London: Too many new names in the multimodal insurance business are slashing costs to unmaintainable levels that will come to bite clients back soon, warns one of the best known brands in the sector.
Charles Fenton, ceo of the TT Club, warns Maritime CEO readers today that the biggest challenge facing the transport insurance business is overcapacity.
“A number of entrants in the market are competing purely on price and driving down rates to an unsustainable level, which is only a short term benefit to the buyer as the inevitable rating adjustment will occur when the claims patterns develop,” he says. 


The TT Club celebrates its 45th anniversary this year. Going forward Fenton says priorities are to grow the number of small to medium members, particularly insuring the legal liabilities within the transport operator/logistics sector, with the addition of the club’s online cargo product where possible. 

The TT Club now insures shipping lines, port authorities, cargo handling terminals, freight forwarders and logistics companies across the world with more than 800 members and 20 offices worldwide. [20/06/13]
