The Turkish Natural Catastrophe Insurance Pool, DASK, is setting up an insurance pool to cover Turkey’s soon to be built nuclear power plants in Akkuyu and Sinop, according to the Middle East Insurance Review.
The pool aims to provide EUR 700 million for each nuclear power plant.
The first nuclear power plant is expected to be completed by 2023 and is estimated to cost $22 billion.
The Turkish government is aiming to reduce its reliance on energy imports, with a goal to generate 20% of Turkey’s electricity production from nuclear power.
According to Berat Albayrak, Minister of Energy and Natural Resources, Turkey plans to build three nuclear plants by 2030.
Insurance pools are commonly used to create capacity to spread the risk for nuclear power plants across a platform of insurers and reinsurers – players with connections in the country stand to benefit from large-scale demand for nuclear cover.
