Approximately 11.5m of the 20.3m households across Turkiye have compulsory earthquake insurance, representing an insurance coverage rate of 57.4%, according to data from the Turkiye Catastrophe Insurance Pool (TCIP). The coverage rate is considered inadequate in a country located in an earthquake zone.
In comparison, as of the end of 2024, the number of insured residences across the country reached 11.2m, with a penetration rate of 56%, according to TCIP’s 2024 annual report.
However, interest in compulsory earthquake insurance has increased following the magnitude-6.1 Sindirgi earthquake on 10 August, the anniversary today of the 17 August 1999 Marmara Earthquake and expectations of a potential massive Istanbul earthquake.
In the 26 years since the Marmara Earthquake, Turkiye has faced numerous earthquakes, both large and small, including the devastating 6 February 2023 Kahramanmaras Earthquake and the magnitude-6.2 earthquake off the coast of Istanbul on 23 April 2025.
Claims paid by TCIP since its establishment have reached TRY41bn ($1bn). The largest portion, amounting to TRY39.3bn, consisted of claims paid in respect of the 2023 Kahramanmaras earthquakes. The TCIP was established in 1999 following the Marmara earthquake. The Pool provides building-only earthquake cover for residential property.
The Marmara Region, the most urbanised in Turkiye, showed the highest interest in earthquake insurance, with 65% of the population taking out 6,840,000 policies. The Black Sea Region had the lowest earthquake insurance rate, at 45%.
As of the end of August 2025, the overall policy renewal rate is expected to be 60%, and to increase the motivation to renew coverage, a 20% renewal discount is being offered. This aims to both ensure the sustainability of insurance coverage and continued financial security for citizens.