M. S

emih

YU

CE

ME

N

Dir

ecto

r, E

arth

qu

ake

En

gin

eeri

ng

Res

earc

h C

ente

rD

epar

tmen

t o

f C

ivil

En

gin

eeri

ng

, M

idd

le E

ast

Tec

hn

ical

Un

iver

sity

An

kara

, 065

31 T

UR

KE

Ye-

mai

l: y

uce

men

@m

etu

.ed

u.t

r

OE

CD

Co

nfe

ren

ce o

n

Fin

anci

al M

anag

emen

t o

f L

arg

e S

cale

Cat

astr

op

hes

26-2

7 F

ebru

ary

2007

Hyd

erab

ad, I

ND

IA

TUR

KIS

H C

ATA

STR

OP

HE

INSU

RA

NC

E P

OO

L (T

CIP

): P

AST

EX

PER

IEN

CE

Out

line

Turk

ish

Cata

stro

phe

Insu

ranc

e Po

ol

Back

grou

nd In

form

atio

n an

d H

isto

ry

Obj

ecti

ves

The

Com

puls

ory

Eart

hqua

ke In

sura

nce

Fact

s an

d N

umbe

rs

Conc

ludi

ng C

omm

ents

Bas

ed o

n Pa

st E

xper

ienc

e

Turk

ish

Cata

stro

phe

Insu

ranc

e Po

ol (

TCIP

)?

Turk

ish

Cata

stro

phe

Insu

ranc

e Po

ol (

TCIP

)is

a n

on-p

rofi

t pu

blic

ent

ity

affi

liate

d w

ith

the

Min

istr

y of

Sta

te,

to w

hom

th

e U

nder

-sec

reta

riat

of

Tr

easu

ry

repo

rts.

TC

IP

was

es

tabl

ishe

d by

th

e D

ecre

e La

w

587

(Dat

e:

27.1

2.19

99)

pert

aini

ng

to

the

Com

puls

ory

Eart

hqua

ke

Insu

ranc

e.

Acc

ordi

ng

to

the

decr

ee

law

ea

rthq

uake

in

sura

nce

was

m

ade

com

puls

ory

for

all

regi

ster

ed

resi

dent

ial

build

ings

w

ithi

n th

e m

unic

ipal

ity

boun

dari

es.

The

fina

ncia

l re

sour

ces

of T

ClP

are

com

pose

d of

pre

miu

m

reve

nues

, re

insu

ranc

e co

vera

ge

and

the

supp

lem

enta

ry

fina

ncin

g ob

tain

ed e

xter

nally

, w

hen

need

ed.

TCIP

•In

Turk

ey,

the

Stat

e us

ed t

o ha

ve a

lega

l obl

igat

ion

(Dis

aste

r

Law

, N

o.72

69)

to f

und

the

cost

s of

rec

onst

ruct

ing

build

ings

afte

r an

ear

thqu

ake.

Thi

s re

spon

sibi

lity

of t

he S

tate

bro

ught

an u

npla

nned

bur

den

on t

he n

atio

nal

econ

omy

and

on t

he

alre

ady

limit

ed c

entr

al b

udge

t in

the

cas

e of

cat

astr

ophi

c

seis

mic

eve

nts.

•The

tw

o m

ajor

ear

thqu

akes

in

Turk

ey o

n 17

Aug

ust

and

12

Nov

embe

r 19

99 b

oth

occu

rred

in

or n

ear

urba

n se

ttle

men

ts

and

caus

ed w

ides

prea

d de

stru

ctio

n of

the

bui

ldin

g st

ock.

TCIP

•A

ccor

ding

ly

the

Gov

ernm

ent

of

Turk

ey

has

deci

ded

to

enfo

rce

the

eart

hqua

ke i

nsur

ance

on

the

nati

onw

ide

basi

s

wit

h th

e so

le p

urpo

se o

f pr

ivat

izin

g th

e po

tent

ial

risk

by

offe

ring

insu

ranc

e th

roug

h th

e Tu

rkis

h Ca

tast

roph

eIn

sura

nce

Pool

(TC

IP)

and

then

exp

orti

ng t

he m

ajor

par

t of

thi

s ri

sk t

o

the

inte

rnat

iona

l rei

nsur

ance

and

cap

ital

mar

kets

.

•Th

eid

ea o

f a

nati

on-w

ide

oblig

ator

y ea

rthq

uake

ins

uran

ce

enfo

rcem

ent,

was

fir

st p

ut f

orw

ard

in 1

978

by t

he M

inis

try

of

Reco

nstr

ucti

on a

nd S

ettl

emen

t.

