Looking at the historical background of our country, it is well known that Cyprus Island is in a seismic zone and is prone to earthquakes. The earthquake centered in Kahramanmaraş on February 6, 2023, was also felt in our country, and we experienced significant loss of life and property, most notably our Champion Angels. The pain of this tragedy remains vivid and will never be forgotten.
Preparing for potential earthquakes and property losses in our country and establishing sufficient funds to compensate for possible damages are the primary responsibilities of our insurance and reinsurance sector. Earthquakes and other natural disasters should not be areas of competition for insurance companies based on market concerns and premium rates.
The work initiated by the TRNC Insurance and Reinsurance Companies Association in 2020 has been completed, and as of November 1, 2024, the Earthquake Tariff has been implemented by insurance companies operating in the TRNC insurance sector, in accordance with the authority granted by the relevant law to the Insurance Supervisor.
This regulation applies to Business and Home Insurance, as well as fire-related loss of income, construction and installation insurance, electronic devices, machinery, personal accident, and especially comprehensive car insurance policies where earthquake coverage is added. The tariff and instructions specified for these types of insurance will be applied.
This regulation, made entirely for the security of our people, is considered a duty to inform our valued agents and policyholders, especially the public. We would like to emphasize one important point: in our country, which is in the third-degree earthquake zone, we urge citizens not to purchase comprehensive car insurance, business, home, or personal accident insurance policies without earthquake coverage. Otherwise, they may remain uninsured for this risk group.
Preparing for potential earthquakes and property losses in our country and establishing sufficient funds to compensate for possible damages are the primary responsibilities of our insurance and reinsurance sector. Earthquakes and other natural disasters should not be areas of competition for insurance companies based on market concerns and premium rates.
The work initiated by the TRNC Insurance and Reinsurance Companies Association in 2020 has been completed, and as of November 1, 2024, the Earthquake Tariff has been implemented by insurance companies operating in the TRNC insurance sector, in accordance with the authority granted by the relevant law to the Insurance Supervisor.
This regulation applies to Business and Home Insurance, as well as fire-related loss of income, construction and installation insurance, electronic devices, machinery, personal accident, and especially comprehensive car insurance policies where earthquake coverage is added. The tariff and instructions specified for these types of insurance will be applied.
This regulation, made entirely for the security of our people, is considered a duty to inform our valued agents and policyholders, especially the public. We would like to emphasize one important point: in our country, which is in the third-degree earthquake zone, we urge citizens not to purchase comprehensive car insurance, business, home, or personal accident insurance policies without earthquake coverage. Otherwise, they may remain uninsured for this risk group.