Fledgling protection-and-indemnity (P&I) insurer, Turk Pandi Sigorta, is moving into the hull insurance business, as it completes its second year in operation.

The Istanbul-based insurance company is covering over 1,000 vessels for P&I risks, although most are small, locally trading craft.

Turk P&I general manager Ufuk Teker estimates the company’s market share for brownwater vessels is already more than 50%, rising to 90% for passenger vessels, where the insured fleet includes vessels carrying up to 2,000 passengers.