TCIP

•A

ltho

ugh

the

mai

n ai

m w

as t

o re

duce

gov

ernm

ent’

s fi

scal

ex

posu

re,

it w

as a

lso

inte

nded

to

enco

urag

e ri

sk m

itig

atio

n an

d sa

fer

cons

truc

tion

pra

ctic

es.

•To

achi

eve

thes

e pu

rpos

es

all

regi

ster

ed

resi

dent

ial

dwel

lings

tha

t ar

e lo

cate

d w

ithi

n m

unic

ipal

ity

boun

dari

es a

re

requ

ired

to

be

in

th

e co

mpu

lsor

y ea

rthq

uake

in

sura

nce

cove

rage

.

•Ini

tial

ly f

unde

d by

the

Wor

ld B

ank,

TCI

P w

as f

ound

ed o

n 08

.08.

2000

and

the

TCI

P pr

ogra

m b

ecam

e ef

fect

ive

sinc

e th

en.

TCIP

•TC

IP

was

es

tabl

ishe

d

unde

r th

e su

perv

isio

n of

U

nder

-se

cret

aria

t of

Tre

asur

yto

off

er s

uch

insu

ranc

e at

aff

orda

ble

prem

ium

s.

•O

rigi

nal

aim

of

TCIP

was

to

prov

ide

a m

ulti

-per

il co

vera

ge,

but

curr

entl

y it

pr

ovid

eson

ly

com

puls

ory

eart

hqua

ke

insu

ranc

eco

vera

ge.

•O

pera

tion

al m

anag

emen

tha

s be

en c

ontr

acte

d ou

t to

lead

ing

rein

sura

nce

com

pani

es in

Tur

key.

Mill

i Rei

nsur

ance

Com

pany

for

the

firs

t 5

year

s.

Gar

anti

Insu

ranc

e Co

mpa

nysi

nce

8 A

ugus

t 2

005.TC

IP

The

prim

ary

obje

ctiv

es

of

TClP

ca

n be

su

mm

ariz

ed

as

follo

ws:

Obj

ecti

ves

To p

rovi

de i

nsur

ance

cov

erag

efo

r al

l th

e dw

ellin

gs w

ithi

n

the

scop

e of

the

TCI

P po

licie

s ag

ains

t ea

rthq

uake

ris

k in

retu

rn f

or a

pre

miu

m;

To

ensu

re

risk

sh

arin

gw

ithi

n th

e co

untr

y an

d al

so

to

dist

ribu

te t

he f

inan

cial

lia

bilit

ies

caus

ed b

y ea

rthq

uake

son

toth

e in

tern

atio

nal r

eins

uran

ce m

arke

ts;

Obj

ecti

ves

To

mit

igat

e th

e po

ssib

le

fina

ncia

l bu

rden

s on

th

e go

vern

men

tdu

e to

ear

thqu

akes

(es

peci

ally

con

stru

ctio

n of

ne

w d

wel

lings

aft

er a

cat

astr

ophe

);

To u

tiliz

e th

e in

sura

nce

syst

em a

s a

mea

ns t

o en

cour

age

the

cons

truc

tion

of

eart

hqua

ke-r

esis

tant

str

uctu

res;

To e

nsur

e th

e ac

cum

ulat

ion

of l

ong

term

res

erve

sto

fi

nanc

e th

e fu

ture

ear

thqu

ake

loss

es;

To

cont

ribu

te

to

the

deve

lopm

ent

of

insu

ranc

e

cons

ciou

snes

sin

the

pub

lic.

Org

aniz

atio

n

RE

INS

UR

AN

CE

C

OM

PA

NIE

SPO

OL

MA

NA

GE

ME

NT

C

OM

PA

NY

GA

RA

NT

I IN

SU

RA

NC

E

BO

AR

D

OF

DIR

EC

TO

RS CL

AIM

A

DJU

ST

ER

S

IT P

RO

VID

ER

S A

ND

AD

VE

RT

ISM

EN

T

AN

D P

R C

OM

PA

NIE

S

PO

LIC

Y D

IST

RIB

UT

OR

S(I

NS

UR

AN

CE

C

OM

PA

NIE

S A

ND

A

GE

NC

IES

)

