The earthquake risk in Turkey

The geographic position of Turkey makes of it one of the most seismic zones in the world. Approximately 20 000 lives have been claimed, 70 000 buildings damaged and 20 000 destroyed by 5 earthquakes that have shaken Turkey in the course of the last ten years. During this period, the costs of building damage amount to 20 billion USD.

The August 17, 1999 earthquake alone (7.4 on the Richter scale), which hit the sea side area of Marmara, claimed the lives of more than 17 000 people.

The insurance of earthquakes risk was made compulsory on November 25, 1999. The TCIP (Turkish Catastrophic Insurance Pool), is a pool designed for catastrophe insurance. It benefits from the government support. It is the company Milli Re that is entrusted with the technical management of TCIP over a five-year period as from August 8, 2005.

It is worth noting that despite the obligation imposed by the law, numerous dwellings remain uncovered. The average cover rate of this risk does not exceed 16% in Turkey. With 34% in Bolu, 33.9% in Yalova and 29.8% in Istanbul.

Premiums and insured values

in USD
 200120022003
Number of insurance policies
2 444 5122 127 5372 022 502
Number of residences
16 235 78612 988 66512 988 665
Cover rate
15.1%16.4%15.6%
Insured values
24 892 363 72225 870 446 71736 621 102 103
Written premiums
40 609 63574 906 24861 087 851
Average insured values per policy
10 18312 16018 107

Losses

in USD
 Number of earthquakesOccurred lossesTotal paid losses
20001634 315
20011733888 509
20022115581 374 822
20032024983 671 978
Total 59 4400 5 169 624

Paid losses by the TCIP in 2003

in USD
Date of lossLocationMagnitude (On the Richter scale)Paid losses
27/01/2003Tunceli Pülümür6.5207 707
21/02/2003Afyon - Merkez3.66 553
16/03/2003Hakkari - Semdinli4.831 787
10/04/2003Izmir - Urla5.61 334 109
18/04/2003Izmir - Urla4.834 224
01/05/2003Bingöl - Merkez6.42 014 923
04/05/2003Izmir - Urla4.42 047
21/05/2003Bingöl - Genç4.55 953
09/06/2003Balikesir - Bandirma5.1824
06/07/2003Canakkale - Gelibolu5.37 370
26/07/2003Denizli - Buldan5.615 404
31/07/2003Afyon - Sultandagi4.4964
03/10/2003Eskisehir - Merkez4.25 777
24/11/2003Izmir - Merkez3.51 051
16/12/2003Izmir - Dikili4.61 408

The greatest earthquakes of the history

DateLocationMagnitudeVictims / Damages
557Byzance Damaging of the big Holy church Sophie
1302Alexandria - Egypt Destruction of the headlight of Pharos
18/10/1356Basel - Switzerland Destruction of Basel and the 80 castles
in the surroundings
1555Srinagar - India 60 000 victims
1556China More than 830 000 victims
1703Tokyo - Japan 200 000 victims
1716Algiers - Algeria 20 000 victims
1727Tabriz - Turkey 77 000 victims
1755Lisbon - Portugal 60 000 victims, 9 000 collapsed buildings
1759Baalbek - Lebanon 20 000 victims
1783Calabre - Italy 50 000 victims
1797Peru 40 000 victims
1812Caracas - Venezuela Destruction of Caracas - 12 000 victims
1857Naples & Salerne - Italy 12 000 victims
Apr 1905Kangra - India 20 000 victims
Dec 1908Messine - Italy7.584 000 victims
Dec 1920Gansu - China8.5180 000 victims
Sept 1923Tokyo & Yokohama - Japan7.9100 000 victims
May 1927Nanchang - China8200 000 victims
May 1935Quetta - Pakistan7.560 000 victims
Jan 1939Conception - Chile8.325 000 victims
Dec 1939Erzincan - Turkey825 000 victims
Sept 1954El Asnam - Algeria6.71 450 victims
Feb 1960Agadir -Morocco5.815 000 victims
May 1960Chile8.85 700 victims
Sept 1962Qavzin - Iran712 000 victims
Aug 1968Khorassan - Iran7.410 500 victims
May 1970Ancash - Peru7.854 000 victims
Feb 1976Guatemala7.526 000 victims
1976New Guinea7.16 000 victims
Jul 1976Tangshan - China7.8250 000 victims
Nov 1976Turkey7.37 000 victims
Sept 1978Tabas - Iran7.715 000 victims
Oct 1980El Asnam - Algeria7.23 000 victims
Nov 1980South of Italy6.85 000 victims
Jun 1981Iran6.73 000 victims
Dec 1982North-Yemen62 000 victims
Oct 1983Turkey6.81 330 victims
Sept 1985Mexico8.110 000 victims
Jun 1990Iran7.340 000 victims
Jul 1990Philippines7.72 600 victims
Dec 1992Flores - Philippines7.52 000 victims
Sept 1993India6.37 600 dead, 16 000 injured
Jan 1995Kobe - Japan7.26 400 victims, 250 000 collapsed buildings
Feb 1998Afghanistan63 000 victims
May 1998Afghanistan6.95 000 victims
Aug 1999Izmit - Turkey7.417 000 dead, 44 000 injured
Sept 1999Taiwan7.62 500 victims
May 2003Boumerdes - Algeria6.72 200 victims
Dec 2003Bam - Iran6.328 000 dead, 30 000 injured
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