Presentation

Nuclear risk insurance in France

The “Pool Français d’Assurance des Risques Atomiques”, founded in 1957 as an “Insurers Association”, turned into an “Economic Interest Group” in 1969 and changed its name to Assuratome in 1995.

Members of Assuratome, insurance and reinsurance companies operating on the French market, have pooled their insurance capacities dedicated to the coverage of nuclear risks.
Assuratome’s own capacities are currently enriched with additional capacities provided by foreign Nuclear Pools operating in countries which have a civil nuclear industry.

Assuratome also offers its reinsurance capacities to these foreign pools for the coverage of nuclear risks worldwide.

1957

At the end of the 50’s, unknown insurance issues arose with the emerging nuclear industry: unknown risks, high exposure and a low number of nuclear installations led insurers to exclude nuclear risks in their “conventional” insurance policies.

1960

At the same time, the operators’ liability was ruled by a specific regime: the Paris Convention of 29 July 1960, which instituted an exclusive and absolute liability channelled on the operator, limited in time and amount, and subject to a compulsory financial guarantee.

1968

In France, the Act of 30 October 1968, as modified, has transposed these principles in its jurisdictional system. In order to respond to the operators’ needs, insurers developed specific liability covers in respect of nuclear risks which could be managed by the pools.