OREANDA-NEWS. October 6, 2011. A meeting of top executives of the Russian and Chinese Nuclear Insurance Pools took place in Moscow.

On the Russian side the meeting was attended by Chairman of RNIP Supervisory Board, Chairman of the Management Board of SOGAZ Insurance Group Sergei Ivanov, Deputy Chairman of RNIP Supervisory Board, Deputy General Director of Ingosstrakh Insurance Company Nikolay Galushin, RNIP Executive Director Pavel Rudensky and others. The Chinese delegation included CNIP Chairman, President of China Reinsurance (Group) Corporation Mr. Wu Gaolian, CNIP General Director Mr. Zuo Huiqiang, as well as top managers of the Chinese Nuclear Insurance Pool and a number of China’s leading insurance companies.

The meeting discussed issues of bilateral cooperation and exchanged views on the situation in the international nuclear risk insurance market. Both sides expressed their hope that the Fukushima nuclear disaster in Japan will not have a restraining influence on development of the nuclear power industries in Russia and China and that nuclear risk insurance will continue to be in high demand in both countries.

“The Chinese Nuclear Insurance Pool is among our long-standing partners, and we count on continuation of existing fruitful relationship between our organizations based on a balance of interests of both pools”, said Chairman of RNIP Supervisory Board Sergei Ivanov as he summed up the results of the meeting. “We have agreed to develop cooperation in nuclear risk mutual reinsurance and to hold joint inspections of Russian and Chinese nuclear facilities. Besides, the RNIP is prepared to provide assistance in training of Chinese engineers for the purposes of holding an international insurance inspection, which is a vital condition for organizing reinsurance coverage for the risks of Chinese nuclear power plants in the international pooling system”.

The Russian side also put forward for consideration a project of holding a nuclear insurance summit of Russia, India, China and South Korea (RICS), designed to combine the efforts of those countries’ nuclear risk insurers.

Cooperation between the Russian and Chinese Nuclear Insurance Pools dates back to 2007, when they signed an Agreement of Intent. Starting from 2009, both pools have been providing mutual reinsurance for some of the risks covered by civil liability insurance policies at Russian and Chinese nuclear power plants.

The China Nuclear Insurance Pool was created in 1999. As of today, it comprises 17 companies, including a foreign reinsurer. The Pool’s aggregate liability limit for operations inside the Chinese market amounts to USD 416 million. The CNIP has bilateral relations with 21 national nuclear insurance pools. In China there are currently eleven operational power units at six NPPs with another twelve units under construction.

The Russian Nuclear Insurance Pool was set up in 1997. Nowadays it brings together 22 corporate members , eight of which have the highest national credibility rating of А++. The Pool’s capacity (aggregate deductible limit per power unit and per insured event) in civil liability insurance of nuclear damage amounts to USD 120 million.