Insurance demand on the rise after Istanbul earthquakes

earthquakesTwo earthquakes of magnitudes 4.6 and 5.8 hit Istanbul, Turkey, on 24 and 26 September 2019.Both events have increased the demand for mandatory earthquake insurance (DASK) in the city.

According to the Turkish Catastrophe Insurance Pool (TCIP) and Turkey Insurance Association, more than 20 000 residential units have been insured against earthquakes every week since the September 26 earthquake. As of 25 October 2019, Istanbul counts 2.42 million homes insured with an insurance coverage rate of 65.7% compared to 60% one year earlier.

Across Turkey, the coverage rate for residential properties is 53%, with about 9.3 million homes insured.

Read also | Creation of an independent insurance supervisory body in Turkey

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