Compulsory earthquake insurance: Turkish authorities set new targets

The 12^th Development Plan, presented by the Turkish authorities, sets a new target of 15.2 million properties to be covered by compulsory earthquake insurance. Coverage will eventually be extended to other risks in addition to earthquakes.

To counter the problem of under-declaration of insured surface areas, the State will use the land registry database to examine any misdeclarations.

The national average of earthquake coverage in Turkey is 55%. In certain high-risk regions, however, the insurance rate is way below this threshold. This problem became all the more alarming after the 6 February 2023 earthquake.

Compulsory earthquake coverage has been managed by the Turkish Catastrophe Insurance Pool (TCIP) since September 2000.