Part 2 of 2 Parts (Please read Part 1 first)
     Libront added, “Obviously, we are aware of the importance of ESG policies in our lives, the need to gradually move away from fossil fuels, the need to diversify energy sources and to take advantage of the opportunity of nuclear power.
     Libront explained that “Building an insurance strategy is important so that the Polish market becomes a strong partner for foreign insurers and reinsurers whose insurance capacity it will use. For our partners, the strategy means a good understanding of Poland’s energy transition path and the development of Poland’s nuclear power industry, the conditions, risks, and opportunities. Finally, the insurance strategy guarantees the nuclear industry optimal protection and good conditions for cooperation with the insurance market.”
     He said that having the right strategy in place is also about beginning work on the shape and organization of a national nuclear pool or other national association of insurers. This pool will take over the management of insurance risks once the plants are up and running and nuclear fuel is in the reactors. Smartt Re has thrown its support of the development of just such a national nuclear pool.
     Exploring what shape such an organization might take, Libront revealed that this depends on the decisions of the insurance market itself and that various solutions are already in place around the globe. Smartt Re is supporting a scenario where there is one nuclear pool operating in Poland. Discussions on this have already begun.
     Libront highlighted that Towarzystwo Ubezpieczeń Wzajemnych Polski Zakład Ubezpiecze Wzajemnych
(TUW PZUW) , the mutual arm of Polski Zakład Ubezpiecze (PZU) the biggest insurer in Poland, has signed an agreement of cooperation with the British Nuclear Risk Insurers. Around the world, such associations of insurers and reinsurers work together to be responsible for insured risks. Smartt Re’s role as a specialized reinsurance broker is to leverage its international reach and relationships to facilitate networking, know-how adoption and knowledge exchange.
     This is especially important given that other nuclear pools want to also be involved at the planning stage of the construction of a nuclear power plant in Poland, with a so-called “watching line”. Libront explained that this is a small share that allows them to observe from the front row the progress of the construction of the nuclear power plant, in the insurance of which they will have a decisive share once it is operational.
      On the power of international collaboration in supporting the future of nuclear energy, Libront noted that, as the industry evolves, not only are the biggest government investments to be insured, but also those supported by the private sector, micro-reactors, all companies, subcontractors, services and infrastructure.
     He went on to say that “That’s not only construction and erection, but also third-party liability. All these entities will have to deal with the issue of adequate insurance coverage. Intra- and inter-sectoral collaboration, both domestically and in the European arena, is necessary for the financial security of these strategic investments for Poland.”
     He finished by saying that “We can draw on various international experiences and it is good to see that various parties, including the nuclear power industry and the public administration, are already involved in discussions about potential solutions initiated by the insurance industry.”

Ambient office = 118 nanosieverts per hour

Ambient outside = 80 nanosieverts per hour

Soil exposed to rain water = 72 nanosieverts per hour

Red bell pepper from Central Market = 93 nanosieverts per hour

Tap water = 93 nanosieverts per hour

Filter water = 86 nanosieverts per hour

Part 1 of 2 Parts
     A major issue with nuclear power is the question of who will pay if and when there is a major nuclear accident. This issue is being hotly debated in the global industry. Many nuclear experts believe that the maximum amount nuclear owners and operators must pay in the case of a major nuclear accident is far too low. Currently, the rest of the cost will be borne by the taxpayers.
     Recently, the U.K. became the first country in Europe to invest in the next generation of nuclear fuel, with the government awarding two hundred million dollars to Urenco to build a uranium enrichment facility.
     Tomasz Libront is the CEO of the Polish reinsurance broker Smartt Re which specializes in covering difficult-to-insure risks in key sectors including nuclear, conventional and renewable energy. He offered an overview of the Polish insurance market today, noting that it has the capacity to insure the risk of nuclear power plants under construction up to a maximum of seven hundred and fifty million dollars gross.
     Libront said, “It is still difficult to determine the needs of the domestic nuclear sector, but with the scale of planned investments, the Polish market will need much more capacity. How much? It all depends on the insurance strategy adopted and agreements with foreign reinsurers. It can be assumed that the insurance capacity needed will be determined by the value of the probable maximum loss (PML) – which is difficult to estimate accurately at such an early stage of investment, but certainly exceeds the current capacity of the Polish insurance market by several times.”
     Libront examined what can be done to encourage greater investment and capacity into the sector. He emphasized the importance of having a comprehensive, long-term strategy in place. He believes that the role of reinsurance and insurance players in the Polish market is not only to provide insurance and reinsurance capacity but also to collaborate to ensure that they play an important role in the current energy transition.
     Libront continued, “Our motto at Smartt Re is to be like a compass in the difficult world of reinsurance. So, we enable the collaboration and integrate all the stakeholders. For example, our April’s Nuclear Insurance Day conference brought together the perspectives and experiences of the worlds of reinsurance, insurance, nuclear industry, and public administration from Poland and abroad in the search for sources of resilience and financial security for the Polish nuclear power sector.”
     Smartt Re’s path to the insurance of nuclear power facilities has taken it through the world of conventional power including coal, natural gas, solar and wind renewable power to non-carbon nuclear. Libront noted that it has not been an easy journey. There have been many difficulties with conventional energy insurance and reinsurance since the Paris Agreement was signed in 2015.
     With a better understanding of where the Polish economy is going in terms of the energy transition, Libront was sure it would be easier to get the right coverage. However, now the capacity is limited. Where there is the appetite for such risk, the prices are skyrocketing.
Please read Part 2 next

Ambient office = 102 nanosieverts per hour

Ambient outside = 91 nanosieverts per hour

Soil exposed to rain water = 87 nanosieverts per hour

Purple onion from Central Market = 143 nanosieverts per hour

Purple onion Tap water = 93 nanosieverts per hour

Filter water = 87 nanosieverts per hour

Ambient office = 93 nanosieverts per hour

Ambient outside = 81 nanosieverts per hour

Soil exposed to rain water = 94 nanosieverts per hour

Mini cucumber from Central Market = 87 nanosieverts per hour

Tap water = 79 nanosieverts per hour

Filter water = 70 nanosieverts per hour

Ambient office = 100 nanosieverts per hour

Ambient outside = 94 nanosieverts per hour

Soil exposed to rain water = 103 nanosieverts per hour

Green onion from Central Market = 106 nanosieverts per hour

Tap water = 73 nanosieverts per hour

Filter water = 67 nanosieverts per hour

Dover Sole from Central = 106 nanosieverts per hour