General Insurance Corporation of India (GIC Re) expects premium collection of Rs. 100 crore from the nuclear insurance pool this fiscal. The government has recently launched an insurance pool of Rs. 1,500 crore which was mandate as per Civil Liability for Nuclear Damage Act (CLND).
The pool covers all the nuclear risks of both operators and suppliers involved in the project, concerns about liability from nuclear risk led to the formation of the nuclear insurance pool. This project has given a kick start to the long pending projects, one example would be – Gorakhpur Haryana Anu Vidyut Pariyojna (GHAVP).
GIC Re and other non-life insurers, both from private and public sector came together for the formation of this pool. The insurers who have joined the pool are – New India Assurance, Oriental Insurance, National Insurance, United India Insurance, ICICI Lombard, Tata AIG, Reliance General, Chola MS, Iffco-Tokio, SBI General and Universal Sompo.
The nuclear insurance pool is already operational and since it has sufficient domestic capacity GIC Re will not seek reinsurance assistance from Nuclear Risk Reinsurer based out of London. The reinsurance support will be from country’s sole reinsurer GIC Re.