UN

DE

RS

EC

RE

TA

RIA

T

OF

TR

EA

SU

RY

GE

NE

RA

L D

IRE

CT

OR

AT

E

OF

INS

UR

AN

CE

TURK

ISH

CA

TAST

ROPH

E IN

SURA

NCE

PO

OL

ORG

AN

IZAT

ION

AL

STRU

CTU

RE

TC

IP h

as n

opu

blic

em

ploy

ees

24 In

sura

nce

Com

pani

es

13.5

00 T

heir

Age

ncie

s

The

man

agem

ent

of T

CIP

is p

erfo

rmed

by

the

TCIP

Boa

rd

of D

irec

tors

com

pose

d of

the

fol

low

ing

seve

nm

embe

rs:

Repr

esen

tati

ve o

f Pr

ime

Min

istr

yR

epre

sen

tati

ve o

f U

nder

-sec

reta

riat

of

Trea

sury

Rep

rese

nta

tive

of

Min

istr

y of

Pub

lic W

orks

and

Se

ttle

men

t

Rep

rese

nta

tive

of

Capi

tal M

arke

ts B

oard

Rep

rese

nta

tive

of

th

e A

sso

ciat

ion

of

the

Insu

ran

ce

and

Rei

nsu

ran

ce C

om

pan

ies

of

Tu

rkey

Ope

rati

onal

Man

ager

Eart

hqua

ke S

cien

tist

Org

aniz

atio

n

Th

e C

om

pu

lso

ry E

arth

qu

ake

Insu

ran

ce

In g

ener

al t

erm

s, t

he C

ompu

lsor

y Ea

rthq

uake

Insu

ranc

eis

an

insu

ranc

e pr

oduc

t or

ient

ed t

owar

ds t

he d

wel

lings

wit

hin

the

boun

dari

es

of

the

mun

icip

alit

ies.

Th

is

cove

rage

is

a

com

puls

ory

insu

ranc

e, f

or w

hich

the

gua

rant

ee i

s pr

ovid

ed

by

TClP

bu

t th

e m

arke

ting

au

thor

ity

is

give

n to

th

e

auth

oriz

ed

insu

ranc

e co

mpa

nies

an

d th

eir

agen

cies

, to

prov

ide

cove

rage

for

the

pro

pert

y da

mag

es c

ause

d by

the

eart

hqua

kes

on

dwel

lings

.

The

peri

od

of

circ

ulat

ion

of

Com

puls

ory

Eart

hqua

ke I

nsur

ance

is

one

year

. Th

e po

lices

mus

t be

ren

ewed

pri

or t

o it

s ex

piry

eve

ry y

ear.

The

Com

puls

ory

Eart

hqua

ke In

sura

nce

Com

puls

ory

Eart

hqua

ke in

sura

nce

has

to b

e bo

ught

for

the

dw

ellin

gs a

nd in

depe

nden

t se

ctio

ns in

dica

ted

belo

w:

The

dwel

lings

co

nstr

ucte

d on

re

al

esta

tes,

w

hich

ar

e re

gist

ered

at

the

Land

Reg

istr

y O

ffic

ean

d su

bjec

t to

pri

vate

ow

ners

hip;

Inde

pend

ent

sect

ions

w

hich

ar

e si

tuat

ed

wit

hin

thes

e bu

ildin

gs

and

used

as

w

orkp

lace

, of

fice

an

d w

ith

sim

ilar

purp

oses

;

The

dwel

lings

ei

ther

co

nstr

ucte

d by

th

e St

ate

due

to

Nat

ural

Dis

aste

rs o

r bu

ilt w

ith

the

cred

it p

rovi

ded

by t

he

gove

rnm

ent.

How

are

the

pre

miu

ms

calc

ulat

ed?

The

amou

nt o

f th

e an

nual

pre

miu

m s

how

s va

riat

ions

in

rela

tion

to

the

size

of

dwel

ling,

typ

e of

con

stru

ctio

nan

d th

e se

ism

ic z

one

it i

s lo

cate

d in

. Th

ere

are

five

dif

fere

nt

seis

mic

zon

es i

n Tu

rkey

. A

ccor

ding

ly,

high

er p

rem

ium

s ar

e pa

id i

n hi

gh r

isk

regi

ons

and

low

er p

rem

ium

s ar

e pa

id i

n lo

w r

isk

regi

ons.

A d

educ

tibl

e of

2%

is

impo

sed

in o

rder

to

avoi

d sm

all

clai

ms

and

redu

ce a

dmin

istr

ativ

e co

sts.

The

Com

puls

ory

Eart

hqua

ke In

sura

nce

How

are

the

pre

miu

ms

calc

ulat

ed?

