Earthquake Insurance in Turkey: History of the Turkish Catastrophe Insurance PoolWorld Bank Publications, 1 ian. 2006 - 116 pagini The persistent potential for large scale natural disasters has become a real concern for the Turkish government since the late 1990s, which ultimately led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP). Among the main rationale of the creation of the TCIP were a grave government fiscal exposure to natural disasters and a disproportionately low level of catastrophe insurance penetration for such a disaster-prone country. Since the commencement of this program in 2000, the TCIP has provided coverage to more than 2 million households, being by far the largest insurance program in the country. In four years, the TCIP has managed to become one of the most trusted brand names in the Turkish insurance industry, and one of the largest catastrophe insurance pools in the world. Its success has also brought an international recognition, inspiring more than a dozen of countries world wide. The TCIP experience has also been a watershed for the World Bank as it has led to a rethinking of the roles of ex ante risk management relative to ex post donor support. This book presents the main technical imperatives and challenges in the development and the implementation of the TCIP and shows how a public-private partnership may be the way forward in the financing of natural disasters. If offers valuable advise and guidelines to policymakers involved in the development of catastrophe insurance programs. |
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Earthquake Insurance in Turkey: History of the Turkish Catastrophe Insurance ... Eugene Gurenko Vizualizare fragmente - 2006 |
Termeni și expresii frecvente
Afyon agents amount annual areas Board buildings California Earthquake Authority capital catastrophe insurance coverage Catastrophe Insurance Pool catastrophe insurance programs catastrophe risk claims claims-paying capacity compulsory earthquake insurance countries country’s cover damage Decree Law Decree-Law developed Directorate of Insurance disaster insurance disaster-prone donors earthquake insurance coverage earthquake risk earthquake zone East Anatolian Fault economic ensure Erzincan estimated Eurasian plate event ex-ante ex-post Figure funds government’s Gurenko Guy Carpenter incentives income increase insurance premium investment Istanbul Izmit loans loss adjustment major Marmara earthquake Marmara region million mitigation natural disasters North Anatolian Fault operational manager percent policy sales policyholders Pool Manager pool's premium rates private insurance quake reduce region reinsurance costs residential risk management risk transfer seismic Source sum insured Table TCIP Insurance TCIP policies TCIP’s Turkey Turkey Earthquake Turkey’s Turkish Catastrophe Insurance Turkish government Turkish homeowners Undersecretariat World Bank contingent
Pasaje populare
Pagina ix - The preparation of this book would not have been possible without the invaluable assistance of many people.
Pagina 34 - Average annual loss (AAL) is the expected loss per year when averaged over a very long period.
Pagina 8 - In fact, emergency funding for reconstruction from international donors has become a linchpin of some governments...
Pagina 41 - PML is defined as the largest likely loss to insured dwellings from an earthquake with a 150-year return period. Under this definition, the annual probability of losses from any single catastrophic event exceeding the given PML estimate would be equal to 0.66 percent.
Pagina 77 - ... risk. A better strategy is to acknowledge the political economy reality and institutionalize the...
Pagina 38 - Contingent debt proved to be a useful instrument for financing catastrophe pool loss exposures, particularly in the first years of operation, when rapid buildup of surplus is required.
Pagina 89 - Pool and its revenues are exempt from all kinds of taxes, levies and charges.
Pagina 71 - Empire (1299-1923), in which the sultan was not only the ruler of the empire but also the caliph, or religious leader of Muslims.
Pagina 3 - In this way, the ground shaking sets up vibration in the structure, the nature of which will depend on the dynamic characteristics of both the ground motion and the structure itself.
Pagina 1 - Izmit, was the largest to damage an industrialized area since the 1906 San Francisco and the 1923 Tokyo earthquakes (Erdick and Durukal 2002).