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Unibanco Seguros to insure Itaipu

Unibanco Seguros, the insurance arm of local bank Unibanco, has said that it has won a two-year contract to insure Brazil’s huge hydroelectric plant and dam at Itaipu.

Itaipu, owned by Brazil and Paraguay, will be insured by Unibanco in association with Paraguayan insurance firms Central, Fenix and Mundo. The insurers will pay maximum damage of up to US$100M, for a premium of US$1.77M, Unibanco said.

Itaipu at present has a power generation potential of 12,600MW. The capacity is expected to reach 14,000MW in 2001 when two more generators are added. The dam produced produces 89% of power consumed in Paraguay and 25% of Brazilian demand.