Bermudian-based insurer Hiscox is the lead insurer for the Turkish airport that was hit by a terrorist attack, which killed 44 people and injured more than 200.

Richard Halstead, line underwriter for war, terrorism and political violence for the firm, said the coverage at Istanbul’s Ataturk airport included property damage and business interruption.

Mr Halstead said the account was a long-term one dating back to 2005.

He added: “The threat situation in Turkey unfortunately has changed and elevated significantly over the last couple of years, but we’ve always stuck with this client.

“We don’t believe you should quit when the going gets tough.”

Mr Halstead said that the attack had not caused large amounts of damage to the airport’s structures and it had been able to reopen quickly.

He added that the exposure was “well within the arena of what we would typically write on an airport, which is of course a high-threat target anywhere around the world and especially in Turkey.”

The airport was attacked on Tuesday by three men with automatic rifles and bombs.