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CNIP on a strong footing

By Hu Yuanyuan (China Daily)
Updated: 2009-09-02 08:05

China's underwriting ability for nuclear projects overseas soared to $270 million last year, making it the third biggest player globally, industry insiders said yesterday.

"The scale of premiums in the overseas nuclear sector has grown significantly in the past decade," said Wu Gaolian, president, China Reinsurance (Group) and chairman, China Nuclear Insurance Pool (CNIP).

CNIP, which was set up in 1999, is a community comprising the country's 15 major non-life insurance companies and four reinsurers. It also includes two foreign reinsurers - Swiss Re and Lloyd's.

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By the end of 2008, CNIP had undertaken insurance work for nearly 310 nuclear reactors globally compared with 10 nuclear reactors at home. The claims payment arising from the business is estimated at around 120 million yuan.

With China's nuclear industry poised for further growth, CNIP is leaving no stone unturned to further expand its underwriting business.

"We welcome any non-life insurers, including international ones, with business operation of more than two years," said Wu.

CNIP is also considering adjusting the limit of its members' underwriting capacities. Currently, the ceiling is not more than 5 percent of the insurance company's total assets.