Within a year, ports which were enjoying property premium reductions of 20 to 30% in early 2005 saw increases of at least that magnitude following the impact of Hurricanes Katrina, Wilma and Rita. Rates for catastrophe exposed ports have on average risen by 40% and have gone as high as 70%.

Meanwhile, the TT Club, a provider of insurance and risk management services to the international transport and logistics industry, has launched a loss prevention initiative in response to the hurricanes. It takes the form of a 45 page guide to help port and terminal operators minimise the damage caused by windstorms. With the 2006 hurricane season now looming, the Club is helping its members prepare for the months ahead by sharing the knowledge it has accumulated regarding windstorms, the damage they cause and the steps operators can take for themselves to minimise loss.

The book offers practical advice on emergency planning, preparations that operators can make before the storm, what to do when faced with an imminent storm warning, and how to recover as quickly as possible.

The TT Club's loss prevention director Andrew Webster said, 'The publication is an important demonstration that insurance can and should be about more than just picking up the bill. The distillation and sharing of all this knowledge and practical advice exemplifies the ethos of a mutual insurer and demonstrates one of the many benefits of mutuality, a proactive loss prevention programme that works to the good of all policy holders.'

MJInformation No: 21941