The risks associated with nuclear energy fall into a category that requires a special treatment and cannot be managed competitively in the traditional insurance market. The management of nuclear energy and resources account for a large number of people and installations worldwide and, therefore, require effective and demanding methods for handling the risks.
The fundamental principles for the Reinsurance of nuclear risks were established in London in February, 1957 and continue to represent the core values for Atomic Risks Reinsurance and reaffirm the cooperation between the parties in this respect. Nuclear insurance is handled in all markets via Pools or Insurer Associations that, independently of their own structures, maintain a common basic structure that provides the principle of uniformity on the subject of atomic risks.
In MAPFRE Global Risks we are main providers of "business" to the Insurers of Nuclear Risks and members of its Board and Technical Committee.
The purpose of nuclear insurance is to cover the legal liability (that covers the liability of the operator of this type of installation, with exclusions) and the insurance of property damage (to the facilities themselves).