Turkish Catastrophe Insurance Pool (TCIP)

The Turkish Catastrophe Insurance Pool will reduce risks associated with earthquakes in Turkey. © Mustafa ÖZTÜRK/IHH CC BY-NC-ND 2.0


The Turkish Catastrophe Insurance Pool, TCIP, was established in the aftermath of the Marmara earthquake in 2000, with assistance from the World Bank. Traditionally, Turkey’s private insurance market was unable to provide adequate capacity for catastrophe property insurance against earthquake risk, and the Government of Turkey faced major financial exposure in the post-disaster reconstruction of private property.

Consequently, the Government of Turkey’s objectives for TCIP were to:

The government invested heavily in insurance awareness campaigns and made earthquake insurance compulsory for home‐owners on registered land in urban areas. Cover is voluntary for homeowners in rural areas. The program is reinsured by international reinsurers. Since its inception in 2000, TCIP has achieved an average penetration rate of about 20% of domestic dwellings (about three million dwellings).

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Earthquake Turkey