022.    “TT Club is inordinately proud of sponsoring this award since it was established as the Young Freight Forwarder of the Year over twenty years ago.  Its importance as an inspiration to our budding professionals is even more relevant today as the global logistics industry faces ever growing and varied challenges.  So fitting therefore, that the winner, who I heartily congratulate, Karina Perez Perez submitted a dissertation detailing her work in assessing the tools the industry is developing to enhance operator’s performance in the crucial area of sustainability. TT believes that the logistics sector’s ability to attract vital new talent to its ranks is greatly improved by a stronger commitment to environmental issues that are so concerning to those younger generations around the world,” said Michael Yarwood, TT Club’s Managing Director, Loss Prevention.

FIATA and TT Club extend their congratulations to the three other dedicated, ambitious and very impressive young professionals who made it to the final stage of the competition: Regional Asia Pacific Winner,  Avishkar Srivastava, Federation of Freight Forwarders’ Associations in India (FFFAI), India;  Region Africa and Middle East Ruvimbo Gukwe, Shipping and Forwarders Agents Association of Zimbabwe (SFAAZ), Zimbabwe; Region Europe Winner Maximilian Drüschler, Bundesverband Spedition und Logistik (DSLV), Germany (Region Europe Winner).  All finalists showed exceptional skill and motivation during the competition, which all resulted in high quality work. These young professionals stand as an example, and are a true source of inspiration for the industry.  

FIATA President, Ivan Petrov shared “This competition is extremely valuable to our field because young people are the future of the industry. They will be the ones to shape the image of the logistics industry, its importance, its worth, its power and the opportunities that come with it. Attracting and promoting young people in the freight forwarding industry is one of the top priorities on FIATA’s agenda, and we are honoured to meet young logistics professionals, who we can also learn from, while likewise providing them with important tools and guidance for their careers. FIATA acts as the bridge between successful and recognised freight forwarders and young promising talents.”

The industry faces increasing difficulty to find talented, and motivated candidates, with workforce issues being amongst the top obstacles for logistics companies. The goal of this Award competition is to motivate, inspire and search for high calibre, quality young professionals to be a leading light for others to be inspired by, and to show that excellence brings the career potential of these young people to another level. Candidates can grow their network, develop new skills, learn more about the sector and what it entails, and gain exposure within the global freight forwarding community. FIATA and TT Club strongly encourage young logistics professionals, with the essential support of their FIATA national association, to join this exciting venture.

Additionally, the Congress this year saw the first ever full-day programme for young logisticians, with a dedicated programme allowing young professionals to hear from experts, educators and mentors in the logistics sector. This was an important endeavour for FIATA, who continually strives to shine a light on the next generation and attract a young audience to the freight forwarding community.

About FIATA

FIATA International Federation of Freight Forwarders Associations is a nongovernmental, membership-based organization representing freight forwarders in some 150 countries. FIATA’s membership is composed of 113 Associations Members and more than 5,500 Individual Members, overall representing an industry of 40,000 freight forwarding and logistics firms worldwide. Based in Geneva, FIATA is ‘the global voice of freight logistics’. https://fiata.org/

About TT Club
TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1,100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more. www.ttclub.com

Falls from height remain one of the biggest causes of injury and fatalities in the workplace.  The distance of the drop need not always be as great as imagined to cause harm. Freight transport liability insurer, TT Club is debunking some common perceptions, offering advice on risk mitigation.

The insurer refers to a ‘seven-step’ checklist to assist operators in perfecting a safer work environment but emphasises that awareness of the issue and causation is a critical initial approach to the danger.

UK regulations stipulate that ‘working at height’ is defined as any place where, if there were no precautions in place, a person could fall a distance liable to cause personal injury. While in the US it is required that fall protection be provided at elevations of four feet in general industry workplaces, five feet in shipyards, six feet in the construction industry and eight feet in longshoring operations.

Typically, in the international context there is no specific minimum height above which regulations apply and each jurisdiction has its own requirements. Similarly, the need for fall protection equipment varies.  Operators across the supply chain therefore need to be familiar with varied local regulations in every location at which they have employees.

“Working at height remains one of the biggest causes of fatality and major injury in the workplace. The common perception is that these relate to falls from ladders or through fragile surfaces, where workers are far from the surface below. This is not always the case,” comments Mike Yarwood, TT’s Managing Director, Loss Prevention. “It might come as a shock to learn that a man died falling just a meter and a half from within a standard shipping container sited on a road trailer.”

The deceased worker was inside an open top container preparing access for an overhead crane to remove the cargo of steel girders.  He fell from the container because the rear doors of the unit were open. Although the company had various generic risk assessments and safe working method statements, it had not put in place simple control measures to prevent or mitigate a fall from the rear of this container. The tragedy could have been averted.

