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.