Istanbul-based Turk P&I has seen considerable growth since it was launched — principally to provide insurance cover for local shipowners — with some fanfare in 2014.
Three state insurance companies — Gunes, Halk and Ziraata — along with three local protection and indemnity correspondents founded Turk P&I as a local insurance outfit that could provide cover for the large number of smaller, uninsured vessels operating in Turkish waters.
Its launch was prompted by a national law that required Turkish interests to carry local liability insurance. Up to 15m people a year travel on Turkish ferries, which makes P&I cover highly desirable.
The business opened with about 400 ships on its books. Today, it has 5,480 vessels amounting to 38.2m gt.
And its profile and outlook has become increasingly international, with more than half its written premium coming from non-Turkish markets.
"For confidentiality reasons we are unable to name our clients but we do participate in insurance programmes of many international fleets each consisting of [a] triple digit number of vessels and would be deemed as hallmark brands in marine industry. We expect the same growth trajectory to continue," Turk P&I said.
The firm tells TradeWinds it generated about $34m in premium in 2021 and increased its technical underwriting profit. It has also achieved double-digit growth each year since it started.
It is now the biggest P&I insurer in Turkey in terms of written premium and has also become a major player in hull insurance market. It can provide up to 100% cover, although it works mainly on a shared risks basis in the hull market.
It is no longer working with the International Group of P&I Clubs, which it previously used for reinsurance purposes. Instead, it now works with the commercial reinsurance market to provide up to $1bn in cover.
Turk P&I initially started as P&I insurer covering small tonnage ships, such as workboats and passenger ships. It now covers all vessel types with the largest tonnage on its books 91,000 gt.