The

insu

ranc

e pr

emiu

ms

incr

ease

eve

ry y

ear

in p

aral

lel

to

the

incr

ease

in

the

cons

truc

tion

cos

ts,

but

they

are

kep

t at

an a

ffor

dabl

e le

vel.

If

the

dwel

ling

sum

ins

ured

exc

eeds

the

TCIP

lim

it,

then

the

ins

ured

can

ask

for

a h

omeo

wne

rs p

olic

y

thro

ugh

the

priv

ate

insu

ranc

e co

mpa

nies

in

exce

ss o

f th

e

curr

ent

TCIP

pol

icy.

The

land

val

ue is

not

incl

uded

und

er t

he

“sum

insu

red”

.

The

Com

puls

ory

Eart

hqua

ke In

sura

nce

Turk

ey’s

Sei

smic

Ris

k Ex

posu

reTh

e Co

mpu

lsor

y Ea

rthq

uake

Insu

ranc

e

0.58

0.78

1.76

3.53

5.50

C-O

ther

s

0.50

0.60

1.43

2.75

3.85

B-M

ason

ry

0.44

0.55

0.83

1.55

2.20

A-S

teel

or

rein

forc

ed

conc

rete

Seis

mic

Zo

ne V

‰

Seis

mic

Zo

ne IV

‰

Seis

mic

Zo

ne II

I‰

Seis

mic

Zo

ne II

‰

Seis

mic

Zo

ne I

‰TY

PE O

F CO

NST

RUCT

ION

Tari

ff R

ate

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Com

puls

ory

Eart

hqua

ke In

sura

nce

Tari

ff R

ate

The

Com

puls

ory

Eart

hqua

ke In

sura

nce

Prem

ium

for

a d

wel

ling

of 1

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quar

e m

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alcu

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cord

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hera

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51YT

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122

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L($

20)

33YT

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74YT

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70)

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l or

rein

forc

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mic

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ne V

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mic

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ne IV

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Tota

l Num

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3.68

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N

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ad /

Geo

grap

hica

l Reg

ions

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ntr

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lian

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uth

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t A

nat

olia

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Bla

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ea

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Mar

mar

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eg

ean

17%

Me

dit

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t A

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100,

02.

583.

682

TOTA

L

17,6

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766

CEN

TRA

L A

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A

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7.01

2M

ARM

ARA

6,6

171.

713

BLA

CK S

EA

2,2

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UTH

EA

ST A

NA

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AN

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447

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AN

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MED

ITER

RAN

EAN

SPRE

AD

RA

TIO

%

NU

MBE

R O

F PO

LICY

REG

ION

Clai

ms

as o

f 24

.01.

2007

17.6

258.

913

148

TOTA

L

1.20

345

019

2006

7.99

03.

471

3920

05

768

586

3120

04

5.20

32.

504

2020

03

2.28

41.

558

2120

02

127

338

1720

01

236

120

00

To

tal

Cla

ims

Paid

(0

00

YT

L)

To

tal N

o.

of

Cla

im F

iles

Nu

mb

er

of

Eart

hq

uakes

Year

Clai

ms

(24.

01.2

007)

Acc

ess

•Tw

o di

ffer

ent

acce

ssm

etho

ds a

re u

sed

by in

sura

nce

com

pani

es:

Dir

ect

acce

ss v

ia in

tern

et (

ww

w.d

ask.

gov.

tr);

Onl

ine

real

tim

e co

nnec

tion

bet

wee

n D

ASK

ap

plic

atio

n an

d in

sura

nce

com

pany

’s s

oftw

are.

•TC

IP a

pplic

atio

n is

thr

ee le

vel j

ava

base

d ap

plic

atio

n, s

o th

ere

are

web

, ja

va a

pplic

atio

n an

d da

taba

se s

erve

rs.

TCIP

-N

etw

ork

To

po

log

y

Web

pag

e:w

ww

.das

k.go

v.tr

Conc

ludi

ng C

omm

ents

: G

ener

al

CON

CLU

DIN

G C

OM

MEN

TS B

ASE

D O

N P

AST

EXP

ERIE

NCE

The

deci

sion

tha

t on

ly p

rope

rty

cove

red

by t

he i

nsur

ance

w

ill b

e el

igib

le t

o re

ceiv

e co

mpe

nsat

ion

is a

ver

y si

gnif

ican

t re

form

, co

nsid

erin

g th

e tr

adit

iona

l pr

acti

ce a

nd r

ealit

ies

in

Turk

ey.

