The Insurance Regulatory and Development Authority (Irda) is drafting a regulation for covering nuclear accidents. With increased nuclear tests occurring in India and after India’s nuclear deal with US is operationalized, insurance cover for nuclear accidents will gain significance.
Irda chairman J. Hari Narayan said, “We are in early stages (of the regulation). This thing involves large amount of risks. We will have to first constitute a pool which will be a member of the larger global pool (of nuclear accident insurance). That is yet to be figured out”.
The reinsurer General Insurance Corporation (GIC) is working on the details to provide insurance protection to such accidents.
It is believed that the ambitious program expected under the Indo-US nuclear deal may not happen to the desired extent unless there is insurance protection for nuclear accidents.
According to US-India Business Council (USIBC) the Indo-US nuclear deal could open up investment opportunities to the tune of $500 billion over the next decade.
As of now, nuclear power accounts for just 3% share of the total power produced in India from different sources. However, by 2020 this source is expected to provide 20,000 MW of power against little over 4,000 MW currently.
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