site.btaAround 44% of Homes in Turkiye without Earthquake Insurance, Despite It Being Obligatory

Some 44% of homes in Turkiye are still without earthquake insurance, even though it became compulsory after the catastrophic 7.6-magnitude earthquake near Izmir 25 years ago, according to data from the Natural Disaster Insurance Institution (DASK).

According to data published on the institution's website, the share of insured homes in the country is estimated at 56.40%, representing 11.3 million out of a total of about 20 million housing units.

Saturday marks the 25th anniversary of the August 17, 1999 disaster, in which official figures put the death toll at 17,200 and unofficial figures put the number at 40,000. A year later, on 27 September 2000, Turkiye introduced compulsory home insurance. Despite the fact that the country is located in a highly seismic area and people's awareness of the problem is increasing day by day, a huge number of homes remain uninsured.

However, data on DASK's website shows a trend of a steady increase in home insurance policies over the years. For example, a total of 11.66 million policies were concluded in 2023, up from 10.94 million the previous year. In 2001, the number was only 2.43 million.

A total of 6.8 million earthquake home insurance policies have been concluded since the beginning of this year. However, the country's housing stock is not yet fully covered, as is the aim, and many properties, even in some of Turkiye's most high-risk counties, remain uninsured.

For example, in Istanbul, which was badly hit by the 1999 earthquake and where scientists have long predicted the danger of another strong quake, only 63% of homes are insured, according to DASK. In the capital Ankara, coverage is even lower at 54.5%. Last February, two powerful earthquakes measuring 7.8 and 7.5 killed more than 53,000 people in southern and southeastern Turkiye.