Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool
This publication, Earthquake insurance in Turkey, is an exposition of the dangers faced by Turkey as it is located in one of the most active earthquake (EQ) and volcanic regions in the world on the one hand, and, on the other hand, the efforts that...
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| Language: | English en_US |
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Washington, DC: World Bank
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2006/01/7397686/earthquake-insurance-turkey-history-turkish-catastrophe-insurance-pool http://hdl.handle.net/10986/7142 |
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okr-10986-71422021-04-23T14:02:27Z Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool Gurenko, Eugene Lester, Rodney Mahul, Olivier Gonulal, Serap Oguz ACCOUNTING CAPITAL BASE CAPITALIZATION CATASTROPHE COVERAGE CATASTROPHES CATASTROPHIC EVENTS COINSURANCE COMMISSIONS COMPULSORY INSURANCE CONSUMERS CORPORATE GOVERNANCE CREDIT RISK DEATH RATE DEPOSITS DEVELOPMENT BANKS DISASTER DISASTER INSURANCE DISASTER MITIGATION DISASTER RELIEF DISASTER RISK DISASTER VICTIMS DISASTER-PRONE COUNTRIES DISASTERS EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCY PREPAREDNESS EXCESS OF LOSS REINSURANCE FINANCIAL ANALYSIS FINANCIAL RISK FINANCIAL SYSTEMS FLOOD FLOOD INSURANCE FOREIGN EXCHANGE GOVERNMENT INTERVENTION HOUSING INDEMNITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE POOLS INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LEGAL FRAMEWORK MITIGATION MITIGATION MEASURES MULTILATERAL DEVELOPMENT BANKS NATURAL DISASTER NATURAL DISASTERS NET ASSETS NONPERFORMING LOANS POLICYHOLDERS PREMIUMS PRIVATE BANKS PRIVATE INSURANCE PROGRAMS PROPERTY VALUES PUBLIC INSURANCE RATES RECONSTRUCTION REINSURANCE REINSURANCE CAPACITY REINSURANCE EXCHANGE REINSURANCE MARKETS REINSURERS RESERVES RESIDENTIAL CONSTRUCTION RESOURCE ALLOCATION RISK INSURANCE RISK MANAGEMENT RISK REDUCTION RISK TRANSFER SUBSIDIARY TECHNICAL ASSISTANCE TRANSPORT UNDERWRITING URBAN GROWTH ZONING This publication, Earthquake insurance in Turkey, is an exposition of the dangers faced by Turkey as it is located in one of the most active earthquake (EQ) and volcanic regions in the world on the one hand, and, on the other hand, the efforts that Turkey is making to alleviate the social and fiscal disasters that are caused when these calamities do strike. The persistent potential for large-scale disasters has led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP) in 1999. The main rationale for the creation of TCIP was a very low level of catastrophe insurance penetration among households. The authors stress that the four principal objectives of the program are to (1) provide earthquake insurance coverage at affordable but actuarially sound rates for all registered urban dwellings, (2) limit the government's financial exposure to natural disasters, (3) build long-term catastrophe reserves to finance future earthquake losses, and (4) encourage risk reduction and mitigation practices in residential construction. The book points out that the program has reduced significantly the government's fiscal exposure to EQ risk. In five years, the TCIP transformed itself from an unknown and controversial government-sponsored program to one of the most trusted brand names in the Turkish insurance industry. Moreover, it has led the World Bank to rethink the roles of ex-ante risk management relative to ex-post donor support. In this context, the World Bank supported Turkey's earthquake insurance program to establish and expand national catastrophic risk management and risk transfer capabilities. The authors conclude that the TCIP's success has brought it worldwide recognition. Inspired by the TCIP's example, more than a dozen countries, including China, Colombia, Greece, India, the Islamic Republic of Iran, Italy, the Philippines, Romania, and nine island states of the Caribbean have begun technical and legislative preparation of catastrophe insurance programs. 2012-06-05T18:09:46Z 2012-06-05T18:09:46Z 2006 http://documents.worldbank.org/curated/en/2006/01/7397686/earthquake-insurance-turkey-history-turkish-catastrophe-insurance-pool 978-0-8213-6583-0 http://hdl.handle.net/10986/7142 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Turkey |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING CAPITAL BASE CAPITALIZATION CATASTROPHE COVERAGE CATASTROPHES CATASTROPHIC EVENTS COINSURANCE COMMISSIONS COMPULSORY INSURANCE CONSUMERS CORPORATE GOVERNANCE CREDIT RISK DEATH RATE DEPOSITS DEVELOPMENT BANKS DISASTER DISASTER INSURANCE DISASTER MITIGATION DISASTER RELIEF DISASTER RISK DISASTER VICTIMS DISASTER-PRONE COUNTRIES DISASTERS EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCY PREPAREDNESS EXCESS OF LOSS REINSURANCE FINANCIAL ANALYSIS FINANCIAL RISK FINANCIAL SYSTEMS FLOOD FLOOD INSURANCE FOREIGN EXCHANGE GOVERNMENT INTERVENTION HOUSING INDEMNITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE POOLS INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LEGAL FRAMEWORK MITIGATION MITIGATION MEASURES MULTILATERAL DEVELOPMENT BANKS NATURAL DISASTER NATURAL DISASTERS NET ASSETS NONPERFORMING LOANS POLICYHOLDERS PREMIUMS PRIVATE BANKS PRIVATE INSURANCE PROGRAMS PROPERTY VALUES PUBLIC INSURANCE RATES RECONSTRUCTION REINSURANCE REINSURANCE CAPACITY REINSURANCE EXCHANGE REINSURANCE MARKETS REINSURERS RESERVES RESIDENTIAL CONSTRUCTION RESOURCE ALLOCATION RISK INSURANCE RISK MANAGEMENT RISK REDUCTION RISK TRANSFER SUBSIDIARY TECHNICAL ASSISTANCE TRANSPORT UNDERWRITING URBAN GROWTH ZONING |
