Uğur Gülen, the President of the Turkish Insurance Association (TSB), stated in a statement made on the occasion of the second anniversary of the February 6 Kahramanmaraş earthquakes, “Throughout the past two years, we have been working tirelessly as the insurance sector, learning lessons from the reality of earthquakes to reach the future more safely.” Gülen emphasized that the date of February 6, 2023, will always remain in memories as a painful reminder of the reality of earthquakes. He expressed happiness to see that the state is rapidly continuing its efforts to revive our 11 provinces and that life is beginning to beautify again during this process. The February 6 Kahramanmaraş earthquakes, which caused the loss of thousands of lives and deeply affected the lives of millions, once again highlighted the importance of being prepared for disasters. TSB President Uğur Gülen, along with Emine Feray Sezgin, Vice President of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), Ahmet Yaşar, Vice President of TSB, and Özgür Obalı, Secretary General of TSB, visited Kahramanmaraş and Hatay provinces on February 4-5, 2025. During this visit, “Insurers and Business World Meet” panels were organized with the hospitality of the Kahramanmaraş Chamber of Commerce and Industry (KMTSO) and the Antakya Chamber of Commerce and Industry (ATSO). In these events, current developments in the insurance sector were discussed. Issues encountered and proposed solutions were debated. TSB, DASK Board of Directors, and sector representatives came together. TSB President Uğur Gülen, in his statement on the second anniversary of the earthquake, said, “We remember our citizens who lost their lives with mercy, and we continue to support those left behind with a spirit of solidarity. As the insurance sector, together with all our stakeholders, we have been working with the effort to fulfill our responsibilities towards the 11 provinces deeply affected by the earthquake since February 6, 2023.” Gülen expressed that they are happy to see social and commercial life revived in those provinces with the significant support of the state. He also stated that insurance plays a critical role not only in compensating for material losses but also in maintaining economic stability during the reconstruction process of life.
Earthquake Reform Agenda: A More Resilient Future
As a country located in an earthquake zone, Gülen emphasized that preparing for a potential Marmara Earthquake is a vital priority. He explained the Earthquake Reform Agenda project implemented by TSB with the following words: “With this project, we aim for households and workplaces to be ready for earthquakes with proper coverage solutions. Additionally, we have created a roadmap to bring our new initiatives to the agenda of decision-makers and shared it with SEDDK. Through this agenda, we aim to increase the insurance sector’s contribution to the national economy by defining actions based on product and service development, pricing, distribution channels, and ecosystem partnerships.”
The Problem of Underinsurance and Strengthened Reinsurance System
The February 6 earthquakes also revealed areas where the insurance system needs improvement. Gülen pointed out that the problem of underinsurance is a notable inference, stating, “This disaster once again highlighted the importance of voluntary earthquake coverage. Our companies continue to increase their capacities by purchasing higher reinsurance protections for a potential Marmara earthquake, learning lessons from the Kahramanmaraş earthquake. They are also working to develop the content and structure of insurance products to ensure a higher level of protection against earthquake risks.” The TSB President emphasized that the diligent efforts of the insurance sector after the earthquake have positioned Turkey as a reliable business partner for reinsurers. “The total compensation payments of 75 billion TL outside of DASK in the earthquake region have demonstrated the importance of the sector in healing the wounds of this major disaster. 95% of this damage was covered by reinsurance companies, proving the financial resilience of the sector once again,” he stated. Additionally, Gülen pointed out that the recent steps taken by the regulatory authority SEDDK to increase stability and security in the sector are of great importance in creating a stronger capital structure against potential new earthquakes, reminding that insurance is not just a luxury but an indispensable part of life.
