Turkish Catastrophe Insurance Pool, as being supported by state contribution, will increase its reinsurance protection against the material damages of a major earthquake. The state will provide 235 million Euro for the claim payments within the reinsurance program. As stating that the capacity of damage payment of TCIP exceeded 11 billion TL with reinsurance protection, catastrophe bonds and its own resources, Chairman of TCIP, Selamet Yazıcı, said, “The penetration in the compulsory earthquake insurance increased in recent years. Parallel to this improvement of the penetration, TCIP, for the purpose of providing its responsibilities, requested more reinsurance protection from the market for the year of 2014. As increasing the amount of reinsurance support from the international markets by 32 percent, to get the highest protection standard, we requested state contribution. Our main goal is to diversify our resources and quality at the program of protection and risk transfer. In that context, the increase of the state contribution will be very helpful for TCIP and it is a sign of importance to both TCIP and compulsory earthquake insurance.”
TCIP will receive reinsurance support of 235 million euros as state contribution
