Global transport and logistics industry insurer TT Club has reported a steady performance for the first eight months of this year, despite challenging conditions.

In a trading update it says gross earned premium reached $US116 million ($158.07 million), down 4.4% on the corresponding period last year.

Total assets stand at $US492.8 million ($671.51 million) and total surplus and reserves at $US177.9 million ($242.41 million).

World trade as reported through members’ turnover has been slightly above recent year averages and this, together with good business acquisition, has bolstered premiums.

However, positive factors were offset by depressed premium rates, “particularly resulting from low claims levels, flowing from good member records”.

CEO Charles Fenton says an increase in large claims is expected to result in a slightly deteriorated combined operating ratio of 93.8%.

“There are now seven incidents above $US1 million ($1.36 million) in the year, including claims arising from the explosion in Tianjin [China] in August,” he said.