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Probabilistic Assessment of Earthquake Insurance Rates for Turkey

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  • M. YUCEMEN

Abstract

A probabilistic model is presented to obtain a realistic estimate of earthquake insurance rates for reinforced concrete buildings in Turkey. The model integrates information on seismic hazard and information on expected earthquake damage on engineering facilities in a systematic way, yielding to estimates of earthquake insurance premiums. In order to demonstrate the application of the proposed probabilistic method, earthquake insurance rates are computed for reinforced concrete buildings constructed in five cities located in different seismic zones of Turkey. The resulting rates are compared with the rates currently charged by the insurance companies. The earthquake insurance rates are observed to be sensitive to the assumptions on seismic hazard and damage probability matrices and to increase significantly with increasing violation of the code requirements. Copyright Springer 2005

Suggested Citation

  • M. Yucemen, 2005. "Probabilistic Assessment of Earthquake Insurance Rates for Turkey," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 35(2), pages 291-313, June.
    • Handle: RePEc:spr:nathaz:v:35:y:2005:i:2:p:291-313
    DOI: 10.1007/s11069-004-6485-8
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    Citations

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    Cited by:

    1. Barış Ünal & Ayşegül Askan & A. Sevtap Selcuk-Kestel, 2017. "Simulation of large earthquakes and its implications on earthquake insurance rates: a case study in Bursa region (Turkey)," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 85(1), pages 215-236, January.
    2. Kalfin & Sukono & Sudradjat Supian & Mustafa Mamat, 2022. "Insurance as an Alternative for Sustainable Economic Recovery after Natural Disasters: A Systematic Literature Review," Sustainability, MDPI, vol. 14(7), pages 1-18, April.
    3. B. Başbuğ & Henry Wynn, 2006. "Patterns in the Turkish reinsurance claim data, 1998–2002: An application of the extreme value theory," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 39(2), pages 329-342, October.
    4. Harsh K. Mistry & Domenico Lombardi, 2023. "A stochastic exposure model for seismic risk assessment and pricing of catastrophe bonds," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 117(1), pages 803-829, May.
    5. Serap Ergün & Pınar Usta & Sırma Zeynep Alparslan Gök & Gerhard Wilhelm Weber, 2023. "A game theoretical approach to emergency logistics planning in natural disasters," Annals of Operations Research, Springer, vol. 324(1), pages 855-868, May.
    6. Zhifei Deng & Jifu Liu & Lanlan Guo & Jiaoyang Li & Junming Li & Yiru Jia, 2021. "Pure risk premium rating of debris flows based on a dynamic run-out model: a case study in Anzhou, China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 106(1), pages 235-253, March.
    7. H. Duzgun & M. Yucemen & H. Kalaycioglu & K. Celik & S. Kemec & K. Ertugay & A. Deniz, 2011. "An integrated earthquake vulnerability assessment framework for urban areas," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 59(2), pages 917-947, November.
    8. Li Long & Shansuo Zheng & Yixin Zhang & Longfei Sun & Yan Zhou & Liguo Dong, 2020. "CEDLES: a framework for plugin-based applications for earthquake risk prediction and loss assessment," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 103(1), pages 531-556, August.

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