NRI Corporate report 2022 - Flipbook - Page 20
Our relationships with customers in the
sector have been lasting and collaborative,
as we have sought to support nuclear
providers in their innovation and pioneering
of new methods to harness reliable,
low-carbon power.
A great example is EDF, the largest nuclear
operator in the world, which has built
a blended approach to obtaining the
insurance cover it needs for its nuclear
operations. This includes obtaining cover
through the Lloyd’s market, NRI and the
EDF Group Captive.
EDF secures approximately 25% of its
insurance cover for construction risk through
the Lloyd’s market, and approximately 85%
of its insurance cover for operational risk.
Through ground-breaking projects like
Hinkley Point C – being built in Somerset, UK
– the nuclear sector and insurance industry
can collaborate to drive growth in nuclear
energy, both in the UK and globally.
Nuclear offers
opportunities to
reduce the reliance
on carbon-intensive
energy sources in
many developed and
developing countries.
Lloyd’s purpose is sharing risk to create
a braver world, and our industry has a
unique opportunity to partner with insurers,
customers and regulators to drive bolder and
braver decisions around the development of
new nuclear capacity.
From construction to operation, Lloyd’s and
NRI stand ready to support our customers.
The nuclear sector will continue to transform
and evolve to address the technological,
regulatory and consumer expectations it faces.
Under revisions to the Paris Convention,
which came into force on 1 January 2022,
we will see a significant increase in thirdparty liability limits for providers in countries
operating nuclear plants. And we expect
new technologies such as small modular
reactors and nuclear fusion to play a major
role in the sustainable growth of this safe,
reliable, low-carbon energy source.
The nuclear sector
will continue to transform
and evolve in line with
the technological,
regulatory and consumer
expectations it faces.
20
Bruce Carnegie-Brown, Chairman, Lloyd’s
