A surplus just a tenth of the previous year has been rung up by the Through Transport Mutual Insurance Association after a challenging year.
Gross written premiums were up 8.5% but net claims soared 31% dragging the TT Club’s surplus down to just under $1.25m for 2011 compared to $12.8m through the previous year.
TT Club chairman, Knud Pontoppidan, said the club continued to grow and had a successful renewal but 2011 had been a challenging year for the transport and insurance industry with a number of heavy losses.
