A seminar on the buildup of China’s compensation system for nuclear damage and development of nuclear insurance, sponsored by China Nuclear Insurance Pool (CNIP), was held in Beijing on September 1. Delegates from governmental agencies, legislative body, nuclear power enterprises and 25 CNIP members attended this event.
As an effort to implement China’s approach to nuclear safety elaborated by President Xi Jinping at the third Nuclear Security Summit and the policy guidance issued by the State Council to accelerate the development of China’s insurance industry, this event provided a platform for the attendees to delve deeply into the issues such as the establishment of China’s compensation system for nuclear damage, the legislative work of nuclear liability act and the way to give full play to CNIP roles in catastrophe insurance. The meeting also reviewed the 15 years development of China’s nuclear insurance and the accomplishments made in this field.
“Along with the rapid development of Chinese nuclear power industry, nuclear insurance, a specific field of catastrophe insurance, is becoming increasingly irreplaceable to the industry’s insurance cover and risk management, the national energy construction and economic development, and the public good and society stability,” said Chen Wenhui, vice Chairman of China Insurance Regulatory Commission.
Pointing the way for the future development of CNIP, Chen underlined several key fields CNIP should keep working in: building internal institution, supporting the improvement of the national compensation system, enhancing catastrophe risks management, accelerating products innovation and improving the ability of technology services.
In his speech on behalf of the institution, Li Peiyu, chairman of CNIP, said that the next ten years will be a “golden decade” for China’s nuclear power. CNIP would like to work with the nuclear industry by providing it with effective and high-class products and services. The pool will become an important part of the national nuclear security system, playing a key role in fulfilling the functions of catastrophe insurance, ensuring public well-being, maintaining social stability, pushing forward nuclear liability legislation, offering emergent compensation for serious nuclear accidents and building up and managing nuclear catastrophe compensation fund.