How does the Turkish Catastrophe Insurance Pool Data Behave as Extremes

Date

2012-10-06

Author

Başbuğ Erkan, Berna Burçak

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Turkey is a one of the countries vulnerable to earthquakes. $96\%$ of the whole land lies on the first degree earthquake risk zone. The 1999 Marmara and Duzce Earthquakes caused the largest economic losses because Marmara Region is the heart of the Turkish industry. Before 1999 experience, there was no financial mechanism to cover disaster economic losses, except the Governmentâ€™s sources. As a response to the 1999 earthquake losses, the Turkish Catastrophe Insurance Pool (TCIP) is established and officially started on September 27, 2000. As of March 2012, 17.163 claims arrived to the Pool, which resulted in payment of 50.7 million USD to compulsory earthquake insurance (CEI) owners [TCIP, 2012]. This paper studies the paid claim amount of CEI data of the Pool. First, background information on Turkish earthquakes and Turkish insurance system is given. Then it continues with extreme value theory. Finally, the paper concludes with the empirical study on the TCIP data as extremes.

URI

https://hdl.handle.net/11511/85098

Conference Name

International Conference on Applied and ComputationalMathematics (3 - 06 Ekim 2012)

Collections

Department of Statistics, Conference / Seminar

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Citation Formats

B. B. Başbuğ Erkan, “How does the Turkish Catastrophe Insurance Pool Data Behave as Extremes,” presented at the International Conference on Applied and ComputationalMathematics (3 - 06 Ekim 2012), Ankara, Türkiye, 2012, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/85098.