FAIR to write nuclear energy insurance

FAIR Oil & Energy Insurance Syndicate is set to write nuclear energy insurance as it seeks to cater for potential projects in the MENA region.

The facility will cover all risks of physical loss or damage and business interruption including nuclear perils, radioactive contamination and machinery breakdown.

The European Mutual Association for Nuclear Insurance (EMANI) helped with technical cooperation, while the Nuclear Industry Reinsurance Association (NIRA) supported the initiative.

Speaking at MultaQa 2015, Yassir Albaharna, chairman of the syndicate, said: “We definitely see opportunities for this class of business to grow and it’s time for the syndicate to take the initiative. It will be a learning experience but we are ready to commit and provide the market with a new product.”

Kamal Tabaja, the chief operating officer of Trust Re, added: “The MENA region will follow other regions and divert from oil and gas into renewable and sustainable energy. We realise there is a need for capacity going forward and it is the duty of this organisation to be the pioneers in this region.”