The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the coverage ceiling of the Compulsory Earthquake Insurance scheme (DASK) to TRY268,000 ($36,000), 20% higher than the previous cap of TRY240,000.
In addition, the premiums are reduced by 10% on DASK policies issued this year.
These changes were announced through a communique published in the Official Gazette dated 19 January 2021, reported Insurance Gazette.
The communique states that the premium discount can be applied to all DASK policies issued between 1 January and 31 December 2021. The SEDDK, though, has the right to change this discount during the year, the statement adds.
At present, around 10m residential properties in Turkey are covered by DASK. Although quake insurance is mandatory in Turkey, the number of insured homes represents 55% of the total number of residential properties in the country. According to Generali Sigorta's data, the most preferred insurance product and service last year was DASK.