NRI Corporate report 2022 - Flipbook - Page 6
NRI’S BUSINESS PLAN –
THE VISION FOR 2022
AND BEYOND
By Mark Popplewell, Managing Director at NRI
In 2021 the Board agreed to a
governance review, something we
have not undertaken for several
years. This has prompted a timely
review of NRI’s purpose just as the
civil nuclear industry is at a critical
point in its history and evolution.
I am loath to refer to it as a renaissance, but
it is hard to avoid that term in the context of
the world’s efforts to address climate change.
We are now planning for the next 60 years –
coincidentally the typical life expectancy of a
modern Gen III reactor – including the role NRI
will play in providing nuclear insurance cover
for small modular reactors, and potentially
fusion reactors as well.
In addition to considering NRI’s purpose, we
are reviewing the documents that underpin
our business and its legal structure. NRI was
formed as a company limited by guarantee in
2003 and our articles of association and the
pool membership agreement have remained
largely unchanged since then.
NRI has decided not to provide cover for the
30-year prescription period for bodily injury
brought into effect by the Revised Paris
Convention 2004 (RPC2004). Our decision
has been informed by the Board’s view that it
would not be in members’ interests to expose
6
member capital to the uncertainty of such an
extended period of time.
However, we were surprised by how many
of the international pools took a different
view and supported the 30-year extension. In
Belgium, Sweden and elsewhere in Europe,
we see this trend continuing. As a result,
the Board has instructed NRI to carry out a
comprehensive review of our current stance.
This review will draw upon nuclear experts in
the field of ionising radiation research, NRI’s
engineers, actuarial, member representatives
and Lloyd’s. We have set the middle of this
year as our target for completing this work.
In the UK and other countries, it is becoming
increasingly clear that nuclear will play a
significant part in base load energy plans. The
government’s Energy Strategy, announced on
7 April 2022, has pledged 24GW of electricity
from nuclear power by 2050. NRI will continue
its development of insurance solutions
to support the industry’s future, with the
possibility that we revitalise our construction
facility both for large and traditional nuclear
power plants, as well as small modular
reactors. There are exciting times ahead.
