TT Club, the transport insurance provider, has said its latest gross claims estimate for the three US hurricanes is approximately $64m.
TT Club said it was protected through its strong reinsurance programme. It forecast that its net exposure would be approximately $2.5m after facultative, treaty and quota share recoveries.
However, it said its reinsurance costs would increase in 2006 and that those costs would have to be passed on to its members with applicable exposures.
TT Club stated that its existing policy of applying a 5% claims inflation factor on renewals would be maintained, although there would need to be higher increases, estimated at up to 25%, for members with handling equipment, property and business interruption exposures in geographical areas prone to natural catastrophe events.
The company said an exception would apply for chassis insurance in North America, which would not incur the claims inflation factor.
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