Insurance companies in Turkiye have learned their lesson from the devastating earthquakes on February 6, 2023, and are ready for a possible mammoth Marmara earthquake, according to the president of the Insurance Association of Turkiye (TSB), Mr. Ugur Gulen, Middle East Insurance Review writes.

The president of the TSB noted that Turkish companies have purchased higher reinsurance protection for a possible major Marmara earthquake, 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", explained Mr. Ugur Gulen. According to him, the insurers are carrying out educational efforts to promote earthquake protection and are revising their business processes.

Commenting on the tremblor on April 23, Mr. Ugur Gulen said that no claims involving material losses had been received by the insurance sector relating to that earthquake. The 6.2 magnitude earthquake struck at 12:49 local time on April 23 in the Marmara Sea off the coast of Istanbul, according to the Turkiye’s Disaster and Emergency Authority. It injured more than 250 people but did not cause any death.