Russia, China to swap nuclear insurance risks

03 December 2007

[Interfax, 3 November] The Russian and Chinese nuclear insurance pools intend to swap risks worth $10 million in 2008, according to Nadezhda Martynova, head of the Russian Nuclear Insurance Pool (RNIP) and general director of MAKC (Moscow Joint Stock Insurance Company). She said, "Certainly, the sum in question, which is $10 million on each side, is not very significant. What is important to us in this situation is a precedent of cooperation with the People's Republic of China, which is a member of the international nuclear insurance pooling system." Martynova added, "We expect to sign an agreement by the end of December this year, and a specific contract on swapping risks could come into force next year." She was speaking on the tenth anniversary of the start of operations of the RNIP. Martynova noted that over the ten years of operation, the pool has expanded to 23 insurance companies and its liability has grown from 1.5 billion roubles ($61.25 million) to 8.5 billion roubles ($347.19 million). Russia is not yet a member of the international pooling system and has so far only accepted risks from the Ukrainian Nuclear Insurance Pool for reinsurance.

Further information

WNA's Civil Liability for Nuclear Damage information paper