10 Apr (NucNet): The Russian nuclear insurance pool (RYASP) says it has reached an agreement to insure new nuclear power plants in China.
Sergej Ivanov, director-general of the Russian state nuclear energy corporation (Rosatom) and chair of the Russia-based insurance group Sogaz, said leaders of Russian and Chinese nuclear insurance pools met in Beijing late last month to extend cooperation between the two organisations.
According to RYASP the two pools reached an agreement to insure the risks of two new nuclear reactors in China. The parties could agree to insure a third reactor next year, RYASP said.
RYASP did not say which units it was going to insure, but according to the International Atomic Energy Agency China has 26 reactors under construction.
Cooperation between RYASP and China’s nuclear insurance pool began with a memorandum of understanding in 2007.
Since 2009, RYASP has received contracts for reinsurance of the civil liability of China's nuclear power plants worth almost 37 million US dollars (about 28 million euro).
RYASP has bilateral relations with 21 national nuclear insurance pools. An insurance pool is is essentially a mechanism for a number of insurers to appoint a common agent to underwrite jointly a particular risk or class of business.
Russia’s nuclear insurance pool was founded in 1997 and consists of 19 member companies. China’s pool was founded in 1999 and consists of 17 companies, RYASP said.
