Parliamentary Search

Written question asked by Lord Foulkes of Cumnock (Labour) on Monday, 7 September 2015, in the House of Lords. It was due for an answer on Monday, 21 September 2015. It was answered by Lord Bourne of Aberystwyth (Conservative) on Monday, 14 September 2015 on behalf of the Department of Energy and Climate Change.

Nuclear Power Stations: Insurance

Question

To ask Her Majesty’s Government what assessment they have made of whether there is sufficient capacity in the nuclear insurance market for third-party liabilities for operators of planned nuclear power stations.

Answer

The Government is in regular contact with the insurance market to discuss the provision of insurance for nuclear operators; this includes both general insurance and third party liabilities. At present there is predicted to be sufficient capacity in the market for planned nuclear power stations, including Hinkley Point C, although the availability of such insurance will always depend on the circumstances at the time. Government will continue to monitor the insurance market for capacity in this area and to encourage insurers to enter the nuclear insurance market.

The Government fully recognises the importance of promoting competition in insurance markets so that customers can get the best price possible. The Financial Conduct Authority and the Competition and Markets Authority between them ensure effective competition, and make sure markets work well for consumers, business and the economy.

Secondary information

Type
Written question
Reference
HL1948
Session
2015-16
Grouped for answer
Yes
Subjects
Insurance Nuclear power stations
Link
View this Written question on www.parliament.uk