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Successes and failures of compulsory risk mitigation: re‐evaluating the Turkish Catastrophe Insurance Pool
Author(s) -
BaşbuğErkan B. Burcak,
Yilmaz Ozlem
Publication year - 2015
Publication title -
disasters
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.744
H-Index - 70
eISSN - 1467-7717
pISSN - 0361-3666
DOI - 10.1111/disa.12129
Subject(s) - turkish , government (linguistics) , business , poison control , actuarial science , occupational safety and health , risk analysis (engineering) , environmental health , medicine , philosophy , linguistics , pathology
The Turkish Catastrophe Insurance Pool (TCIP) is one of the best practices of public–private partnerships in an emerging market designed to reduce economic losses from disasters. This paper reviews the application of this compulsory mechanism along with data relating to the performance of the scheme following recent earthquakes in Turkey. We also consider the current perceptions of Turkish society towards the TCIP and how they can be enhanced. Our conclusions aim to assist stakeholders in government, homeowners, insurance companies, media, banks and civil society to appreciate the value of the system and key actions necessary to improve it.