Sanctions sideline 79 Russian oil tankers and drive up insurance costs
More than 79 sanctioned tankers involved in transporting Russian oil halted operations in 2025, while freight and vessel insurance costs jumped by 40-50%
🇹🇷 Turkey Insurance News
Latest insurance news from Turkish insurers and regulators. Explore auto, home, life, P&C, pet and health insurance, including insurance rates, insights, trends, and breaking insurance news from Turkey (Türkiye).
War insurance rates spike for Black Sea shipping after tanker drone attacks
Premiums for vessels heading to Russian and Ukrainian ports jump toward 1% of ship value as insurers reassess rapidly escalating risks in the region
Turkey property-CAT reinsurance rates fall 15% as Jan renewals soften
Gallagher Re says Turkiye’s Jan 2026 property-CAT renewals saw 15% rate drops, heavy oversubscription, and easing pressure on parametric covers
Drone attack hits Russia-bound tanker in Black Sea, shipping insurance rates are expected to rise
A Palau-flagged tanker bound for Russia reported a drone attack in the Black Sea and diverted to Turkey
Oil tanker shipping costs set to stay high into early 2026
Aging tankers, sanctions, and tight capacity are keeping oil shipping rates elevated into 2026, with relief unlikely before new vessels arrive
Black Sea sanctioned tanker attacks push war risk premiums higher for shippers
Ukrainian drone strikes on two tankers near Novorossiysk drive up Black Sea war risk rates, widening exposure for vessels calling at Russian ports
Munich Re outlines Europe’s Nat Cat and cyber exposures, rising reinsurance demand
Munich Re outlines Europe’s Nat Cat and cyber exposures, rising reinsurance demand, and the need for differentiated approaches in complex global programs
PERILS estimated final insurance industry loss for the Kahramanmaras Earthquake
PERILS released its fifth and final loss estimate for the Kahramanmaras Earthquake Sequence on 6 February 2023. This disaster impacted large areas
PERILS updated loss estimate for Kahramanmaras Earthquake to $6.2bn
PERILS updated its fourth loss estimate for the Kahramanmaras Earthquake of 2023 which affected large parts of south-central Turkey
New estimate of the insured loss from Earthquake in Türkiye & Syria by PERILS
PERILS disclosed its initial industry loss estimate for the Kahramanmaras Earthquake which widespread devastation across several regions of Türkiye and Syria
Natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
JP Morgan have estimated that total natural catastrophe insured losses in Q1 2023 so far are in the region of $6-8 bn
Total insured losses from Turkey Earthquake estimated $2.4 bn, property losses $20 bn
Total property losses from the M7.8 and M7.5 earthquakes are expected to be close to $20 billion, with the M7.8 earthquake accounting for the bulk of those losses
Insurance losses of earthquakes in Turkey & Syria will be in the $5 bn, economic losses $10 bn
Insurance losses relating to the series of earthquakes in Turkey and Syria are expected to be in the billions of dollars
Powerful earthquakes in Turkey & Syria could result in $1 bn of losses & 2,600 people killed
A huge earthquake killed more than 2,600 people across a swathe of Turkey and northwest Syria on Monday, with freezing winter weather adding to the plight
Fintech Papara launch of pet insurance in Turkey
Papara, the market-leading Turkish fintech, today announces the launch of pet insurance product to users in Turkey
Türkiye introduces a new insurance requirement for arriving travelers & immigrants
To discourage irregular migration, Türkiye is expected to implement a new insurance requirement for anyone arriving in Türkiye with a permit
25% of Russian crude oil ships insured by western insures
25% of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western insurance companies
US & UK pushes for Turkey to reconsider the sea cargoes proof-of-insurance requirement
A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated, leaving millions of barrels of crude stuck
Turkey will continue to request insurance confirmation letters from crude oil tankers
Turkey will continue to request insurance confirmation letters from crude oil tankers transiting its Bosphorus Strait, the Maritime Authority said
Turkish maritime seeks proof of insurance from russian crude oil tankers
Turkey says it has started requesting proof of insurance from tankers loaded with Russian crude oil as Moscow expressed concern about a build-up of oil tankers
Turkey warned oil shippers they will need to prove insured to cross straits
Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil
Marine insurers warn of soft pricing, major losses, and fragmented trade as geopolitical conflicts reshape shipping and supply chains
Norway launches a 6-month pilot urging tankers in its EEZ to disclose insurance, targeting shadow fleet risks and aligning with regional maritime safety efforts
The IG clubs collectively reported a record high level of free reserves in 2023/24 driven by high investment returns, mainly due to the reversal of prior year unrealised losses on fixed income portfolios
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure