Deník N: Czech energy giant ČEZ joins OIL insurance fund

Czechia’s largest energy provider ČEZ, which is majority owned by the Czech state, has joined Oil Insurance Limited (OIL), a group set up by companies active in the oil and coal business for insurance purposes, Czech daily Deník N reported on Friday citing ČEZ spokesman Ladislav Kříž.

ČEZ switched to OIL because its previous insurance agreements with companies such as Vienna Insurance Group, Generali and Allianz had run out in February, according to Deník N. The company used OIL to insure its coal activity in the Czech Republic, according to the company spokesman.

Lindsay Keenan, the coordinator of the organisation Insure Our Future, told Deník N that OIL is a joint insurance company created by businesses which may have difficulty accessing traditional insurance providers due to their high risk investments.

OIL members include France’s nuclear electric power generation company EDF, German chemicals company BASF, or oil companies such as MOL and OMV.