Turkey: Turkish Catastrophe Insurance Pool

Turkey is regularly affected by natural disasters, especially earthquakes and floods. Impacts of such disasters and low levels of property insurance coverage led the government to support the establishment of a widespread and effective earthquake property insurance system. The World Bank helped the Turkish Government develop the Turkish Catastrophe Insurance Pool to limit the financial burden earthquakes place on the government budget, focus government relief funds on low income residents, and access international reinsurance capacity in a cost effective manner.