The China Nuclear Insurance Pool will continue to support the national nuclear industry and better serve nuclear risk management, the organization's members said at a summit forum in Beijing on Thursday.
They concluded the pool's 20-year development experience and discussed the new situations of nuclear safety management since the Nuclear Safety Law was implemented on Jan 1, 2018.
Liang Tao, vice-president of the China Banking and Insurance Regulatory Commission, said the pool is an example that the insurance sector cooperates to help the nuclear energy development and substantial economy.
Liang said he expects the pool to keep in mind the goal of benefiting people's lives, while increasing its risk-prevention capabilities and improving liability reserve funds for nuclear insurance catastrophes.
Yuan Linjiang, chairman of the China Nuclear Insurance Pool and China Reinsurance Group, reviewed achievements that the pool has had made in the past two decades and its efforts to serve the national nuclear power industry and the country's risk management.
The pool will fully use its international and professional advantages to build itself into a comprehensive platform that guarantees national nuclear safety, Yuan said.
The organization, founded in 1999, comprises 29 member companies including 22 property insurance companies and 6 reinsurance companies. Among them is China Reinsurance Group and The People’s Insurance Company (Group) of China.
Guarantee objects of the pool cover the entire industrial chain of nuclear industry and segmentation fields of nuclear technology utilization, ranging from the leading part of nuclear fuel cycle to disposal of radioactive wastes. The guarantee time span is 100 years.
Its insurance guarantee and risk management cover all operating nuclear power units, related nuclear facilities and activities in the country. It guarantees nuclear property worth more than 800 billion yuan ($114.38 billion) and more than 20,000 front-line staff members.
As the country studies nuclear legislation and participation of commercial insurance in the national nuclear accident emergency response mechanism, the pool launched an emergency response platform of nuclear damage compensation.
It is an important measure that the organization supports nuclear power development and safeguards national nuclear safety with technological methods and its professional abilities, insiders said.
The platform uses technologies including visualization of data on maps to integrate data within an 80-kilometer radius of nationally operating nuclear power plants, such as population and environmental resources, with output results of the nuclear accident consequence assessment system.
It can simulate evaluation of damages caused by major accidents of nuclear power plants, as well as mobilize the pool's 29 members to support treatment of claims. It is domestically an innovative platform that combines nuclear damage compensation evaluation and response.
Guo Chengzhan, deputy head of the National Nuclear Safety Administration, said nuclear safety is an important part of national security and China's nuclear industry has kept a strong safety record. He said he hopes the pool actively implements Nuclear Safety Law and provides sufficient insurance guarantees.
More than 160 representatives from the pool's members, overseas nuclear insurance pools and other related organizations attended the event.