Earthquake in Turkey: ranking of affected regions according to the insurance rate

Earthquake in TurkeyThe Turkish Catastrophe Insurance Pool (TCIP) covers 10.9 million homes across the country, or 54.7% of the housing stock, against earthquake risks.

In the ten Turkish provinces most affected by the devastating earthquake of 6 February 2023, the average earthquake insurance rate is 49%.

Turkey: insurance coverage rates in the ten most affected regions

RegionNumber of housing unitsNumber of insured homesInsurance rate
Gaziantep339 000218 67864.50%
Kilis25 00014 92959.70%
Kahramanmaras210 000113 01153.80%
Þanlýurfa198 000104 82452.90%
Malatya188 00097 95952.10%
Adana479 000219 88945.90%
Adýyaman89 00039 94144.90%
Osmaniye101 00042 83942.40%
Hatay315 000126 41340.10%
Diyarbakýr231 00077 93533.70%
Total2 175 0001 056 41849%

Fitch Ratings' first forecasts project economic losses between 2 and 4 billion USD linked to the damages caused by the deadly earthquake of 6 February 2023 in Turkey and Syria. Out of this amount, nearly one billion USD will be borne by insurers and reinsurers, notably TCIP.

According to the rating agency, the earthquake insurance rate seems low in both countries.

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