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Fukushima Disaster Makes for
Happy Insurance Companies
Isn't it nice to know that insurance companies are quite happy about the outcome of the Japanese Nuclear Disaster.
Pray tell us, why are the Insurance Companies happy? The insurers are happy for TWO reasons:
1. Because "from an insurance perspective the perils of earthquake and tsunami are specifically excluded from property and liability insurance where provided".
Nuclear Operators NOT Liable
2. Now the REALLY INTERESTING BIT; "under the Japanese Nuclear Act of 1961, the operators are not liable for any nuclear damage arising from a "grave natural disaster of an exceptional nature". Therefore, the insurance companies do not anticipate any significant losses from this biblical level disaster. It is the Japanese people that have to pay instead of the bastards who allowed this to happen.
I think this is nothing short of CRIMINAL - and all those responsible for this bit of law making should be locked up for life!!!
The above item was informed by information on the "Nuclear Risk Insurers Ltd" website. Here is the link to that website:
http://www.nuclear-risk.com/
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Tony, some good information and views on your site.
ReplyDeleteThis is another case of normal society paying the price for the inadequacies of those in power.
I've always questioned the real value of insurance. In case of car insurance (although a small issue in comparison to your topic) the government here and I'm guessing in most 'developed' nations make it a legality to have insurance. Do we as consumers of the insurance service industry truly ever get real value from our hard earned cash, i think not!!