Canada opens up nuclear insurance pool participation

The  Nuclear Insurance Association of Canada (NIAC) said last week that it was opening up the domestic Canadian nuclear insurance pool to other countries' nuclear insurance pools as part of an agreement developed by Nuclear Risk Insurers (NRI).

Nuclear insurance pools allow insurers to share the risk of insuring nuclear operators so that no one company is left paying all settlement claims in the event of a nuclear accident or being financially decimated by a nuclear incident. 

The agreement, announced by NIAC general manager Colleen DeMerchant, will allow Canada to meet Bill C-22’s $650 million and rising liability limit for nuclear operators.

The NIAC and other pools like it ensure nuclear plant operators access to high-quality insurance.

“We bring the complex world of nuclear to the complex world of insurance,” Wendy Hayden, NIAC manager of underwriting and operations, said. "With our deep knowledge of both worlds, we can effectively navigate the most complicated issues on behalf of our stakeholders to provide them with peace of mind."