Insurers are no longer keen on covering the Fukushima nuclear plant

A consortium of 23 Japanese non-life insurers has informed the power supplier, Tokyo Electric Power (TEPCO) that it will not renew the cover for the Fukushima nuclear plant which is due to expire on January 15, 2012. The plant damaged by the March 11, 2011 earthquake and tsunami is much riskier than the other plants.

According to the law, the coverage of natural catastrophes risks is managed by the State while private insurers are entrusted with the other risks. TEPCO has already received 1.53 billion USD in indemnification from the State. International insurers, like their Japanese counterparts, abstain from covering this plant.

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