Topic: Real numbers in a complex market
Nuclear insurance is a complex market; risks are relatively few in number and present a particular hazard. They require a capacity beyond the individual means of traditional insurers, and so international nuclear insurance pools have been established as common agents to allow a number of insurers to underwrite jointly this business.
But the problem for nuclear insurance underwriters is how to evaluate this risk and exposure to determine a real number – how much a nuclear operator should pay for its insurance coverage?
Thankfully the frequency of loss events in the nuclear industry is very low, and actuarial data is insufficient to set premiums. A conservative approach to pricing can lose market share, aggressive pricing can compromise earnings for the pool’s members.
Val will give an introduction to nuclear insurance and discuss how nuclear insurance risk can be characterised in this competitive market.
Val Martell is an Engineering Surveyor at Nuclear Risk Insurers Ltd, the UK’s nuclear insurance pool. She began her career with the CEGB during the commissioning of Heysham 2 power station in the 1980’s and had various engineering and technical roles in the CEGB and its successor companies. She joined NRI 8 years ago, leading and participating in insurance surveys of nuclear installations in the UK and overseas. She has visited more 60 different nuclear facilities across 15 countries to characterise the nuclear third party liability risk and exposure for NRI’s underwriters.
Further information and booking details for the CRA Risk Forum which will be held on 26th and 27th September 2018 at The Cranage Estate, Holmes Chapel Cheshire CW4 8EW UK can be found on our Risk Forum registration page.