Live Insurance News

Nuclear insurance pool to be created by Indian government

April 23, 2014April 21, 2014 H. Cutner

The purpose will be to help to address the considerable liability issue as the industry continues its expansion. At the moment, there are 20 nuclear power plants in India, and as the industry continues to expand, so will the liability associated with it, causing the government of that country to take the added step to form a nuclear insurance pool that will help to address that increasing risk. The issue of liability has been a powerful one in India, to the point that it has been a barrier in international…

Insurance news from European Union includes plan for nuclear disaster

November 8, 2013November 6, 2013 Julie Campbell

The EU Commission’s energy head is looking for a design for coverage in case of plant problems. Guenther Oettinger, the energy chief for the European Commission, has said that the executive arm of the bloc will soon be presenting a proposal that will make insurance news, as it will involve mandatory disaster coverage for nuclear power plants. This proposal is expected to be presented within the next few weeks for the EU’s consideration. Oettinger made further insurance news when he announced that this proposal should be among the leading items…

Nuclear plant shut down in Alabama causes many to question safety

April 29, 2011 Nordstrom

The outbreak of tornado’s and severe weather Wednesday caused massive damage across the southeastern United States. With a death toll of just over 200, almost three-quarters of those were in Alabama. The storms were so bad that the Browns Ferry nuclear plant had to shut down three reactors due to a power outage. The Browns Ferry nuclear plant in northern Alabama is owned by Tennessee Valley Authority (TVA). It was the first plant the TVA built and at that time (1974) it was the world’s largest nuclear plant. The Browns…

Nuclear plant insurance has a nuclear price tag…many go uninsured!

April 22, 2011April 22, 2011 S.Vagus

In the wake of the disaster in Japan, many are questioning whether nuclear power is safe. The continuing nuclear crisis in Japan has brought up many issues, one of them being the issue of insurance. Nearly every nation on the planet requires that their citizens have some form of insurance to cover the various aspects of their lives, such as protection for the vehicles or homes. The requirements for insuring a nuclear power plant, however, are surprisingly low. Japan’s nuclear disasters will cost taxpayers billions, a price that will be…

Business owners seek help in evacuated areas around nuclear plant

April 17, 2011 Nordstrom

The Tokyo Electric Power Company (TEPCO) not only is dealing with a leaky nuclear power reactor but business owners who have been evacuated from areas around the damaged Fukushima plant want compensation. Most of them have been unable to return to their homes to get work tools or supplies, and have been living in shelters since the evacuation took place. Since nuclear damage is not a covered peril under most insurance plans, these businesses have been left on their own to manage. A group of twenty people, made the trip…

The liability name game over Fukushima nuclear disaster

April 5, 2011 Marc

General Electric (GE) is getting bad press for their part in the Fukushima nuclear crisis in Japan; but they’re not being sued, as of yet. GE designed the containment systems inside the nuclear reactors of the Fukushima power plant. The power plant and its nuclear reactors were damaged almost a month ago when a massive earthquake hit Japan. The quake was immediately followed by a powerful Tsunami; causing additional destruction in the region. There have been reports that the reactors leaked radiation into the air. The latest news tells us…

U.S. Nuclear Plants…how exposed are we?

March 23, 2011 Nordstrom

The people of Japan knew they were at risk for a large scale earthquake, and even a tsunami. They took painstaking measures to prepare for this possible, “once in a lifetime” event. We watched the tragedy and devastation that was taking place, in one of the most prepared countries in the world. One hundred twenty seven million people experienced an event of historical proportions. All the planning and scenarios had been done for a “worst case disaster.” But as one disaster turned into two, and then two turned into three,…