GIC Re eyes Rs 100-cr premium from nuclear pool this fiscal

The sole national reinsurer GIC Re is hopeful of collecting Rs 100 crore premium from the recently launched nuclear insurance pool this financial year.
GIC Re and 11 other non-life insurers, both state-owned and private, launched the Rs 1,500-crore India Nuclear Insurance Pool (INIP) under the Civil Liability for Nuclear Damage Act (CLND) on June 13. GIC Re is the pool manager.
"The nuclear insurance pool has already become operational and we are expecting to collect Rs 100 crore in premium from the nuclear establishments this year," GIC Re Chairman and Managing Director AK Roy told PTI here today on the sidelines of an industry event jointly organised by the National Insurance Academy and the Federation of Afro-Asian Insurers and Reinsurers.

However, the reinsurance support will be completely provided by GIC Re alone and without reinsurance support of the Nuclear Risk Insurer from London.
"We have created the pool with a full domestic capacity and hence, we will not be taking any reinsurance support by the Nuclear Risk Insurer from London for the pool as of now," GIC Re General Manager Alice Vaidyan said, adding that the company may look at its support in future when the capacity goes up.
This is against the earlier plan. While announcing the pool, the GIC Re Head had said the reinsurance support for the pool would come from the Nuclear Risk Insurer.

Apart from GIC Re, the state-owned non-life insurers that have joined the pool include New India Assurance, Oriental Insurance, National Insurance and United India Insurance. The private players on board are ICICI Lombard, Tata AIG, Reliance General, Chola MS, Iffco-Tokio, SBI General and Universal Sompo.
"The pool will cover the risks for both suppliers and operators of nuclear reactors and we are in talks with the Nuclear Power Corporation for this," she said.