After achieving the breakthrough in the US-India civil nuclear deal during recent visit of US president Barack Obama, General Insurance Corp. (GIC Re) had invited all the private sector players to participate in the Rs 1,500-crore proposed nuclear pool, half of which will be provided by all the four state-owned non-life insurers.
GIC Re wants all the private sector non-life insurers to participate by contributing to the pool with a view to have a fair playground.
Reliance General Insurance has indicated that it will be participating in the pool. However, it is waiting for details before it decides to what extent it should chip in with.
"We are likely to put in some money to the pool. However, we are waiting for more details about it from GIC Re," Reliance General Insurance chief executive Rakesh Jain said.
The biggest private sector non-life insurer ICICI Lombard has also made it clear that it would be participating in the pool.
"As and when the final structure of the pool is prepared by GIC Re, we will be participating by contributing certain amount," ICICI Lombard head-underwriting and claims Sanjay Datta said.
Commenting on the pool, he said "it's a local attempt to form a pool to generate capacity to underwrite nuclear liability."
Another private sector non-life insurer Tata AIG also confirmed of having received invite from GIC re for the same.
"Yes, we've received an invite from GIC Re to join the the nuclear pool. However, we need to get the board approval," Tata AIG chief executive KK Mishra said.
A GIC Re official said that for participation in the nuclear pool, we will not expect amount less than Rs 10 cr per company.

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