Page 21 - Turkinsurance Digital Magazine

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A Major Transformation Is Underway in

the Structure of DASK

The Turkish Catastrophe Insurance Pool (DASK) stated: “We have

completed most of our work on transforming the Compulsory
Earthquake Insurance into Compulsory Disaster Insurance and are
now awaiting the enactment of the legislation.”

Could you briefly provide branches issue Compulsory Earthquake
information about DASK? Insurance policies on behalf of DASK.

DASK (Turkish Catastrophe Insurance Could you provide information
Pool) is a public institution established about the buildings covered under
in 2000 and affiliated with the Minis- Compulsory Earthquake Insurance?
try of Treasury and Finance. Its regu-
latory, supervisory, and oversight func- Compulsory Earthquake Insurance is
tions are carried out by the Insurance generally a system developed for resi-
and Private Pension Regulation and dences located within municipal bound-
Supervision Agency, which is affiliated aries. To be eligible for Compulsory
with the Ministry. Through Compulsory Earthquake Insurance, it is sufficient
Earthquake Insurance, DASK provides for the dwelling to be registered in the
financial protection to homeowners land registry and subject to private
against earthquakes and risks resulting ownership. As long as the property is
from earthquakes, such as fire, explo- not located on publicly owned Treasury
sion, landslide, and tsunami. Whether land, it can be insured under the Com-
As of February, in re- the building is uninhabitable or partial- pulsory Earthquake Insurance system.
sponse to approximately ly damaged, it compensates the dam- In the event of damage, compensation
630,000 claims reported age as quickly as possible, helping life is paid to the rightful owner listed in the
land registry.
to us, our total compen- return to normal. Compulsory Earth-
quake Insurance offers residential cov-
sation payments have erage on a per-unit basis and aims to Buildings constructed as residences on
exceeded TRY 39.7 create an earthquake coverage pool for privately owned and registered land, as
billion. the country. This financial pool/earth- well as independent units within these
quake reserve, which gains importance buildings that are used for commer-
especially after major earthquakes, also cial purposes—such as shops, grocer-
serves as a guarantee for those in need ies, hair salons, and law offices—are
affected by earthquakes that may occur included under the scope of Compul-
in other regions, even if not in our im- sory Earthquake Insurance. However,
mediate surroundings. if a building is registered in the land
registry as a “commercial property,”
DASK works in cooperation with insur- a Compulsory Earthquake Insurance
ance companies, agents, and banks in policy cannot be issued, even if it is
the execution of the Compulsory Earth- used as a residence. In such cases, the
quake Insurance system. All insurance designation in the land registry must be
companies, their agents, and bank corrected (“type adjustment”), and the