4-fold increase in demand for TCIP and home insurances

It has been 1 month since the earthquake disasters centered in Kahramanmaraş and had devastating effects in 11 provinces in total. Evaluating the earthquakes from the perspective of insurance, General Manager of Aksigorta Uğur Gülen said, "We have experienced a great disaster. However, this region is not a region where penetration is low in terms of insurance. Especially in industrial and industrial areas, insurance is quite high, with a rate of 80-90 percent.

Individual insurance, of course, is slightly lower; I can say that it is in the average of Turkey. There are over 5 million policies. We know that 3.5-4 million of them come from life insurance. The penetration in the TCIP product is around 50 percent, and the housing insurance is around 20 percent. There are nearly 500 thousand policies in Kaskoda, which constitutes 7-8 percent of Turkey.

The earthquakes took place in a region that accounted for 10 percent of GDP. I would say 10 percent of the economy. It affected Gaziantep, Kahramanmaraş, where the industry is highly developed, and Hatay, where SMEs are concentrated. We know that there is a damage of approximately 90 billion TL with the notifications received so far. Almost all of this damage was reinsured. As the insurance industry, we had a very good test. We protected both our customers and our agents. We have made the damage payments quickly and will continue to pay these damages by prioritizing them. The development that makes us a little happy at the moment is to see that our society has reached insurance awareness against another possible earthquake disaster."

Stating that they evaluated this increase in policies in Aksigorta in particular, Uğur Gülen said, "Although TCIP production is closed in the eastern regions, we see that the written production has increased 2-3 times compared to February of last year. Considering the expected Istanbul earthquake, I can say that there has been a 4-fold increase in this region compared to last year.

With the impact of the Kahramanmaraş earthquake, there was a 4-fold increase in demand in TCIP and housing insurances in the Mediterranean region. A significant proportion of 63 percent of total production comes from new policies. This shows that the awareness of self-assurance against earthquakes as a society has increased 3-4 times compared to previous years."

Underlining that TCIP insurance is necessary, but this assurance is in a certain amount, Gülen said: "In addition to the TCIP policy, the increase in housing insurances is one of the most important factors showing the increase in insurance awareness. It is very important to obtain housing insurance in order to provide full coverage against disasters. In addition to being an additional coverage to TCIP, this policy is also a product that tenants prefer to protect their belongings. Of course, we have a social concern after the disaster. As a result of this, it is possible to say that there is a very intense demand for housing and TCIP insurances. As a community living in the earthquake zone, this level of awareness should continue at all times, not just after disasters."

The damage payment made by the Turkish Catastrophe Insurance Pool (TCIP) after the earthquakes centered in Kahramanmaraş reached 3 billion TL.

According to the statement made by TCIP, after the earthquakes on February 6, the damage assessment processes and damage payments of the institution continue rapidly.