Magazine date:
Feb 2023 
The 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
| Region | Number of housing units | Number of insured homes | Insurance rate |
|---|---|---|---|
| Gaziantep | 339 000 | 218 678 | 64.50% |
| Kilis | 25 000 | 14 929 | 59.70% |
| Kahramanmaras | 210 000 | 113 011 | 53.80% |
| Þanlýurfa | 198 000 | 104 824 | 52.90% |
| Malatya | 188 000 | 97 959 | 52.10% |
| Adana | 479 000 | 219 889 | 45.90% |
| Adýyaman | 89 000 | 39 941 | 44.90% |
| Osmaniye | 101 000 | 42 839 | 42.40% |
| Hatay | 315 000 | 126 413 | 40.10% |
| Diyarbakýr | 231 000 | 77 935 | 33.70% |
| Total | 2 175 000 | 1 056 418 | 49% |
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.
Read also | Turkey-Syria earthquake: death toll [4]