Natural Disaster Insurance Institution (DASK), which has increased the rate of houses with compulsory earthquake insurance to 36 percent, has focused on policy renewals in the new period. DASK's goal is to both maintain the 48 percent increase in residences with compulsory earthquake insurance in one year since the entry into force of the Catastrophe Insurance Law on August 18, 2012, and to add new policyholders to the system. TCIP offers 20 percent discount opportunity to those who renew their expired compulsory earthquake insurance policies within 30 days. He stated the following: “The Catastrophe Insurance Law, which came into force on August 18 last year, became an important turning point in the spread of compulsory earthquake insurance. With the law, compulsory earthquake insurance policy started to be sought in electricity and water subscription transactions in addition to title deed and housing loan transactions. In one year, 2 million new homeowners took out compulsory earthquake insurance. Our aim is to ensure the continuity of this.”

Adding that they are sensitive to ensure the continuity of the compulsory earthquake insurance policies, Yazıcı said: increased by 48. Now, the renewal period of the policies made one year ago has come. Our expectation from homeowners and insurance agents is to closely monitor the duration of the policies and renew the expired policies. Since we do not know when a damaging earthquake will occur, we should always be prepared and not neglect insurance.”

Up to 30 percent discount opportunity
The annual premium of earthquake insurance is 110 TL on average. Prim varies according to the square meter of the residence, the type of building and the earthquake zone. TCIP offers 20 percent discount to those who renew their expired compulsory earthquake insurance policies within 30 days. In addition, residences in buildings with a construction permit date of 2007 or later can benefit from a 10 percent discount on the tariff price. When both opportunities are used at the same time, the discount rate reaches 30 percent.

There are approximately 17 million residences in Turkey that are covered by compulsory earthquake insurance. At the end of 2012, the number of insured houses was 4.8 million and the insurance rate was 28 percent. As of today, the number of these residences has reached 6 million and the insurance rate has increased to 36 percent. The target of DASK until 2017 is to increase the number of insured residences above 10 million.