Guide to doing business in Turkey- Insurance


Decree on Compulsory Earthquake Insurance regulates that the independent sections, residential buildings built on the immovable registered to title deeds and subject to private ownership, as well as the independent sections of these buildings used as office, business establishment and for similar purposes and buildings built by the government are subject to compulsory earthquake insurance.

In addition, real persons or legal entities operated in production, storage, transportation, sale and use of natural or synthetic, solid, liquid or gas in the form of any flammable, combustible, explosive and caustic materials; real persons or legal entities operated in collection, transportation, temporary and interim storage, recycling, reuse and disposal activities of hazardous wastes within the scope of Environmental Law have to carry hazardous materials or hazardous waste liability insurances.

LPG filling facilities have to carry bottle gas liability insurance in addition to the hazardous waste liability insurance.

Risks related to earthquake or hazardous wastes which may cause personal injury or pecuniary damage of third parties must be insured.

Moreover, the businesses can carry insurances for accidents such as fire, explosion, vehicle impact, costs of removal of debris and for natural disasters such as storm, lightning, landslide, snow weight, etc.

Malicious acts and terrorism, flood, inflation, glass breakage, fire, rental loss, costs of workplace change due to the damage, breach of trust, personal accident, employer’s liability and theft might be insured as well.

There are optional insurances for enterprises such as for fire, streak of lightning, and for storm.