Damages of the recent earthquake in Turkey are on the way to reimbursement
Thursday, 03 30 2023, Category: Insurance and Reinsurance, Country: Turkey
Since the earthquake that occurred on August 17, 1999, which devastated areas in Izmit and Istanbul, the Turkish government approved compulsory earthquake insurance, which was entrusted to the Turkish Catastrophe Insurance Pool (TCIP), that provided compulsory policies to obtain additional cover from local insurance companies.
And with the February 6 disaster, the mandatory coverage rate for the affected area was below the national average of about 55%.
Source: Tamin Wa Masaref