The Compulsory Earthquake Insurance (DASK) rate in the provinces affected by the earthquakes in Kahramanmaras has increased from 49% to 57%, according to Türkiye Sigorta general manager Taha Çakmak in an article from insurance news outlet Sigorta Medya.
In the article, Mr Çakmak also noted that although earthquake insurance in Türkiye is mandatory, there is not sufficient awareness and policy renewal rate was below expectations.
“The fact that insurance companies cover losses that may occur as a result of risks covered by the policy provides significant financial security for individuals and businesses. In this way, sudden and unexpected expenses do not deplete personal savings and support businesses in preserving their capital structure. This protection provided by insurance supports economic stability in the long term and increases financial sustainability,” he said.
A large part of Türkiye is located on active fault lines, Mr Çakmak said to Sigorta Medya, and Nat CAT means that citizens should be prepared and cautious.
The article also stated that Compulsory Earthquake Insurance (DASK) covers material damages that an earthquake and subsequent fires, explosions, tsunamis and landslides that occur as a result. Despite this, earthquake coverage is not limited to DASK.
In the article, Mr Çakmak also noted that citizens should check whether policies include earthquake coverage when buying insurance. If not, such coverage should be added.