TCIP

was

aim

ed t

o be

the

onl

y so

urce

of

fund

ing

for

the

eart

hqua

ke lo

sses

in r

esid

enti

al b

uild

ings

.

TCIP

is

pr

oved

to

be

a

wel

l de

sign

ed

publ

ic-p

riva

te

part

ners

hip

due

to

its

sati

sfac

tory

pe

rfor

man

ce

over

a

rela

tive

ly s

hort

per

iod

of t

ime.

A n

umbe

r of

ini

tiat

ives

are

sti

ll be

ing

unde

rtak

en f

or t

he b

ette

rmen

t of

the

sys

tem

in

vari

ous

aspe

cts.

Co

ncl

ud

ing

Co

mm

ents

: G

ener

al

TCIP

is

su

perv

ised

by

th

e U

nder

-sec

reta

riat

of

Tr

easu

ry,

whi

ch f

orm

s th

e pu

blic

sid

eof

thi

s pa

rtne

rshi

p.

The

Und

er-s

ecre

tari

at is

res

pons

ible

for

over

seei

ng o

f th

e pr

ogra

m,

audi

ting

of

all o

pera

tion

s an

d ac

coun

ts o

f TC

IP.

The

othe

r pa

rtne

r (p

riva

te

sect

or)

perf

orm

s th

e ad

min

istr

ativ

e du

ties

. By

eng

agin

g th

e pr

ivat

e se

ctor

in

the

proc

ess

of a

dmin

istr

atio

n, t

he b

urea

ucra

tic

burd

ens

are

min

imiz

ed.

Form

atio

n of

a

very

la

rge

pool

in

depe

nden

t of

th

e na

tion

al b

udge

t an

d th

eref

ore

to a

lar

ge e

xten

t fr

ee o

f th

e m

oles

t of

po

litic

al

deci

sion

m

aker

sis

am

ong

the

maj

or b

enef

its

of t

he s

yste

m.

Conc

ludi

ng C

omm

ents

: G

ener

al

In t

erm

s of

pro

gram

cha

ract

eris

tics

TCI

P ca

n fo

rm a

ro

le m

odel

for

cou

ntri

es w

ith

sim

ilar

expo

sure

s an

d ec

onom

ic c

ondi

tion

s.

TCIP

has

all

the

mai

n co

mpo

nent

s an

d th

e po

tent

ial

for

subs

titu

ting

for

the

gov

ernm

ent,

in

com

pens

atin

g po

st d

isas

ter

loss

es

in r

esid

enti

al b

uild

ings

th

roug

h an

insu

ranc

epr

ogra

m.

Conc

ludi

ng C

omm

ents

: Pr

oble

ms

MA

JOR

PRO

BLEM

S

•Lo

w p

enet

rati

on r

ate:

If t

he w

hole

bui

ldin

g st

ock

is c

onsi

dere

d th

e cu

rren

t pe

netr

atio

n ra

te is

abo

ut 2

0%.

If t

he e

ligib

le b

uild

ing

stoc

k is

con

side

red

(i.e

. th

ose

build

ings

tha

t ar

e re

gist

ered

at

the

cada

stra

l

reco

rds)

a m

ore

real

isti

c ra

te w

ill b

e ob

tain

ed a

s35

%-4

0%.

•Lo

w r

ate

of r

enew

al:

It is

abo

ut 3

4%as

of

Janu

ary,

200

7, a

nd n

eeds

to

be

impr

oved

sub

stan

tial

ly.

Co

ncl

ud

ing

Co

mm

ents

: P

rob

lem

s

Reas

ons

for

low

leve

l of

pene

trat

ion

are:

A

fata

listi

c m

enta

lity

in

soci

ety

and

the

habi

t of

ex

pect

ing

the

Stat

e to

pro

vide

eve

ryth

ing;

A lo

w le

vel o

f in

com

e;

The

cult

ural

aw

aren

ess

of i

nsur

ance

has

not

reac

hed

a su

ffic

ient

lev

el i

n ou

r co

untr

y an

d ob

tain

ing

insu

ranc

e is

no

t a

high

pri

orit

y in

our

dai

ly li

ves;

Ther

e ar

e no

leg

alpe

nalt

ies

or f

ines

for

the

enfo

rcem

ent

of t

he “

com

puls

ory”

ear

thqu

ake

insu

ranc

e.

