The flood catastrophe that occurred on 18 July caused an estimated total loss of 150-200 million TL insured losses; reminding everyone yet again the importance of insurance. In İstanbul, where 65 kg of rain per square meter had fallen on average and increased up to 128 kg per square meter in some provinces; thousands of vehicles, offices and houses were submerged in water. Authorities state that low insurance rates will cause significant amount of suffering for the victims.

Uğur Gülen, General Manager of Aksigorta, stated that 15.2 million of 21 million registered vehicles are not protected with a motor own damage policy. He said that even in İstanbul, where insurance rate is highest, one out of every two vehicles lack motor (kasko) protection. Uğur Gülen also shared that 95 percent of vehicles that incurred damages during the flood were protected with flood coverage; adding that people will suffer mostly due to the damages to the houses and offices that have the lowest insurance rates. He mentioned that house insurance rates currently stood at around 20 percent; underlining the fact that Compulsory Earthquake Insurance did not cover flood losses, contrary to the common public perception.

Aksigorta received 444 claims in a single day, increasing the amount of losses to 5 million TL

Uğur Gülen emphasized that insurance rates remained lower than the expected levels for offices, which was extremely low for small sized enterprises despite the fact that they incur the highest amount of losses during such catastrophes.