Compulsory Earthquake Insurance is an insurance system which is related to the indemnification of pecuniary losses caused by the earthquake in the building where you live. Thus, the purpose here is the maintenance of life in the basic standards before the earthquake.
We can list main purposes of this system - that is created with the cooperation of government and the insurance sector in order to satisfy the needs in the most effective and fast way possible - as follows:
- Insure of all covered houses against earthquakes with affordable premiums
- Enabling risk sharing in the country
- Distribution of the financial liability of earthquake damages for our country to international reinsurance and capital markets via insurance
- Reducing the financial liability of the government that is caused by the earthquakes – especially the construction of disaster houses after the earthquake.
- Prevention of potential additional taxes which is caused by the government's financial liabilities and which will be reflected on the citizens
- Usage of insurance system in the construction of healthy building as an incentive tool
- Provision of long-term resource accumulation in terms of meeting the earthquake losses
- Contribution to the development of insurance and social cohesion consciousness in the society
Please do not forget to hold a Compulsory Earthquake Insurance cover in our country – where we have to live with the reality of earthquake – so that we can reach all of these targets and we can have more insurance as an individual and country-wide after an earthquake.