Mark is similarly quick to stress theimportance of NRI’s enduring existence inthe nuclear industry, which he links to itsexpertise in risk control and prevention.“One of the key differentiating factors for NRIis its long-standing presence in the market,”he says. “It can credibly demonstrate havingtaken long-term positions on risk, which Ithink is essential in nuclear. It devotes a lot oftime to understanding specific risk exposuresat different sites, with different turbineconstructions, in different jurisdictions.The leadership of the company is deeplyimmersed in the industry, and the riskmanagement or surveying element is trulyworld-leading. It would be very disingenuousof us to claim that we differentiate clientswithout having that risk managementcapability and being able to visit clients on siteto determine the physical exposures.”In addition, Mark feels that NRI’s detailedplanning for claims response scenarios cansometimes go unnoticed: “NRI spends a hugeamount of time and effort dress rehearsing itsclaims response. That involves a national-levelresponse to a major event and coordinationwith government. It probably goes underthe radar slightly, because it has not beentested in recent times. How loss scenarios areanticipated and catered for, and how thatresponse is prepared, is one of the things NRIdoes exceptionally well.”Having considered the strengths of NRI’sperformance in recent decades, the twomembers turn their attention towards thetrends and challenges the insurer will haveto negotiate in the future.The leadership ofthe company is deeplyimmersed in the industry,and the risk managementor surveying element istruly world-leading.Dan immediately points to the changingregime governing the transaction of thirdparty liability insurance: “Limits are increasingand the scopes of damages are widening.Insurers need to negotiate those and decidewhether they have the appetite to take thoseincreasing limits and widening scopes ofdamages on.“And, more widely, we have had a coupleof false dawns in terms of a nuclearrenaissance, but people are now beginningto look at new build nuclear power stationsand new technologies as a way of providinga more sustainable source of electricity.Understanding new build, understandingnew technology and staying close to thezeitgeist of the nuclear industry from aninsurance standpoint – all of that is critical.”Mark is equally excited by nuclear’s key rolein a low-carbon future: “I feel very stronglythat nuclear is an essential component ofsustainable energy in the future. Climatechange is the biggest risk facing us all today.And if we can contribute to controlling that inany way, that has got to be hugely appealingin a societal and personal sense. One ofthe great things that NRI does is increaseawareness and understanding of nuclear.”23
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