Nuclear Power Insurance: Protector of Clean Energy

Recently, reports about China's achievements in nuclear power plant construction and excellent records of nuclear power plant safety have frequently appeared in newspapers. Nuclear power is a safe, clean and economical energy source. Developing nuclear power plays an important role in promoting China's energy diversification, improving energy security, improving energy structure and rationally developing and utilizing energy. Six nuclear power plants have been built and under construction in China, with a total installed capacity of 8.7 million kilowatts, and the annual power generation has accounted for more than 2% of the total power generation in the country. With the development of China's nuclear power industry and the formation of three nuclear power bases: Qinshan in Zhejiang, Daya Bay in Guangdong and Tianwan in Jiangsu, nuclear power plant insurance has gradually become the focus of the insurance market. In the late 1970s, China People's Insurance Company? Hereinafter referred to as "PICC"? The insurance business of China nuclear power plant started from accepting the nuclear power branch business in the international market. With the construction of six nuclear power plants in China, the nuclear power insurance market is growing day by day and has formed a certain scale.

Main insurance types and policy types of nuclear power plant insurance

The main types of nuclear power insurance in China include construction and installation all risks, material loss insurance, third party liability insurance and machine damage insurance. Before 200 1, domestic nuclear power plants generally need four insurance policies from construction to operation, that is, the construction and installation all-risk insurance policy, which is not essentially different from the commonly used construction and installation all-risk insurance policy. During the operation, the material loss insurance policy covers the accidental loss, damage or damage of the insured property caused by conventional risks and nuclear risks; Third-party liability insurance, which covers the responsibility of nuclear power plants for damage to third parties due to routine accidents and nuclear accidents; In addition, there is a machine damage insurance. With the development and perfection of the international and domestic nuclear power insurance market, in order to meet the increasingly diversified insurance needs of nuclear power plants and save insurance costs as much as possible, domestic insurance companies and nuclear power plant customers have created some new insurance arrangements, such as incorporating machine damage insurance into all risks insurance policy for nuclear material loss.

Insurance companies in the domestic nuclear power plant insurance market At present, the domestic insurance companies participating in the direct underwriting business of nuclear power plant insurance mainly include PICC China, China Ping An and Taibao. PICC is the first insurance company in China to provide nuclear power insurance business, and it has a place in the nuclear power insurance market in China. In the 1980s, PICC underwritten all risks in the construction and installation of Daya Bay Nuclear Power Station, creating a precedent for domestic insurance companies to directly underwrite nuclear power business. 1993, in order to cooperate with Daya Bay Nuclear Power Station put into commercial operation, PICC kept close contact with the international market, designed the first domestic nuclear material loss insurance policy for nuclear power stations, successfully underwritten the insurance business during the operation period, and successfully arranged international reinsurance. Since then, PICC has been providing high-quality insurance services for the power station. Since then, PICC has successively participated in the construction and installation of Tianwan Nuclear Power Station, All Risks and Qinshan Phase III. Heavy water reactor? Underwriting of nuclear power plant operation period insurance. At the end of 2002, PICC won the bid for the conventional insurance of Daya Bay and Ling 'ao nuclear power plants, becoming the insurer of the conventional third-party liability insurance and the chief insurer of the machine damage insurance of the two power plants. The underwriting business of Pingbao and Taibao is also developing day by day. After inheriting the construction and installation insurance and operation period insurance of Ling 'ao Nuclear Power Station, Pingbao provided a series of insurance services for Qinshan Phase II Nuclear Power Station, and served as the chief insurer for the construction and installation insurance of Tianwan Nuclear Power Station. In recent years, CPIC has successively insured the construction and installation of Qinshan Phase III nuclear power plant, and participated in the construction and installation of Tianwan nuclear power plant.

Reinsurance arrangement mechanism

Because nuclear risks are usually listed as exclusions in the conventional insurance market, this kind of insurance business needs to arrange reinsurance in a specific nuclear insurance market, and various international nuclear power insurance organizations such as NEIL in the United States and EMANI in Europe have emerged one after another. At present, China's nuclear power insurance business mainly obtains reinsurance support from "International Nuclear Insurance Group". International nuclear insurance group is composed of insurance companies from some countries with nuclear power plants. According to certain rules, regulations and operating procedures, nuclear risks are dispersed among nuclear insurance groups around the world. The advantages of underwriting group lie in its large underwriting capacity, internationalized underwriting mode and low-cost operation without intermediary.

China Nuclear Insurance Co., Ltd. is a member of the international nuclear insurance group. Its embryonic form was established in 1989, with PICC as the main body. In order to integrate China's nuclear risk underwriting capacity as much as possible and provide complete insurance protection for the nuclear power industry, China National Nuclear Corporation was formally established in May with the approval of China Insurance Regulatory Commission, with China Reinsurance Company, PICC, Ping An, Pacific and Huatai Property Insurance Co., Ltd. as its jurisdiction companies. 1999, the executive agency is located in China Reinsurance Company. After several years of development, China National Nuclear Corporation has gradually grown, and now * * * has eight member companies? In 2002, the net retention liability of domestic business was close to $60 million, and the net retention liability of international sub-business exceeded $2 million. It is understood that in order to meet the needs of business development, the net retention responsibility of China National Nuclear Corporation's domestic and foreign businesses will be greatly improved in 2003.

The establishment of CNNC has greatly promoted the development of China's nuclear power insurance business. The business underwritten by a member company shall be inquired into the international market by the executing agency and reinsurance shall be handled. At the same time, the executing agency also accepts foreign entry business on behalf of member companies. Due to the relatively large domestic retention capacity and communication with nuclear facilities in other countries, China's nuclear facilities can usually obtain more favorable rates and underwriting conditions for domestic nuclear power plants.