The European Commission estimated that the value of cargo stolen in transit was around EUR8.2 billion per annum. The TT Club has seen an increase in the role fraud is playing in such losses. There is a marked trend in organised crime posing as legitimate operators or using internet cargo clearing sites to facilitate the theft of high value cargo. Perhaps most worrying is that this is global.
Congratulations to Julien Horn, Senior Underwriter at TT Club who has been selected by the Chartered Institute of Insurance (CII) as a representative on their New Generation Programme.
TT Club's Sydney team was a finalist in 2 categories at the 18th Australian Shipping & Maritime Awards, earning a 'Highly Commended Award' in Maritime Services.
Despite significant political, legislative and judicial developments in the two months since Hassan Rouhani was elected President of Iran, the current EU and US sanctions against Iran remain by far the most onerous sanctions. Where sanctions in general are complex and require close attention, any business engaging in any trade which has any connection with Iran has to pay particular attention to the onerous restrictions and recognise the significant 'teeth' behind the political positioning.
Freedom in international trade in the 21st century remains littered with obstacles and barriers, most of which will be accommodated in the normal course of business. The political and volatile subject of sanctions presents an extremely important hurdle that every company involved in handling and transporting cargo internationally needs to approach with diligence.
82% of insurance claims related to cargo handling at ports are the result of operational shortcomings or poor equipment maintenance. This revealing statistic was presented by TT Club's Regional Director, Asia-Pacific, Phillip Emmanuel as he addressed representatives of South Asian ports at an industry conference in Mumbai last week.
The TT Club is delighted to congratulate the Cargo Incident Notification System (CINS) on being presented with this year's Containerisation International Award for Corporate Social Responsibility at a ceremony in London yesterday.
Speaking at the recent TOC Americas Conference in Miami TT Club's Senior Underwriter, Dan Negron outlined his views on future Latin American trade growth and the pressures that this will create on the region's transport infrastructure.
In early October the UAE's National Association of Forwarding and Logistics (NAFL) hosted a workshop for its members as part of its AGM proceedings. The group invited freight transport insurance specialist TT Club to present an overview of the risk profile that freight forwarders and logistics operators in the region are experiencing and the insurance cover available to mitigate such risk.
The 2013 Young International Freight Forwarder of the Year Award has been presented to German forwarder Janna Van Burgeler at a ceremony during the FIATA Congress in Singapore. (17 October, 2013)
