Doğal Afet Sigortaları Kurumu'nun (DASK)
Turkish Catastrophe Insurance Pool (TCIP)
Turkish Catastrophe Insurance Pool (TCIP) was established following Marmara Earthquakes in 1999. The pool has the aim of establishing long-term reserves in financing future earthquake losses and alleviating the financial burden of earthquakes on the government budget. It provides a reliable method for compensation to homeowners in Turkiye while social solidarity and risk sharing are effectively maintained through payments of affordable insurance premiums.
TCIP is an “insurance pool” in the status of a public legal and privately funded entity. Its funding has been primarily depended on premium contributions made by homeowners. Having a unique organizational structure formed in cooperation of public and private sectors, TCIP is a non-profit organization.
Turkey News and Events
News and Events
17 August 2023
The nation marked the 24th anniversary of the catastrophic Aug. 17, 1999 earthquake, with a poignant reminder of the enduring threat of seismic events looming over ceremonies held across the country. The 7.4 magnitude earthquake, which struck the northwestern province of Kocaeli, resulted in the loss of thousands of lives and stands as a somber testament to the vulnerability of this earthquake-prone region.
Turkiye: recently released estimates place industry loss from earthquakes between USD 3.5 and USD 5 billion
6 April 2023
The Turkish Catastrophe Insurance Pool (TCIP) so far has paid USD 340.36 million (TRY 6.5 billion) on claims for the victims related to the recent earthquakes that occurred in Turkey last month, Reinsurance News reports.
According to the latest figures, the number of damaged buildings from the quakes reached 416,021.
29 March 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month.
On February 6, 2023, a powerful Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced a surface rupture length of approximately 250km. 11 minutes after the first shock, a Mw 6.7 aftershock occurred.
TURKIYE - earthquake update; insured losses may exceed USD 4 billion; official earthquake donation accounts available
9 February 2023
The consecutive two devastating earthquakes that hit on 5 February Turkiye and Syria in the region of their common border, as well as the tens of aftershocks, have caused insurable losses that may exceed USD 4 billion, real-estate information firm CoreLogic estimates.