In a pioneering move, AXA Turkey has launched the Earthquake Financial Support Insurance, specifically designed for small and medium-sized enterprises (SMEs) in regions susceptible to earthquakes. This cutting-edge parametric insurance product guarantees a predetermined payout following an earthquake of a specified magnitude, irrespective of any physical damage.
Targeting businesses across select provinces in the Marmara, Aegean, Southeastern Anatolia, and Northeastern Anatolia regions, this product facilitates swift payouts when an earthquake occurs within the policy’s specified coordinates and exceeds the designated magnitude. Consequently, it offers a rapid financial solution to address the urgent cash needs that can arise post-earthquake.
Barış Altın, AXA Turkey’s Technical President and Executive Committee Member, remarked, “With this product, we aim to aid SMEs in their post-disaster recovery and ensure the continuity of their economic activities. For instance, in the event of a magnitude 7 earthquake in Marmara, a Düzce-based business could receive compensation even without physical damage, provided the earthquake’s magnitude and geographic coordinates are stated in the policy.”
AXA Turkey is at the forefront of parametric insurance, offering innovative solutions not only for earthquakes but also for risks stemming from climate change and natural disasters. This is vital in industries like agriculture, energy, and construction, where such insurance plays a crucial role in mitigating income losses.
With this offering, AXA Turkey has set a precedent in the country, aligning with AXA Group’s active deployment of parametric insurance solutions in over 40 nations worldwide. This initiative is geared towards enhancing the resilience of SMEs and bolstering sustainability.
For a comprehensive understanding of this innovative insurance solution and its suitability for your business, we invite you to explore our digital brochure.
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