Turkey

Earthquake insurance penetration in Turkey has risen strongly since the imposition of a law which made having a policy mandatory and has now reached 37%, according to data from the Turkish Insurance Association.

The issuing special purpose reinsurance vehicle of the first Turkish earthquake linked catastrophe bond Bosphorus 1 Re Ltd. has changed its official company name to Bosphorus Re Ltd., according to a Bermuda Stock Exchange announcement.

The Turkish Catastrophe Insurance Pool (TCIP), is likely to look to the catastrophe bond market again as it explores options to increase the amount of capacity it can provide in the event of a major earthquake striking Turkey, according to the chairman of its board.

As we wrote earlier this week, the Bosphorus 1 Re Ltd. catastrophe bond completed recently, successfully securing its sponsor the Turkish Catastrophe Insurance Pool (TCIP) a source of fully-collateralized, multi-year reinsurance protection against Turkish earthquake risks using a parametric trigger. Now the usual press releases on the deals completion have emerged and it’s clear that […]

The Turkish Catastrophe Insurance Pool (TCIP) now benefits from a $400m layer of fully-collateralized, parametric earthquake reinsurance protection thanks to the completion of its Bosphorus 1 Re Ltd. catastrophe bond on Friday. The deal, which increased in size by 300% from $100m to the $400m it settled at is the second time that the TCIP […]

According to sources in the catastrophe bond community, investors have demonstrated their appetite for a true diversifying cat bond deal and have helped the Bosphorus 1 Re Ltd. parametric Turkish earthquake cat bond jump in size again to hit $400m. The Bosphorus 1 Re cat bond began as a $100m transaction, then jumped during marketing […]

It will be no surprise for our regular readers to learn that another catastrophe bond transaction has increased in size and seen its price guidance be reduced while the deal has been marketing. The latest cat bond to follow this trend is the Bosphorus 1 Re Ltd. parametric cat bond, being issued on behalf of […]

As we reported on Monday, the latest catastrophe bond to come to market is a parametric transaction called Bosphorus 1 Re Ltd. which is being marketed on behalf of the Turkish Catastrophe Insurance Pool (TCIP). The Bosphorus Re cat bond brings investors an opportunity to diversify their portfolios in the form of Turkish earthquake risk. […]

A new catastrophe bond has been presented to insurance-linked securities (ILS) investors and it will bring some welcome diversification to the market after the focus on U.S. perils in the 2013 cat bonds we’ve seen so far. This deal brings a rare peril to the market, Turkish earthquake risk. The cat bond is being issued […]

The eastern Van region of Turkey has been hit by another damaging earthquake less than a month after a M7.2 quake struck the area. The second quake struck late yesterday in the Edremit district, 16km (10 miles) south of Van, the US Geological Survey said. An M5.6 quake, so much weaker than the one in […]