tracym
08-21-2022, 06:45 PM
Actuaries have supported the government to help enable the ratification of the 2004 Protocols. This project, from the Government Actuary?s Department (GAD) related to third-party liabilities in the field of nuclear energy.
GAD worked with the Department for Business, Energy & Industrial Strategy (BEIS) on the 2004 Protocols, that came into force in January 2022. These build on the ?Paris Convention? and the ?Brussels Convention?.
The challenge
The 2004 Protocols increase the scope of operator liability in terms of the:
financial limits of compensation
heads of damage
geography
period during which personal injury claims can be made
For power plants and similar nuclear sites, operators? liability levels have increased. These have risen from ?140 million to ?700 million, increasing by ?100 million per year to a maximum of ?1.2 billion.
The commercial market has been able to cover most of the extension of cover. However, there is currently insufficient commercial capacity to cover all the increased personal injury liabilities for the 10-to-30-year period. GAD supported BEIS in developing temporary measures to address this gap in the market.
GAD worked with the Department for Business, Energy & Industrial Strategy (BEIS) on the 2004 Protocols, that came into force in January 2022. These build on the ?Paris Convention? and the ?Brussels Convention?.
The challenge
The 2004 Protocols increase the scope of operator liability in terms of the:
financial limits of compensation
heads of damage
geography
period during which personal injury claims can be made
For power plants and similar nuclear sites, operators? liability levels have increased. These have risen from ?140 million to ?700 million, increasing by ?100 million per year to a maximum of ?1.2 billion.
The commercial market has been able to cover most of the extension of cover. However, there is currently insufficient commercial capacity to cover all the increased personal injury liabilities for the 10-to-30-year period. GAD supported BEIS in developing temporary measures to address this gap in the market.