Proposal to Expand Compulsory Earthquake Insurance in Turkiye
Proposal to Expand Compulsory Earthquake Insurance in Turkiye

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A senior insurance executive in Turkiye has proposed that compulsory earthquake insurance should be automatically provided to all homeowners, ensuring adequate coverage. Mr. Ugur Ozer from Sompo Insurance emphasized that losses incurred by those unable to afford insurance would be subsidized through public funds, which could later be recouped during property sales. He suggested that increasing the coverage rate to nearly 100% would lead to more reasonable premiums and better protection against real damages. Despite the Turkish Catastrophe Insurance Pool’s efforts over 25 years, the current insurance penetration rate remains at only 60%.

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