Turkey to establish a nuclear insurance pool, under TCIP's management

TCIP - the Turkish Natural Catastrophe Insurance Pool will sett up a nuclear insurance pool to offer EUR 700 million of protection for each of the country's first nuclear power plants, soon to be built in Akkuyu and Sinop, according to Berat ALBAYRAK, minister of Energy and Natural Resources, reports Hurriyet.

The Turkish Nuclear Insurance Pool will be the 28th of its kind in the world, established according to the Paris Convention which makes mandatory for the countries holding nuclear power plants to establish an insurance pool.

The Turkish official said that Turkey is going to have three nuclear plants until 2030 and work has begun to insure against the potential losses that the power plants may produce to third parties as well as the losses the plant may suffer itself.

While the Akkuyu Nuclear Power Plant, the first to become operational of the three plants, is already in construction, the second one (Sinop) is in a project stage and feasibility studies are being made for the third. According to the ministry's estimations, the Akkuyu plant is planned to operate at full capacity untill 2022, while the first reactor of the Sinop plant will be deployed in 2023.

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