Nuclear risks, Munich Re is struggling for an increased commitment on part of insurers

Following the Fukushima catastrophe, European nuclear plants have been subjected to resistance tests. During disclosure of the tests’ results early October, the European energy commissioner pledged to hold reflection rounds on insurance and liability of nuclear risks. Shortly after the announcement was made, Munich Re supported the idea of consolidating the coverage of European plants. The regulations in force within the European space in terms of nuclear liability vary from one country to another. In Germany, nuclear plants operators are covered up to 2.5 billion EUR (3.2 billion USD) thanks to a two-level mechanism. In France, this amount reaches 91.5 million EUR (118.4 million USD). Below this threshold, the financial load of a possible claim is to the charge of the State. For many French officials, the current provisions are deemed insufficient as they cannot cover even a low-scale accident.