Türkiye: TCIP made the first claims payments within 24 hours of the earthquake; Türk Reasürans reports on TCIPs activities during the first week post-quake

14 February 2023 — Daniela GHETU

Courtesy to Mrs. Selva Eren, CEO of Türk Reasürans AŞ, ths reinsurance company that carries out the technical operations of the Turkish Catastrophe Insurance Pool (TCIP), we have received a report on TCIPs operations throughout the first week after the catastrophic earthquakes that hit Türkiye on 5-6 February 2023.

As already known, on February 6, 2023, an earthquake with a magnitude of 7.7 occurred near Pazarcık in Kahramanmaraş, triggering another earthquake with a magnitude of 7.6 with an epicenter in Elbistan and several other aftershocks. 

According to Mrs. Eren’s report, TCIP performed the following activities during the first week: 

  • Emergency disaster management procedures were initiated within minutes of the earthquake.
  • TCIP claims operations were transferred to the Disaster Management Center in Ankara in accordance with the procedures.
  • A mobile field office with the pre-designated staff was set up in the disaster area the day after the earthquake.
  • The first claims were received from the call center and digital channels starting from the first day.
  • Experts and loss adjusters were mobilized within the first few days.
  • First claims payments were made within 24 hours of the earthquake.
  • Reinsurers were notified with a preliminary information package within the first week.

TCIP has previously increased its claims payment capacity to TRY 117 billion (approx. EUR 6 billion) (based on possible worst-case scenarios) through the combination of the TCIP’s existing resources (accumulated funds of the pool), structured solutions funds and the reinsurance protection. This significantly increased payment capacity enables TCIP to make initial claims payments to policyholders whose homes have been severely damaged. 

TCIP has the necessary operational capability and financial strength to meet its commitment to the policyholders during these difficult days. TCIP has stressed out that any information published without the Pool’s confirmation is speculative and will be publicly refuted by the Pool. TCIP is actively working with our business partners and running simulations to get an estimate of the insured losses, which will be released.

“TCIP and Türk Reasürans are very grateful to the global reinsurance communities for their deepest condolences and support for our tragic losses caused by this earthquake,” Selva