The Hanjin Shipping bankruptcy pushed up claims on the Through Transport Mutual Insurance Association (TT Club) in what would otherwise have been a benign year.
Lower-value attritional claims last year were in line with expectations and continued a long-term improving trend, but claims arising from Hanjin’s demise had an adverse impact on the club. The insolvency led to claims from transport operators, which incurred extra costs in meeting contractual obligations, and from container lessors which found boxes out of position and in some cases damaged.