Co

ncl

ud

ing

Co

mm

ents

: P

rob

lem

s

The

popu

list

tren

dof

gov

ernm

ents

: w

illin

gnes

s to

pr

ovid

e po

st

disa

ster

ai

d to

ho

meo

wne

rs

by

them

selv

es.

This

de

stro

ys

the

hom

eow

ners

’ in

cent

ive

to p

arti

cipa

te in

the

pro

gram

.

Inst

ead,

the

Sta

te m

ay s

ubsi

dize

the

eart

hqua

ke

insu

ranc

e pr

emiu

m f

or t

he l

ow-i

ncom

e se

ctio

n of

th

e po

pula

tion

.

Co

ncl

ud

ing

Co

mm

ents

: P

rob

lem

s

As

of M

arch

27,

200

1 th

e le

gal

oblig

atio

n of

th

e go

vern

men

t, d

eter

min

ed b

y th

e D

isas

ter

Law

for

the

co

mpe

nsat

ion

of l

osse

s of

dis

aste

r vi

ctim

s, h

as b

een

term

inat

ed.

How

ever

, th

is p

rovi

sion

has

bee

n w

aive

d tw

ice

sinc

e th

en:

afte

r th

e 3

Febr

uary

200

2 A

fyon

(m

agni

tude

6.0

) an

d 1

May

200

3 Bi

ngol

(m

agni

tude

6.

4) e

arth

quak

es.

This

att

itud

e ha

d a

very

adv

erse

ef

fect

on

the

pene

trat

ion

rate

.

TCIP

was

est

ablis

hed

by a

tem

pora

ry g

over

nmen

tal

decr

ee.

For

its

full

effe

ct t

he p

arlia

men

t sh

ould

pas

s th

efo

llow

up

“Ear

thqu

ake

Insu

ranc

eLa

w”,

mak

ing

the

eart

hqua

kein

sura

nce

real

ly a

com

puls

ory

one.

To

date

the

par

liam

ent

has

not

pass

ed t

his

legi

slat

ion

whi

ch h

as b

een

wai

ting

the

re f

or m

ore

than

a y

ear.

Co

ncl

ud

ing

Co

mm

ents

: F

utu

re Is

sues

FUTU

RE IS

SUES

Allo

cati

on o

f a

mod

est

port

ion

of a

nnua

l inc

ome

of t

he p

ool

to m

itig

atio

n in

vest

men

ts(e

.g.

risk

avo

idan

ce a

nd r

educ

tion

pr

ojec

ts,

revi

sion

s in

lan

d us

e pl

anni

ng,

retr

ofit

ting

of

publ

ican

d pr

ivat

e bu

ildin

gs).

Due

to

poor

con

trol

of

cons

truc

tion

in

Turk

ey,

a la

rge

degr

ee o

f da

mag

e is

exp

ecte

d if

a m

ajor

ear

thqu

ake

hits

a

larg

e ci

ty,

as o

bser

ved

duri

ng t

he r

ecen

t ea

rthq

uake

s.Th

e ea

rthq

uake

in

sura

nce

can

be

used

as

a

tool

fo

r th

e en

forc

emen

t of

the

ear

thqu

ake

resi

stan

t pr

ovis

ions

of

the

Code

. Fo

r th

is

purp

ose

insu

ranc

e pr

emiu

ms

shou

ld

be

grad

uate

d ta

king

int

o co

nsid

erat

ion

the

“sei

smic

res

ista

nce

qual

ity”

of t

he b

uild

ings

. In

oth

er w

ords

,lo

wer

pre

miu

ms

shou

ld b

e ch

arge

dfo

r bu

ildin

gs t

hat

com

ply

wit

h th

e Se

ism

ic

Code

req

uire

men

ts.

Ack

no

wle

dg

emen

ts

ACK

NO

WLE

DG

EMEN

TSTh

anks

are

due

to:

Mr.

Idri

s Se

rdar

, U

nder

-sec

reta

riat

of

Trea

sury

,Ch

airm

an o

f th

e Bo

ard

of D

irec

tors

, TC

IP;

Mr.

Sel

amet

Yaz

ici,

Per

man

ent

Del

egat

ion

of

Tu

rkey

to

OEC

D;

Ms.

Ebr

u G

enco

sman

oglu

,U

nder

-sec

reta

riat

of

Trea

sury

;

Ms.

Ser

pil O

ztur

k Ya

kut,

Gar

anti

Insu

ranc

e

for

prov

idin

g so

me

of t

he in

form

atio

n us

ed in

thi

s pr

esen

tati

on.