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Thursday, January 13, 2011

Insurance cover for nuclear accidents likely

Insurance regulator IRDA is in the early stages of drafting a regulation for covering nuclear accidents.

The move assumes significance as India is expected to be a major player in this sector after its nuclear deal with US is operationalised. It is felt that the ambitious programme expected under the Indo-US nuclear deal may not materialise to the desired extent unless there is insurance protection for nuclear accidents.

As of now, nuclear power accounts for just three per cent share of the total power produced in India from different sources. However, by 2020 this source is expected to provide 20,000 MW of power against little over 4,000 MW currently.

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