TEPCO forced to look for international insurer after Japanese firms refuse

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Tokyo Electric Power Co. will likely conclude a new contract with a foreign insurer for the crippled Fukushima No. 1 nuclear power plant, as Japanese firms have refused to renew the current arrangement, according to sources.

The premium for the new insurance policy is expected to jump more than 10-fold from the current amount of between 200 million yen and 300 million yen a year per plant.

The Japan Atomic Energy Insurance Pool, a group of Japanese insurance companies that provide coverage for nuclear power plants, refused to renew the existing policy contract with the Fukushima plant after it expires Jan. 15 next year.

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