“A court fined the company £200,000 (US$23,600) plus costs,” Yarwood “But the penalty could have been far greater and potentially unlimited. The case highlights a key issue – many haulage firms and warehouse operations may not view work at the back of an open trailer or container on wheels as a ‘working at height’ activity.”

As protecting the workforce must be a priority, TT has summarised a seven-step course of action to help*

• Conduct a working at height risk assessment
• Implement working at height training
• Invest in personal protective equipment (PPE) for working at height
• Complete safety equipment maintenance
• Implement a personal safety system
• Update and review your procedures
• Record everything

“As with all risk mitigation, awareness of the dangers is the primary necessity,” concludes Yarwood. “After that a common-sense approach is the best — where work at height cannot be easily avoided, take action to prevent falls with guard rails etc. Where risk cannot be eliminated, minimise the distance and consequences of a fall and train staff well to make them aware of the dangers.”

*Full details of the seven steps can be accessed here.

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

https://www.ttclub.com

Current supply chain focus is predominantly on cargoes on the move, however safety concerns at the multiple locations where goods are ‘at rest’, either at the interfaces between different modes or in longer term storage, are just as critical.

The international freight transport insurer TT Club has turned its attention to the safety risks at cargo storage facilities.  Some of these can lead to catastrophic incidents, though less startling events, together with near misses are more common in a congested supply chain world. Together these may have the potential to be just as damaging and disruptive.  In continuing its mission to mitigate such risks, TT has issued a new warehousing series of its graphic TT Briefs.

As per the example below, TT Briefs are designed to convey risk management advice succinctly in easily digestible form for operators to download* and utilise both in the workplace and throughout their organisations. In the case of the warehouse series, five crucial topics are addressed:

• Choosing a storage warehouse
• Operating a safe warehouse
• Mitigating flood risk
• Preventing warehouse fires
• Operating a secure warehouse

“Whether located in port areas or inland, warehouses are a fundamental component of the global supply chain and arguably, they have become increasingly important nodes, as just in time supply chain models are being adjusted with a more conservative approach to longer-term inventory storage,” comments Mike Yarwood, TT’s MD of Loss Prevention. “We are keen to increase awareness of all key risks, however our role at TT is also to guide operators in the prevention of incidents. Our TT Brief series seeks to provide pithy messaging to support toolbox talks and good operational practices.”

Safety precautions begin with practical considerations for establishing a warehouse. These inevitably relate to location, size, availability of labour etc., but the first and most important decision will be whether to own or lease the property. There are considerable differences in responsibilities and liabilities and these must be fully understood to mitigate risk.

While there are more obvious physical measures such as perimeter fences, CCTV and barriers, effective security measures also include procedural aspects such as ensuring due diligence when hiring personnel.  A consideration of growing importance is that of climate change, risk of exposure to weather related losses and likelihood of flooding. A less obvious consideration might be the activities of adjacent facilities, including potential contamination risks from incompatible cargoes.

Perhaps the most significant in terms risk to life, damage and cost of claims, is fire. The primary causes of warehouse fires include electrical failures or malfunction, hot works, maintenance related issues and poor enforcement of no smoking policies. “As with much of our advice on loss prevention, preparation and planning are crucial,” says Yarwood. “Periodic risk assessment, effective maintenance and training, enforcement of policy and good housekeeping are all key as the TT Briefs highlight.”

* www.ttclub.com/loss-prevention/warehouse-risks

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

https://www.ttclub.com

With effect from 1 August 2022, EeLain Ong has taken over as Chief Financial Officer (CFO) of international freight transport and logistics insurer TT Club. Appointed in April 2022, Ong has shadowed the outgoing CFO Julian Chowdhury in his position for the intervening months prior to his retirement.

As CFO of the well-established specialist mutual insurer, Ong’s challenges will be to achieve business plan profit targets via operational efficiencies focussed on simplifying and automating processes along the insurance value chain.

In making the announcement Charles Fenton, CEO of TT Club comments, “TT is fortunate to have in EeLain someone of vast and varied experience so suited to the Club’s structure and nature of its business. Over her 27 year career she has held leadership positions within finance, treasury and tax at re/insurance companies, captives, mutuals, start-ups and Lloyd’s syndicates, and across multiple jurisdictions globally. She replaces a true professional in Chowdhury, who we thank for his long and tireless service of almost 30 years. We wish him a happy and fulfilling retirement.”

Ong is a graduate of Hull University and a Chartered Accountant (FCA). In addition to roles at re/insurance providers, she also had experiences as a regulator,  an auditor, and an M&A corporate financier – all of which has exposed her to structuring finite, legacy and traditional risk transfer deals within the realms of financial governance.

“I see the strength of TT as a reliable and expert risk management provider for organisations in the global supply chain sector which is continually undergoing disruption.  My role in part will be to help maintain TT’s agility to adapt to this changing trade environment, yet remain consistent in delivering renown service and claims efficiency,” says Ong.

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1400 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

https://www.ttclub.com