India to establish nuclear insurance pool
The Indian government is set to form a nuclear insurance pool, which will be administered by GIC Re.
According to GIC Re, the objective of forming the pool is to ensure availability of appropriate insurance cover to meet the requirements as stipulated in the Civil Nuclear Liability Act 2010. The act brought third party liabilities following nuclear events under the ambit of the Indian Parliament.
Liability insurance cover will be underwritten by public sector non-life insurance company The New India Assurance Company.
Around Rs750 crore (approximately $125 million) of capacity will be brought in from the five PSU non-life insurance companies, including GIC Re, with the remaining Rs750 ($125 million) being guaranteed by the Indian Government.
GIC Re added that it was also exploring other avenues for gathering the capacity.
“The Indian Government and the Indian Insurance Industry are together working on a solution to provide third party liability cover for the nuclear industry in India. However, it is still work in progress,” said GIC Re.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk