NEWSROOM

Earthquake in Turkey’s Izmir caused an increase in searches made on the internet regarding compulsory earthquake insurance by 100% per month, while the issue of compulsory earthquake insurance rose by 37%. The intensity of the demand has also prompted warnings from authorities. Hesapkurdu.com General Manager Ömer Paksoy said "Our citizens do not have enough information about TCIP (DASK), which is mandatory.”

*** This release is originally published in Turkish.
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ISTANBUL (TR) - After the earthquake with a magnitude of 6.9 that caused the destruction in Izmir, Turkey on October 30, citizens in general, went for compulsory earthquake insurance. Earthquake insurance searches on the internet have increased by 100 percent in the last month, while earthquake insurance production has increased by 118 percent in the Aegean region, 169 percent in Izmir and 37 percent throughout Turkey. Ömer Paksoy, General Manager of hesapkurdu.com, an online loan comparison platform, who evaluates the density of demands positively within the scope of disaster awareness, said, “Since our country is on an earthquake zone, increasing the insurance rate is a very important development. However, the public does not have enough information about TCIP, which is mandatory. Many people think that TCIP includes household items, but this is not the case.”

TCIP only covers the damage to the house and building.

Clarifying the uncertainties in society regarding the scope of compulsory earthquake insurance Hesapkurdu.com general manager Ömer Paksoy said, “TCIP only covers the damage that will come to the house and buildings. Items and electronic devices are not covered by TCIP. The costs of debris removal, lost profits, business interruption, alternative accommodation and office expenses, financial obligations and all the other indirect damages, all kinds of movable property, goods and damage to the body and death, moral claims, as a result of the earthquake, fire, explosion, tsunami, landslide, or earthquake damage and the outside, regardless of losses occurred over time due to the imperfect nature of the building itself also is not covered by TCIP. For this reason, in addition to TCIP, it is necessary to have housing insurance, property insurance, and workplace insurance for business owners. Even in order to cover the damage that may occur in the event of natural disasters, it would be correct to add earthquake coverage to the insurance policy.”

Referring to the scope of housing and property insurance, Paksoy said, “Housing and property insurance is a type of insurance that covers the house and your belongings in case fire, earthquake, flood, hail, theft, glass breakage and many other possible situations, depending on the insurance type. Coverage include damages to the house or furniture, including glass breakage, damages during and after theft, situations which compulsory earthquake insurance does not cover, boiler and air conditioning maintenance, free carpet washing, locksmith service, plumbing, electricity, accommodation in the hotel in case of damage to the house, medical support and guarantees treatment.”

TCIP starts from 161 TL per year, housing and goods insurance starts from 153 TL.

According to the data of the online loan comparison platform Hesapkurdu.com, the average price of TCIP insurance offers received through the platform in November following the Izmir earthquake was 161 TL. While the annual premium costs vary according to the construction year of the buildings, this figure was recorded as 216 TL in Istanbul, where the big earthquake is expected. When looking at the property and house insurances, in property insurance, which provides advantages especially for tenants, the annual premium average for coverage of 10 - 100 thousand TL is 146 TL; In the housing insurance, the cost of building housing was 55 TL for a guarantee of 200-250 thousand TL. The annual premium of the housing insurance, including the furniture, was calculated as 153 TL for the housing construction cost of 200 - 250 thousand TL and the cost of the furniture 10 - 100 thousand TL.