Leading names in the maritime and insurance sectors Ufuk Teker, As the Founding General Manager of Turkish P&I and Chairman of the Board of Directors of the Istanbul Technical University Faculty of Maritime Sciences Alumni Association (DEFAMED), he shared his experience and vision in the sector with us. Aiming to strengthen Turkey's position in the international arena in yachting and P&I insurance, Teker provided valuable insights into innovative approaches in maritime insurance and future strategies. This special interview, which highlights Turkey's strength and Ufuk Teker's leadership in the international yachting and maritime arena, serves as an inspiring resource for yacht magazine readers.
“Yachting is a prestigious lifestyle that requires risk management.”
Mr. Ufuk, how did your career journey from maritime to insurance begin?
I graduated from the Faculty of Maritime Sciences at Istanbul Technical University in 1992. At that time, we were state-funded boarding students and had an eight-year mandatory service obligation after graduation. Immediately after graduating from university, I started working at Turkish Maritime Enterprises (TDİ) and worked there for three years. I then moved to the private sector and worked on a chemical tanker fleet for two contract periods. During this time, I became interested in marine insurance.
At my friend's invitation, I started working at OYAK Insurance as an assistant specialist in marine insurance. After working in this field for about five years, I transitioned to insurance brokerage and rose to the position of general manager within 11 years. This process gave me the opportunity to see the industry from both the insurance company and the customer perspective.
“Turkish P&I declares Turkey's independence in marine insurance.”
How did the establishment process of Turkish P&I begin?
The birth of Turkish P&I began with an idea from the Maritime Affairs Directorate. At that time, liability insurance for Turkish ships was provided entirely by foreign insurers. We learned that the public sector wanted to launch an initiative in this area, and we supported this strategic decision.
At first, we had doubts about the feasibility of this idea. However, as we realized how important marine insurance is for Turkey, we became excited. With the cooperation of the public and private sectors, work began in 2013. In 2014, Turkish P&I officially commenced operations. At that time, we started working with just a team of five, even without an office. Today, we have become a brand with a production volume exceeding $80 million, serving 17 countries.
“Turkish P&I doesn't just provide insurance; it builds trust.”
What is the strategic importance of Turkish P&I?
Turkish P&I is not just an insurance company, but also an institution that declared Turkey's independence in marine insurance. Inspired by London's leadership in marine insurance, we aimed to create a similar ecosystem in Turkey. As a result, Turkish shipping is gaining a stronger position in the international arena.
Marine insurance is the backbone of maritime trade. As Turkish P&I, we offer tailored solutions to meet the needs of the maritime industry. Our mission is to set standards in the maritime sector, enhance reliability within the industry, and provide comprehensive insurance solutions to yacht owners.
“Turkey Among World Leaders in Yacht Production”
How would you assess Turkey's international standing in the yachting sector?
Turkey is one of the world's top three yacht manufacturers. We stand out in the industry with our beautiful coastlines, modern shipyards, and potential in marine tourism. However, we need more marinas, coastal protection, and infrastructure development. Yacht insurance is an integral part of these developments. As Turkish P&I, we support this potential in the industry by offering suitable insurance solutions to both shipyards and yacht owners.
“We offer innovative solutions in marine insurance.”
What innovations do you offer in marine insurance and yacht insurance?
Yacht insurance may seem simple from the outside, but each yacht has its own unique technical details. Boat construction insurance covers every stage, from the production phase to trial runs. This insurance protects both the shipyard and the boat owner. Additionally, damages incurred while the boat is docked in the marina are also covered by our insurance.
Technological innovations are reshaping our approach to risk management and claims processes. Thanks to digitalization, we are making our processes more efficient and enhancing the customer experience. We are also developing sustainability-focused solutions. Innovations such as hybrid propulsion systems and environmentally friendly materials are driving the industry towards greener practices.
“The Maritime Sector is One of Turkey's Driving Forces.”
What are your expectations for the future of the maritime industry?
The maritime sector is a critical area for Turkey to gain a stronger position on the international stage. We need to raise more awareness on issues such as protecting our coastlines, developing infrastructure, and yacht insurance. As Turkish P&I, we aim to be a leader in these areas. Maritime is not just a profession; it is an ideal that bridges cultures and economies.
Additionally, by working in line with trends such as digitalization and sustainability, we aim to adapt quickly to changes in the industry. By effectively utilizing technology, we are further improving risk management and offering our customers more comprehensive solutions.
“Technology and Sustainability Are Shaping the Future of the Industry.”
What developments do you expect in marine insurance in the future?
Marine insurance requires increasing diversity and complexity every day. Technological innovations are also changing insurance conditions. As Turkey, we have the knowledge base to develop expertise in this field. However, regulations and standards must also evolve simultaneously in practice. We can lead the sector by leveraging our current significant potential.
In yacht insurance, we are developing new insurance models in line with environmental risks and technological developments. Thanks to digitalization, we are further improving our risk analysis and claims management processes. This enables us to offer our customers faster and more effective solutions.
“The Maritime Sector Reflects Turkey's Innovation Power.”
Finally, what is your message regarding the maritime sector?
The maritime sector reflects Turkey's economic and cultural wealth. Protecting our coastlines and consciously managing maritime tourism are of critical importance. We need to raise public awareness on topics such as yacht insurance and maritime risk management. As Turkish P&I, we aim to be a leader in these areas. Maritime is a field that connects people, cultures, and economies, and it is a great privilege to contribute to this field.
Additionally, by working in line with trends such as digitalization and sustainability, we aim to adapt quickly to changes in the industry. By effectively utilizing technology, we are further improving risk management and offering our customers more comprehensive solutions.
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