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Our qualities
1. Economical quality.
1.1. Internal.
- The most important insurance companies
of the Belgian market are members of SYBAN and answer, as co-insurers,
for the cover provided by SYBAN.
The total of the own capital of the whole members is well over € 8,2 billions
(valuation at the end of 2008).
The maximum amount covered (€ 327 million) accounts consequently for
hardly 4 % of this own capital. It proves that even without reinsurance
(this one of course exists), the cover supplied is not a major problem.
- The members of SYBAN commit themselves
to assume their participation in the risks in own retention, that is to
say the not reinsured part in their portfolio. This excludes the danger
that several members, even without knowing it, reinsure totally or partially
their participation to one or only a few reinsurance companies, which
would lead to a weakening of the financial quality of the cover
supplied.
- The members of SYBAN are bound by a
solidarity clause, which foresees that in case of default of a member, the
obligations of the latter are proportionally assumed by the other
members.
- The Management Committee of SYBAN makes
sure that none of the members enters into an engagement that would be
considered to be unreasonable, taken into account its financial strength.
- The internal organisation of SYBAN
vouches consequently the fact that, even in the case of a major nuclear
accident, the victims can rely on a full and safe cover.
1.2. External.
As already mentioned in the section organisation, the part of the amounts
that cannot be covered by the own retention, is reinsured to foreign nuclear
insurance Pools. The insurance companies, members of these Pools, are subject
to the same rules than the ones in practice within the Belgian Pool, namely :
cover in own retention and solidarity.
1.3. Conclusion.
As well the internal organisation as the external organisation make that the
insurance of the risk is distributed on an absolutely reliable way,
throughout the world and among a high number of companies. These companies
commit themselves with their own retention and are bound, by Pool, by a
solidarity clause.
A better economical quality of the cover supplied is hardly conceivable.
2. Technical quality.
2.1. Internal.
The competence and the valuable experience of the technical committees'
members are undeniable. Besides, they can, if necessary, rely on the advice
of a lot of high-qualified collaborators working in their respective
insurance companies.
After a fast consideration, among the most important members, it appears that
SYBAN can in this matter rely on the knowledge of more than 200 specialists
of who about 35 % are academics.
2.2. External.
On the international level, the nuclear insurance Pools rely on the advice
supplied by a commission of engineers. These ones come from different nuclear
insurance Pools and are famous for their highly specialised training in the
nuclear risks field.
3. Claims handling quality.
3.1. Internal.
Handling ability.
The accident in Chernobyl has sharply demonstrated that in case of a major
nuclear accident, we have to take into account a very high number of requests
for compensation.
Conscious of this fact, the Managing Committee of SYBAN has taken measures to
work out a procedure to handle with a very high number of requests for
compensation, in case of need. The material means needed for the application
of this procedure have right now been settled.
On SYBAN level, a database has been created where every request can be first
registered and be distributed then among the insurance companies members with
a view to the claims handling.
The loss registration forms are at disposal on the website and can be
forwarded by every existing communication means.
The fact to call upon the staff of the insurance companies members (from
their usual workplace) increases the number of specialists, who in the first
place can be assigned to handling, to more than 250 (of who 30 % are
academics).
Such capacity is unconceivable in only one company.
Duration.
According to the current legislation, the operator of a nuclear installation
and consequently his insurer, remain responsible for the consequences of a
nuclear accident during a period of 10 years. In the future, this period will
probably be extended to 30 years. SYBAN gives also here guarantees that are,
of course, much more higher than what is possible within only one company.
3.2. External.
The collaboration rules with other nuclear insurance Pools foresee that in
case of accident, each Pool can offer its services to the Pool in the country
where the accident has occurred.
This also allows that the victims from the concerned neighbouring countries
can easily introduce requests for compensation.
On duration field, the Pools system gives also excellent guarantees.
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