Captain Ufuk Teker discusses global risks and Turkey's role in maritime insurance at KOSDER's event, highlighting critical industry challenges.
During the 'KOSDER Members Meet for Breakfast' event organized by KOSDER, Turkish P&I General Manager Captain Ufuk Teker spoke at the 2025–2026 Evaluation Panel, providing a comprehensive assessment of the impacts of global uncertainties on maritime trade and insurance.
Teker noted that Turkey has crossed a significant threshold in marine insurance, achieving the right to representation in the legal committee of the International Union of Marine Insurers for the first time in the Republic's history. He emphasized that this development strengthens Turkey's position in the international marine insurance arena.
In his speech, Teker highlighted the intensifying global risk environment, indicating that uncertainty has become a fundamental risk factor for insurers. He expressed that incidents such as Iran seizing vessels, commercial ships stranded due to the Russia-Ukraine War, attacks in the Red Sea, drone threats, and GPS manipulations have directly affected civil maritime trade.
He pointed out that these developments suggest that civil trade fleets are experiencing one of their most vulnerable periods since World War II, with seafarers now facing war-like threats beyond classic maritime risks.
Teker also mentioned that increasing customs tariffs imposed by the United States have ushered in a new era in global trade, recalling that similar tariff increases in the past have led to significant downturns in world trade. He noted that this process could particularly exert pressure on container shipping and large-tonnage fleets.
Addressing major environmental disasters that have occurred in recent years, Teker stated that incidents such as the Prestige tanker accident, the collision of a vessel with the Baltimore Bridge, and the sinking of a ship carrying plastic granules off the coast of Sri Lanka have led to damage claims in marine insurance reaching billions of dollars. He emphasized that plastic granule pollution can result in even more dangerous outcomes than oil, noting that some countries have reached the point of demanding a $1 billion deposit for cleanup. This situation has increased pressure on P&I clubs, making premium increases inevitable.
Focusing on the coastal fleet specific to Turkey, Teker noted that Turkish shipowners have a strong presence in the Eastern Mediterranean, and the fleet has rapidly grown with the coastal tonnage acquired from China. However, he stressed the vital importance of conducting technical inspections and proper surveys during ship acquisitions.
In the concluding part of his speech, Teker stated that war and strike risk coverage has moved beyond being a theoretical subject. He expressed that drone attacks, drifting mines, and war-like incidents have serious implications for insurance coverage. Therefore, he urged shipowners to ensure that war and strike insurance is comprehensively obtained for vessels operating in high-risk areas.
Teker concluded by stating, 'The greatest advantage of the Turkish shipowner is the ability to manage claims in their own language and in their own country. This advantage will become even more pronounced in the upcoming period.'
Source: www.denizhaber.com
