Nuclear insurance pool to be created by Indian government

Nuclear Insurance Power Plant

The purpose will be to help to address the considerable liability issue as the industry continues its expansion. At the moment, there are 20 nuclear power plants in India, and as the industry continues to expand, so will the liability associated with it, causing the government of that country to take the added step to form a nuclear insurance pool that will help to address that increasing risk. The issue of liability has been a powerful one in India, to the point that it has been a barrier in international…

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Insurance news from European Union includes plan for nuclear disaster

Nuclear Plant Insurance news

The EU Commission’s energy head is looking for a design for coverage in case of plant problems. Guenther Oettinger, the energy chief for the European Commission, has said that the executive arm of the bloc will soon be presenting a proposal that will make insurance news, as it will involve mandatory disaster coverage for nuclear power plants. This proposal is expected to be presented within the next few weeks for the EU’s consideration. Oettinger made further insurance news when he announced that this proposal should be among the leading items…

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U.S. Regulators consider need for nuclear plant safety improvements

American regulators have been looking into whether or not U.S. nuclear plants require improved safety measures after having seen the disaster in Fukushima following the Japan earthquake in March 2011. Even though testing has found the American plants to be fundamentally sound, the U.S. Nuclear Regulatory Commission still found room for improvements. According to the Commission Chairman Gregory Jaczko, the review was a part of a 90-day task force – which is now two thirds complete – that has revealed that there are mixed results beginning to emerge. Jaczko explained…

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Nuclear plant insurance has a nuclear price tag…many go uninsured!

In the wake of the disaster in Japan, many are questioning whether nuclear power is safe. The continuing nuclear crisis in Japan has brought up many issues, one of them being the issue of insurance. Nearly every nation on the planet requires that their citizens have some form of insurance to cover the various aspects of their lives, such as protection for the vehicles or homes. The requirements for insuring a nuclear power plant, however, are surprisingly low. Japan’s nuclear disasters will cost taxpayers billions, a price that will be…

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The liability name game over Fukushima nuclear disaster

General Electric (GE) is getting bad press for their part in the Fukushima nuclear crisis in Japan; but they’re not being sued, as of yet. GE designed the containment systems inside the nuclear reactors of the Fukushima power plant. The power plant and its nuclear reactors were damaged almost a month ago when a massive earthquake hit Japan. The quake was immediately followed by a powerful Tsunami; causing additional destruction in the region. There have been reports that the reactors leaked radiation into the air. The latest news tells us…

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