India Nuclear Insurance Pool: First small step of a long journey!
Source: Asia Insurance Review | Jan 2017
Indian civil liability for Nuclear Damage Act 2010 (CLNDA 2010) provides the right of recourse to Nuclear Power Corporation of India, against suppliers under certain circumstances for compensation in case of a nuclear incident. As such, nuclear plant suppliers were reluctant to sell to India, due to the provisions of this Act. To address their concerns, the Indian insurance industry set up the India nuclear insurance pool to provide capacity to insure Indian nuclear risks for up to INR1,500 crore (US$221 million).
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