NRI’S BUSINESS PLAN –THE VISION FOR 2022AND BEYONDBy Mark Popplewell, Managing Director at NRIIn 2021 the Board agreed to agovernance review, something wehave not undertaken for severalyears. This has prompted a timelyreview of NRI’s purpose just as thecivil nuclear industry is at a criticalpoint in its history and evolution.I am loath to refer to it as a renaissance, butit is hard to avoid that term in the context ofthe world’s efforts to address climate change.We are now planning for the next 60 years –coincidentally the typical life expectancy of amodern Gen III reactor – including the role NRIwill play in providing nuclear insurance coverfor small modular reactors, and potentiallyfusion reactors as well.In addition to considering NRI’s purpose, weare reviewing the documents that underpinour business and its legal structure. NRI wasformed as a company limited by guarantee in2003 and our articles of association and thepool membership agreement have remainedlargely unchanged since then.NRI has decided not to provide cover for the30-year prescription period for bodily injurybrought into effect by the Revised ParisConvention 2004 (RPC2004). Our decisionhas been informed by the Board’s view that itwould not be in members’ interests to expose6member capital to the uncertainty of such anextended period of time.However, we were surprised by how manyof the international pools took a differentview and supported the 30-year extension. InBelgium, Sweden and elsewhere in Europe,we see this trend continuing. As a result,the Board has instructed NRI to carry out acomprehensive review of our current stance.This review will draw upon nuclear experts inthe field of ionising radiation research, NRI’sengineers, actuarial, member representativesand Lloyd’s. We have set the middle of thisyear as our target for completing this work.In the UK and other countries, it is becomingincreasingly clear that nuclear will play asignificant part in base load energy plans. Thegovernment’s Energy Strategy, announced on7 April 2022, has pledged 24GW of electricityfrom nuclear power by 2050. NRI will continueits development of insurance solutionsto support the industry’s future, with thepossibility that we revitalise our constructionfacility both for large and traditional nuclearpower plants, as well as small modularreactors. There are exciting times ahead.
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