Moscow February Third Party liability of Nuclear Operators The birth of a mutual
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1 Moscow February 2014 Third Party liability of Nuclear Operators The birth of a mutual
2 Worldwide capacity for Nuclear Insurance Danny Van Welkenhuyzen Managing Director
3 3
4 The Mutual s CORPORATE ICONS EMANI European Mutual Association for Nuclear Insurance NIRA Nuclear Industry Reinsurance Association ELINI European Liability Insurance for the Nuclear Industry BlueRe m.a. Re-insurance association for Nuclear Liability I
5 Agenda 1. Which insurance are needed to operate a nuclear site? 2. Worldwide overview of limits 3. Impact on the Nuclear Operators Liability 4. Where is the insurance capacity coming from 5. What capacity is available 6. Conclusions 5
6 1.Which insurance are needed to operate Compulsory cover in most countries is the Nuclear Third Party liability Liability is limited by both international conventions and by national legislation, so that beyond the limit (normally covered by insurance) the state can accept responsibility as insurer of last resort, as in all other aspects of industrial society. 6
7 Which insurance are needed to operate Treaties such as: The Paris Convention (1960/1968) & Brussels supplementary convention (1963) The Vienna Treaty ( 1963 /1977) Joint Protocol (1988) Convention on Supplementary Compensation for Nuclear Damage (CSC). Not yet in force. The Price Anderson Act - the world's first comprehensive nuclear liability law
8 Summary pre and post 2004 Paris Convention Basic limit of liability on operator Reduced limit of liability Current Paris Convention Max SDR 15 Mio Low-risk installation Minimum SDR 5 Mio Low-risk transport Minimum SDR 5 Mio Heads of damage 1. Property Damage 2. Personal injury/death New Revised Paris Convention Minimum Low-risk installation Minimum Low-risk transport Minimum Property Damage 2. Personal injury/death 3. Economic loss 4.Cost of measures of reinstatement of impaired environment 5. Loss of income 6. Cost of preventive measures 8
9 Current Paris Convention Summary pre and post 2004 Paris Convention Revised Paris Convention Prescription 10 years 30 years for personal injury 10 years for all others Territorial limits Does not cover injury of damage in a country that are not a party to the convention 9 Installation country Other Paris signatory states Non-nuclear states Austria,Ireland and Luxembourg Vienna Convention countries who have ratified the joined Protocol Any other country with reciprocal arrangements
10 Material Damage & Business Interruption Free in most of the countries except US min for decontamination costs $ Various covers bought by the operators: Material Damage basic cover All risks with our without Machinery Breakdown All risks with our without Business Interruption 10
11 2. Worldwide overview of limits Continent Material Damage Nuclear TPL Today Nuclear TPL Future North America- USA Canada $ to $ C$ to C$ $ C$ Idem C$ Europe to to Africa Azia U$ U$ To U$ 2 billion U$ SDR U$ ? 11
12 3.Impact on the Nuclear Operators liability Increase of the liability amount Extension of liability period to 30 years Extension of the definition of nuclear damage Inclusion of economic loss Loss of income Cost of the measures of reinstatement due to the change on the environment 12
13 Overview of coverage Full R.P.C 700 to mio Amended Conventions? Current limits 91 to 418 mio Material Damage & Bodily Injury Bodily Injury 10 years BI 30 years Economic Loss Reinstatement of impaired environment Loss of income/impairement environment Preventive measares
14 Insurance market versus revised conventions Insufficient private insurance market capacity Unwillingness to cover extended periods Unwillingness to cover all the categories Nuclear Pools not able/willing to offer a full solution European Nuclear Operators opted for the mutualisation of their risks 5/06/2012 ELINI presentation ATOMEXPO
15 Alternative solution? A mutual insurance company belonging to the nuclear operators within Europe The operators want to take their responsability and provide/comply with the conventions Keep control over the funds to be sure they are available in case of need Act as an independent organisation but mutualize the risks 15
16 Capacity ELINI /BlueRe min 50% of the capacity BlueRe ELINI Nuclear Pool BlueRe ELINI/BlueRe = all heads of damages National Nuclear Pool r/i by BlueRe for the Difference in Conditions 5/06/2012 ELINI presentation ATOMEXPO 2012
17 4. Where is the insurance capacity coming from Insurance & Re-Insurance market Worldwide Most of the nuclear countries have brought together local capacity on a country by country basis Creation of Nuclear Insurance pools since 1956 Alternative capacity from Mutuals formed by the industry 17
18 5. What capacity is available Mathematical : Not in the insurance industry: 1,2 18
19 Nuclear Pools 1956 Material Damage Nuclear liability Country by country - reciprocity Accumulation NEIL Mutual Insurance company mainly active in the US Material Damage ONEIL out of Ireland Northcourt Underwriting Agency Nuclear Coverage
20 EMANI Material Damage Insurer 62 members- Europe-SA-Canada-US 17 different countries NIRA Reinsurance Mutual 42 members in Europe SA Canada -US ELINI Nuclear Liability Insurer 36 members 14 different countries in the EU- SA - Canada
21 Capacity providers Providers Material Damage NTPL Re-insurance NEIL & ONEIL Yes Yes Yes Nuclear Pools Yes Yes some EMANI Yes No Yes ELINI No Yes No Northcourt Yes No No NIRA Yes Yes No 21
22 Capacity providers Providers US$ Material Damage Gross Net capacity Re-insurance NEIL & ONEIL Nuclear Pools EMANI ELINI No No No Northcourt None NIRA No Total
23 Capacity providers Providers US$ NTPL Gross Net capacity Re-insurance NEIL & ONEIL None Nuclear Pools Accumulation EMANI None None None ELINI No Northcourt 0 0 None NIRA No Total
24 Capacity providers Providers US$ Material Damage Net NTPL NET Re-insurance NEIL & ONEIL Nuclear Pools EMANI ELINI No Northcourt None NIRA None Total
25 6. Conclusions Cost of a nuclear site U$ min Cost of a nuclear accident in NTPL? Probability of an accident extreemly remote Accumulation is a problem for all insurers Transparancy would help all parties Heavy driven by Re-insurance Room for all parties Insurers Re-insurers- mutuals etc... 25
26 Final result Win Win solution Operator via the mutuals Local National Pool & Commercial Market Full cover at reasonable price 26
27 Thank you all for your attention 27
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