Four Insurance Companies Offer Joint Insurance for Tianwan Nuclear Power Station
Four Chinese Insurance companies provided a US$ 1.85 billion worth of installation insurance to Tianwan Nuclear Power Station, Jiangsu Province, most of which will be shouldered by international reinsurance companies.
Tianwan Nuclear Power Station is located in Lianyungang of Jiangsu Province. The first-phase project includes two 1 million-kw pressurized water reactor generating units with a total cost of US$3.2 billion. The second phase of the project will consist of another two generating units of the same size. According to the long-range plan, six 1 million-kw pressurized water reactor generating units will be built. The project is the largest Sino-Russian economic and trade cooperative project as well as China's largest nuclear power project.
To ensure a smooth construction of the nuclear power station, the Ping An Insurance Company, the People's Insurance Company and the Pacific Insurance Company of China, and Hua Tai Property Insurance Company jointly shouldered the installation insurance of the project. China Ping An Insurance Company has become the chief underwriter by undertaking a 39 percent insurance share of the project.
To reasonably distribute the risk and protect the benefits of the insurer, the lion's share of huge insurance will be placed under international reinsurance. Through extensive contact with and inquiry into the international reinsurance market, the Swiss Reinsurance Company was finally designated as the main re-insurer.
Four Chinese Insurance companies provided a US$ 1.85 billion worth of installation insurance to Tianwan Nuclear Power Station, Jiangsu Province, most of which will be shouldered by international reinsurance companies.
