German Nuclear Reactor Insurance Association
| German Nuclear Reactor Insurance Association (DKVG) | |
|---|---|
| legal form | Society under civil law |
| founding | 1957 |
| Seat | Cologne |
| management | Achim Jansen-Tersteegen |
| Number of employees | 9 |
| Branch | reinsurance |
The German Nuclear Reactor Insurance Association ( DKVG ) based in Cologne is the insurance pool of insurance of German nuclear power plant operators ( Atom pool ). It has the function of reinsurance .
history
The first nuclear insurance pools in Europe were established in Sweden and England in 1955. The German Nuclear Reactor Insurance Association was founded in 1957.
Function and purpose
Even if the probability of major damage occurring in the operation of nuclear power plants has long been considered low, the maximum possible damage amount is extraordinarily large. For these reasons, a single insurance company is typically unable to bear this insurance risk on its own. The possibility of passing the risks on to reinsurers also fails due to the willingness of insurance companies to take on such a risk. Since 2002 the Atomic Energy Act in Germany has stipulated a coverage of € 2.5 billion. In accordance with Section 34 of the Atomic Energy Act, the federal government is liable for damage amounts that are not covered or cannot be met up to this amount .
For these reasons, in most of the countries that use nuclear energy, nuclear insurance pools have been set up to jointly assume the risks. In Germany this is the German Nuclear Reactor Insurance Association. The organization is organized as a reinsurance. In the event of damage, the respective primary insurer pays first. DKVG reimburses the damage by collecting the contributions from its members (including the said primary insurer, other primary insurers in the market and the well-known reinsurers).
Damage over € 256 million up to the amount of € 2.5 billion is borne by the solidarity community of operators. Above this amount, the operator of the accident facility has unlimited liability.
Web links
Individual evidence
- ^ Die Welt , May 23, 2012: A nuclear disaster threatens every ten to 20 years , accessed on January 7, 2013
- ↑ Manager Magazin , May 11, 2011: Nuclear Power Risk: The Most Expensive Liability Policy in the World , accessed on January 7, 2013