Insurance companies in Turkiye have learned the necessary lessons from the devastating 6 February 2023 Kahramanmaras earthquakes and are ready for a possible mammoth Marmara earthquake, according to the president of the Insurance Association of Turkiye (TSB), Mr Ugur Gulen.
He said that Turkish companies have purchased higher reinsurance protection for a possible major Marmara earthquake with the lessons learned from the Kahramanmaras earthquakes, reported Finans Gundem.
“While the insurers continue to increase their capacity, they are developing the content and structure of insurance products for higher protection against earthquake risk. As the insurance sector, we are ready for a possible major Marmara earthquake," Mr Gulen said.
He added, "The latest earthquake with a magnitude of 6.2 on 23 April reminds us that we need to say 'Right Now' and act.” He said that the quake clearly demonstrates the need to review the safety of properties, building standards and urbanisation policies.
He added that even as insurers are carrying out educational efforts to promote quake protection, they are revising their business processes. He said, “We are working to establish a coordination framework with all our stakeholders for a possible earthquake.”
Commenting on the 23 April tremblor, Mr Gulen said that no claims involving material losses had been received by the insurance sector relating to the 23 April earthquake. The 6.2 magnitude earthquake struck at 12:49 local time [09:49 GMT] on 23 April in the Marmara Sea off the coast of Istanbul, said Turkiye’s Disaster and Emergency Authority. The quake injured more than 250 people but did not cause any death.
Officials and insurers have long been concerned about a likely massive earthquake that would hit Istanbul, which is Turkiye’s business hub. On 17 August 1999, a Mw 7.4 Marmara earthquake struck Izmit, around 100km east of Istanbul. It killed over 18,000 people. The 1999 Marmara earthquake set off a series of measures in the country to improve risk mitigation and preparedness, such as new building codes and a compulsory earthquake insurance scheme.