Turkey increased the maximum coverage of TCIP policies to EUR 31.5 k, while the tarrifs were reduced by 10%

9 February 2021 — Andrei Victor
The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the the maximum coverage amount for compulsory earthquake insurance policies administrated by DASK (TCIP - the Natural Disaster Insurance Institution) from TRY 240 k to TRY 268 k (~EUR 31.5 k). At the same time, the tariffs of the compulsory earthquake insurance scheme premiums were reduced by 10% for the policies issued in 2021.

These changes were announced through a communique published in the Official Gazette dated 19 January 2021, reported Middle East Insurance Review. "In this context, a 10 percent discount will be applied on the tariff price for insurance contracts whose coverage start date is between January 1, 2021 and December 31, 2021. The SEDDK, though, has the right to change this discount during the year."

The square meter amount used in the insurance cost calculation used in the determination of the insurance amount was determined as "TRY 1,268 for the reinforced concrete building style and TRY 874 for the others", informed Hurriyet.

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