NRI Annual Review 2024 - Flipbook - Page 18
NRI’S
BUSINESS PLAN
Business Planning for NRI
takes place in the 昀椀rst and
second quarters of each
year, aligning with the
Lloyd’s Syndicate Business
Forecast (SBF) timeline,
with which many of
our member capacity
providers are required to
comply. As we go to press
with this year’s Annual
Review, our Business
Plan for 2025 has already
been provided to NRI
members in draft format
for consultation, prior to
formal approval.
2025’s draft plan describes a
business-as-usual steady state. But
with each year that passes, we
get one year closer to the rapid
deployment of nuclear power as
part of the global drive towards
net zero. At COP28 in Dubai in
December 2023, nuclear energy
was recognised as one of the key
solutions to limiting the effects
of climate change, with the
prospect of nuclear power tripling
by 2050 via the pledges made by
governments. This was a major
factor in NRI’s Board Planning
review in 2023, as we looked to
the future. Our vision is now clear
that NRI should set its ambition
to be a signi昀椀cant supporter and
enabler of nuclear power within
the global energy transition.
18
Returning to the annual cycle
of NRI’s renewal of capacity, we
continue to bene昀椀t from a stable
membership, with many of our
members having supported NRI
since its formation in 2003, when
we changed from an Association
to the present structure of a
Managing General Agent. In
September 2024, following the
member consultation process the
2025 昀椀nal draft Business Plan
will be reviewed and approved
by the Board. Then follows the
renewal of our capacity, during
which members con昀椀rm their
intended participation in NRI
for the following year. Members
also have the chance to enter
into a transfer window where
underwriting capacity in NRI can
be ‘traded’ with other members
or with potentially eligible
members (PEMs).
Finally, by 1 December we aim
to have capacity fully signed up,
so that January renewals can be
con昀椀rmed. In many countries
where NRI and NRIE participate,
both directly and through the
reinsurance of fellow domestic
pools, there is an obligation on
the part of the nuclear operator
to con昀椀rm that its nuclear liability
is fully satis昀椀ed by insurance, or
alternative 昀椀nancial security, one
month prior to renewal of their
site licence.
