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Aksigorta proves life can go on after devastating impact of earthquake

New social responsibility project mitigates impact and raises awareness

After the devastating earthquakes in early 2023, Türkiye was confronted with the harsh reality that awareness of insurance as a way of mitigating the devastating impact of these types of events is off the scale low.

Aksigorta proves life can go on after devastating impact of earthquake

And yet the reality is that the likelihood of future earthquakes in the provinces but also in major urban cities remains very high. To better understand the scale of the uninsured losses the numbers speak for themselves. Total losses in the 11 provinces totalled a massive 2 trillion Turkish Lira, while the amount recovered through insurance was a modest 97.3 billion.

Aksigorta is super proud of its own record for processing and paying claims to individuals but even then, recognises there is still so much more to be done – both in terms of continuing to provide support for those most impacted, but also in raising awareness of the need for insurance against future events.

Aksigorta established a relief fund process for the 11 provinces impacted and within that context made a commitment that 80 Turkish Lira of the revenues from each home insurance policy purchased, would be transferred to the 11 cities most affected by the earthquake. In collaboration with an NGO called “Needs Met”, these funds support among other things 20 container houses providing ongoing support on the ground.

But while there is an ongoing need to help those who have suffered such devastating loss as people try to build shattered lives – it is equally important to look to the future. Research tells us that the likelihood of a magnitude 7 earthquake in high density cities like Istanbul by 2030 have a probability of 64%. With a population of some 16 million people the impact would be devastating.

Consequently, there is no time to waste in increasing insurance awareness. To help achieve this, Aksigorta has partnered with the highly respected Disaster Management Institute, part of the Istanbul Technical University. The institute carries out vital multi-disciplinary research into earthquakes and provides advice and support that resonates with people as a credible and authoritative source. 

As an industry, insurance has suffered a reputation for being complex, working with its own distinct language, often difficult to understand by the man in the street. There is no place for complexity when seeking to raise awareness quickly and with an eye on action. Aksigorta is therefore working hard to eliminate technical complexity to make insurance simple and easy to understand through a variety of communications channels supported by the CEO of Aksigorta alongside the Disaster Management Institute.