Egypt’s nuclear insurance pool to convene ‘in days’ to review insurers’ shares

The long-awaited Egyptian insurance pool tailored for insuring the country’s nuclear projects and facilities will hold an assembly meeting within few days to review the share contributions submitted recently by insurers.

Several insurance firms have recently announced their share of contributions to the planned insurance pool’s capacity subscription, such as Egyptian Takaful Property and Liability Insurance (EGTAK) and Iskan Insurance Company, pledging $200,000 and $500,000, respectively.

The total capacity subscription for the Egyptian planned nuclear insurance pool is set to be worth around $20 million, senior sources familiar with the matter told Amwal Al Ghad on Sunday.

The pool will provide insurance coverage for the country’s upcoming nuclear projects, notably Dabaa, Egypt’s first anticipated nuclear plant, which will need a capacity subscription worth around $3 billion, the sources added.

The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024.

The Egyptian government earlier in November signed an agreement with Russia to build Egypt’s first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units.