On Tuesday, the B3i insurance blockchain platform announced that it landed a contract to use blockchain to manage nuclear reinsurance for six European nuclear pools. Twenty-one global insurers own B3i.
Consider when you get your car insured, third party insurance is usually a requirement. It’s one thing for an insurer to pay out for the third party element of a car crash, but something else if it’s a nuclear disaster. It could easily bankrupt a single insurer.
Hence insurance for nuclear risks is pooled, spreading the risk across the insurance industry. But it goes further. Usually, there’s a nuclear pool for a country. And each country pool will provide reinsurance to other country pools, spreading the risk globally.
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