Our qualities
1. Financial strength
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 of the members is over € 9,5 billion (evaluation at the end of 2017). Thus the maximum amount covered (€ 894 million) represents less than 10% 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 unreasonable, taken into account its financial strength.
The part of the amounts that cannot be covered by the own retention, is reinsured by 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.
Conclusion
The operating principle of the nuclear insurance pools ensures that the insurance of the risk is spread in an absolutely reliable manner, throughout the world and insured by a high number of companies. These companies commit themselves with their own retention and are bound, by Pool, by a solidarity clause. A better financial 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. Furthermore, they can, if necessary, rely on the advice of a lot of high-qualified collaborators working in their respective insurance companies.
2.2. External
On the international level, the nuclear insurance Pools rely on the advice supplied by a committee of engineers. These ones come from different nuclear insurance Pools and are known for their highly specialized training in the nuclear risks field.
3. Claims handling quality
3.1. Internal
A database has been created at the level of SYBAN, where every request is first registered and then distributed to the member insurance companies for further handling.
The registration forms are at disposal on the website of Syban and can be forwarded by all means of communication. The fact to call upon the staff of the member insurance companies allows to implement very quickly a large number of claim handling managers to deal with the requests for compensation.
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.