NRI Annual Review 2023 - Flipbook - Page 23
Mark is similarly quick to stress the
importance of NRI’s enduring existence in
the nuclear industry, which he links to its
expertise in risk control and prevention.
“One of the key differentiating factors for NRI
is its long-standing presence in the market,”
he says. “It can credibly demonstrate having
taken long-term positions on risk, which I
think is essential in nuclear. It devotes a lot of
time to understanding specific risk exposures
at different sites, with different turbine
constructions, in different jurisdictions.
The leadership of the company is deeply
immersed in the industry, and the risk
management or surveying element is truly
world-leading. It would be very disingenuous
of us to claim that we differentiate clients
without having that risk management
capability and being able to visit clients on site
to determine the physical exposures.”
In addition, Mark feels that NRI’s detailed
planning for claims response scenarios can
sometimes go unnoticed: “NRI spends a huge
amount of time and effort dress rehearsing its
claims response. That involves a national-level
response to a major event and coordination
with government. It probably goes under
the radar slightly, because it has not been
tested in recent times. How loss scenarios are
anticipated and catered for, and how that
response is prepared, is one of the things NRI
does exceptionally well.”
Having considered the strengths of NRI’s
performance in recent decades, the two
members turn their attention towards the
trends and challenges the insurer will have
to negotiate in the future.
The leadership of
the company is deeply
immersed in the industry,
and the risk management
or surveying element is
truly world-leading.
Dan immediately points to the changing
regime governing the transaction of thirdparty liability insurance: “Limits are increasing
and the scopes of damages are widening.
Insurers need to negotiate those and decide
whether they have the appetite to take those
increasing limits and widening scopes of
damages on.
“And, more widely, we have had a couple
of false dawns in terms of a nuclear
renaissance, but people are now beginning
to look at new build nuclear power stations
and new technologies as a way of providing
a more sustainable source of electricity.
Understanding new build, understanding
new technology and staying close to the
zeitgeist of the nuclear industry from an
insurance standpoint – all of that is critical.”
Mark is equally excited by nuclear’s key role
in a low-carbon future: “I feel very strongly
that nuclear is an essential component of
sustainable energy in the future. Climate
change is the biggest risk facing us all today.
And if we can contribute to controlling that in
any way, that has got to be hugely appealing
in a societal and personal sense. One of
the great things that NRI does is increase
awareness and understanding of nuclear.”
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