News MiddleEast31 Oct 2018

Turkey:New Istanbul Airport secures highest insurance coverage for a single project

| 31 Oct 2018

The first phase of Istanbul Airport, which was opened on Monday, is insured for more than EUR5bn ($5.7bn), the highest coverage to date on a single project in Turkey.

In addition to the usual warranties such as fire, earthquake and flood, the insurance cover also includes loss of profits in the event of business interruption, reports Haberturk.

The first phase of Istanbul Airport is insured by a group of four companies, which are: Ziraat Sigorta, Halk Sigorta, Gunes Sigorta and Axa Insurance.

Construction insurance was also taken out during the construction of the first phase of the airport. When the second-phase construction starts, the second phase and the first phase reconstruction insurance will be obtained in case the construction of the second phase damages the buildings or planes in the first phase.

Speaking at the massive new airport’s inauguration ceremony on 29 October, Turkish President Recep Tayyip Erdogan said that once all the stages of Istanbul Airport are completed by 2028, the $12bn airport will serve 150m passengers annually. "If needed, the annual capacity can be raised to 200m," he added.

Turkish airports nationwide received nearly 164m people between January and September this year, with over 31% of air passengers using Istanbul Ataturk Airport, up to now Turkey’s busiest airport, reports Anadolu Agency.

When finished in 2028, Istanbul Airport will have six runways and two terminals spread over 76 sq km. That would make it three times the size of Ataturk.


 

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