The challenges inherent in today's international trade and the supply chains that service it are painfully obvious - higher prices of energy and food, shortages of and delays in delivering manufactured goods, dynamic changes in markets and sourcing regions, according to TT Club's release.
The on-going effects of the pandemic, with its associated lockdowns and the situation in Ukraine are proving catalysts to ignite underlying economic and environmental trends that will continue to fuel long-term changes in the pattern of global supply and demand.
As a specialist in providing insurance and risk management services to the international transport and logistics industry, TT Club is convinced that a thorough understanding of the practical risks is vital in mitigating the dangers to safety and security that are a consequence of these dynamic factors.
Abandoned cargo is more prevalent with delays through port congestion and lockdown closures meaning the incidence of consignee bankruptcy or goods being unwanted due to loss of markets is higher. This is particularly concerning when dangerous good are left in storage for excessive periods as the tragic incidents in Beirut last year and in Chittagong more recently attest.
TT sees the correct use of data to analyse these trends as being of crucial importance and is utilising its own claims experience along with theft reporting agency information to maintain and expand the all-important industry awareness of the evolving dangers. This, in addition to the developing technologies to support the supply chain and offer predictable and resilient sourcing without the geopolitical risks of foreign suppliers and other disruptions, is seen as a primary mitigator in the management of the developing, modern, longer-term risk profile.
TT Club is the independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club's primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.