Nuclear Power Plants pact singed with Russia,For miminum 12 Reactors

Nuclear Power Plants was signed. A minimum of 12 reactor units will be built with Russian collaboration. 
- The signing of a contract for long-term supply of uranium with Canada.
- A long term contract for purchase of uranium was also signed Kazakhstan.
- Setting up of Nuclear Insurance Pools.
About Nuclear Insurance Pool
A Pool is essentially a mechanism whereby a number of insurers agree to appoint a common agent to underwrite jointly a particular risk or class of business.Nuclear insurance Pools were established by the major insurance markets of the world during the mid to late 1950’s in response to pressure from both Governments and the nuclear industry and have continued to develop in new markets since then.
The reasons for their establishment may be summarised as follows:

1. The risk was unknown and potentially catastrophic and, therefore, would have discouraged most individual insurers from insuring it on their own.
2. The risks were few in number and neither allowed a sufficient spread to provide a balanced portfolio nor warranted the establishment of individual underwriting departments by each insurance entity wishing to operate in this sphere of business.
3. The catastrophe nature of the business would have rendered individual insurers vulnerable to unknown accumulations had the business been placed in a conventional manner using normal reinsurance and retrocession treaties.
4. However unlikely a nuclear catastrophe, should such an event occur, claims handling and settlement procedures would require the support of the whole national insurance market - or, indeed, international markets.
5. The exchange of common account reinsurance between national pools provides access to the worldwide insurance capacity to those national markets which wish to participate.