Page 8 - Turkinsurance Digital Magazine

8 at a glance

Aksigorta will reduce the financial risk of earthquakes with ‘Hayata Devam
Türkiye’ (Life Goes On Turkey).

Aksigorta, one of the most important players in the
insurance sector, has launched a new project for earthquake
risk transfer. With the responsibility project called ‘Hayata
Devam Türkiye’ (Life Goes On Turkey), Aksigorta aims to
not only develop insurance awareness but also educate the
public about the risks we face and how to learn from experts
in the field. The project also aims to assist the community in
taking preventive measures against earthquakes and explains
why potential risks should be transferred to an insurance
institution. Additionally, Aksigorta is initiating a donation
campaign for the earthquake victims on February 6, along
with the Needs Map.

Aksigorta has launched the ‘Hayata Devam Türkiye -
Earthquake Risk Transfer Project,’ which is a continuation
of the ‘Hayata Devam Türkiye’ project carried out between
2010 and 2015. The project aims to explain the importance following: “Experts highlight that there is a 64% probability
of risk transfer, as well as the fact that we can learn about of a magnitude 7 earthquake occurring in Istanbul by the
the risks we face from industry experts. It also aims to year 2030. It is expected that a potential earthquake that
assist the community in taking preventive measures against would cause destruction in Istanbul, Turkey’s industrial and
earthquakes and explains why potential risks should be financial center, along with surrounding provinces, would
transferred to an insurance institution. impact half of the country’s national income. If precautions
are not taken, the entire country will pay the price. This
Aksigorta CEO Uğur Gülen, highlighting the significant imminent major earthquake, which is highly likely to occur,
material damage in addition to the spiritual impact of the is undeniably one of Turkey’s most important agenda items.
earthquakes that occurred on February 6, 2023, stated, We all need to take precautions from today. We cannot
“According to the insurance status report of the 11 provinces afford to waste time for the Istanbul earthquake. In Turkey,
affected by the earthquakes centered in Kahramanmaraş, the the average value of a policy with a coverage of 1 million
total number of policies for comprehensive coverage, fire TL for a 100 m2 house is around 200 TL per month. Just as
insurance, DASK (mandatory earthquake insurance), and other earthquake-prone countries have learned to live with
life-personal accident insurance in the region is approximately disasters, we also have the ability to establish resilient cities
5.8 million. The coverage amount provided by our industry alongside nature, without resisting against it.”
to our 11 provinces through these policies (excluding DASK)
exceeds 1.8 trillion TL. The highest amount within the total Gülen emphasizes the need for the destructive impact of
coverage is 1.2 trillion TL, which is allocated to fire policies. earthquakes to cease being seen as mere fate, stating, “As
individuals living in a country located on active fault lines,
The estimated amount of pending damage in our 11 provinces we must keep in mind that earthquakes are a reality, and
is approximately 46 billion TL (excluding DASK). The paid taking precautions is inevitable. With this awareness, I am
damage amount is around 8.7 billion TL (excluding DASK). delighted to announce that Aksigorta has embarked on a new
DASK has also made approximately 21 billion TL in damage responsibility project. The name of our project is ‘Hayata
payments. The total loss is nearly 2 trillion TL, while the Devam Türkiye’ We will first be aware of the risks we will
portion we recovered from insurance is only 97.3 billion TL. face and then take measures to ‘Go On Our Lives’. We will
Yet, all of this could have been insured. We should know remove the notion of disasters being solely a matter of
how to save money in good times and allocate resources for fate. Insurance is a risk transfer mechanism. You purchase
difficult times. Insurance is the most accurate and budget- an insurance policy and transfer the risks you bear to an
friendly option for this. As the insurance sector, we are institution for them to provide coverage. We all witnessed
your friend in times of need; we exist for these days. Due to the closest example of this in the Maraş earthquake. As an
the structure of our insurance sector, it is ready for today industry, we transferred a significant portion of the damages
long in advance. Our industry has the strength and coverage we faced to the reinsurance companies that insured us.
structure to handle not only this earthquake but also future Those reinsurers, in turn, passed on this risk to institutions
disasters that may occur. As long as we gain societal risk that protect themselves. It is of great importance that we
awareness, we will be able to overcome them.’’ act considering the possibility of major disasters. We must
ensure that our homes are built on solid foundations. We
Uğur Gülen emphasized that Turkey is a “fault line country” should construct buildings that will not collapse. We should
and regarding the expected Istanbul earthquake, he stated the leave our risks to the insurance industry so that we can
overcome such disasters with the least possible damage’’.