It has been 17 years since Marmara and Düzce Earthquakes. However, impacts of the material and non-material losses of that time have continued to this day. Losses incurred due to these two earthquakes were over 20 billion USD. It is estimated that a potential earthquake in İstanbul with a magnitude of 7.5 – 7.7 -which is predicted to occur in the next 30 years with a 50 percent probability- will exceed 40 billion USD.  

1 billion USD of losses incurred due to Marmara Earthquake were covered by insurance companies 

Saying that according to researches a potential earthquake would result in a loss that equals to 15 – 20 percent of the GDP; Uğur Gülen, General Manager of Aksigorta, said that such a high rate would have serious impacts on Turkish economy. Uğur Gülen reminded that only 1 billion USD of the total 20 billion loss caused by the Marmara Earthquake could be covered by insurance companies, because insurance awareness had not reached a satisfactory level back then. He added: “Marmara Earthquake has taught us a lot. In light of today’s knowledge, we estimate that insurance market can cover 25-30 billion USD of losses to be caused by a potential earthquake based in İstanbul, while total amount of losses would reach 90-120 billion USD. Not only residences, but also workplaces and plants, and accordingly whole economic life would be in peril in case of such an earthquake.”  

My Business is Steady earthquake insurance now secures economic life

Uğur Gülen expressed that Aksigorta has managed to provide security for the economic life of the potential earthquake region with their new ‘My Business is Steady’ earthquake insurance; and stated his belief that it would be a highly significant product for SMEs and large corporations in Turkey. He underlined the importance of the speed of compensation following an earthquake as follows: “This product appeals to SMEs –the largest driving force of our economy- as well as companies of all sizes.  Following a possible earthquake, workplace owners who have bought ‘My Business is Steady’ earthquake insurance will receive their compensations within 10 days after the earthquake depending on the magnitude of the earthquake in their region, even though they have not incurred any direct losses but their businesses have been interrupted due to general circumstances.” Uğur Gülen emphasized that compensation of losses to be incurred due to reservation cancellations and business interruptions is extremely significant for SMEs and other companies to swiftly recover from the impacts of an earthquake.”