| spellingShingle |
ACCOUNTING CAPITAL BASE CAPITALIZATION CATASTROPHE COVERAGE CATASTROPHES CATASTROPHIC EVENTS COINSURANCE COMMISSIONS COMPULSORY INSURANCE CONSUMERS CORPORATE GOVERNANCE CREDIT RISK DEATH RATE DEPOSITS DEVELOPMENT BANKS DISASTER DISASTER INSURANCE DISASTER MITIGATION DISASTER RELIEF DISASTER RISK DISASTER VICTIMS DISASTER-PRONE COUNTRIES DISASTERS EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCY PREPAREDNESS EXCESS OF LOSS REINSURANCE FINANCIAL ANALYSIS FINANCIAL RISK FINANCIAL SYSTEMS FLOOD FLOOD INSURANCE FOREIGN EXCHANGE GOVERNMENT INTERVENTION HOUSING INDEMNITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE POOLS INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LEGAL FRAMEWORK MITIGATION MITIGATION MEASURES MULTILATERAL DEVELOPMENT BANKS NATURAL DISASTER NATURAL DISASTERS NET ASSETS NONPERFORMING LOANS POLICYHOLDERS PREMIUMS PRIVATE BANKS PRIVATE INSURANCE PROGRAMS PROPERTY VALUES PUBLIC INSURANCE RATES RECONSTRUCTION REINSURANCE REINSURANCE CAPACITY REINSURANCE EXCHANGE REINSURANCE MARKETS REINSURERS RESERVES RESIDENTIAL CONSTRUCTION RESOURCE ALLOCATION RISK INSURANCE RISK MANAGEMENT RISK REDUCTION RISK TRANSFER SUBSIDIARY TECHNICAL ASSISTANCE TRANSPORT UNDERWRITING URBAN GROWTH ZONING Gurenko, Eugene Lester, Rodney Mahul, Olivier Gonulal, Serap Oguz Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| geographic_facet |
Europe and Central Asia Turkey |
| description |
This publication, Earthquake insurance
in Turkey, is an exposition of the dangers faced by Turkey
as it is located in one of the most active earthquake (EQ)
and volcanic regions in the world on the one hand, and, on
the other hand, the efforts that Turkey is making to
alleviate the social and fiscal disasters that are caused
when these calamities do strike. The persistent potential
for large-scale disasters has led to the establishment of
the Turkish Catastrophe Insurance Pool (TCIP) in 1999. The
main rationale for the creation of TCIP was a very low level
of catastrophe insurance penetration among households. The
authors stress that the four principal objectives of the
program are to (1) provide earthquake insurance coverage at
affordable but actuarially sound rates for all registered
urban dwellings, (2) limit the government's financial
exposure to natural disasters, (3) build long-term
catastrophe reserves to finance future earthquake losses,
and (4) encourage risk reduction and mitigation practices in
residential construction. The book points out that the
program has reduced significantly the government's
fiscal exposure to EQ risk. In five years, the TCIP
transformed itself from an unknown and controversial
government-sponsored program to one of the most trusted
brand names in the Turkish insurance industry. Moreover, it
has led the World Bank to rethink the roles of ex-ante risk
management relative to ex-post donor support. In this
context, the World Bank supported Turkey's earthquake
insurance program to establish and expand national
catastrophic risk management and risk transfer capabilities.
The authors conclude that the TCIP's success has
brought it worldwide recognition. Inspired by the
TCIP's example, more than a dozen countries, including
China, Colombia, Greece, India, the Islamic Republic of
Iran, Italy, the Philippines, Romania, and nine island
states of the Caribbean have begun technical and legislative
preparation of catastrophe insurance programs. |
| format |
Publications & Research :: Publication |
| author |
Gurenko, Eugene Lester, Rodney Mahul, Olivier Gonulal, Serap Oguz |
| author_facet |
Gurenko, Eugene Lester, Rodney Mahul, Olivier Gonulal, Serap Oguz |
| author_sort |
Gurenko, Eugene |
| title |
Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| title_short |
Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| title_full |
Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| title_fullStr |
Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| title_full_unstemmed |
Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool |
| title_sort |
earthquake insurance in turkey : history of the turkish catastrophe insurance pool |
| publisher |
Washington, DC: World Bank |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/01/7397686/earthquake-insurance-turkey-history-turkish-catastrophe-insurance-pool http://hdl.handle.net/10986/7142 |
| _version_ |
1764399206819168256 |