NRI’s heritage in the UK is tied to the birth of the civil nuclear power industry. Today, we represent one of the largest single blocks of nuclear insurance capacity in the world.
The mid-1950s saw the birth of the civil nuclear age. With the rise of civil nuclear energy came the call from the industry, UK and foreign governments to insure the associated risks. Insurers found themselves facing two problems: how best to provide cover for the emerging industry, and how to provide protection for the public without exposing balance sheets to potentially catastrophic losses. To provide adequate insurance for the civil nuclear energy industry, it was recognised that the insurance market had to do things differently. The sheer nature and size of the potential risk meant it was beyond the resource of any one national insurance market or individual insurer to provide complete protection. To best address the unique insurance needs of the civil nuclear industry, NRI’s model centres on the ‘pooling’, or grouping, of capacity by many insurers (known as members) to allow the underwriting of nuclear risks.
Originally established as the British Insurance (Atomic Energy) Committee, NRI was formed in 1956 by the UK Atomic Energy Authority, British Insurance Association and Lloyd’s of London to provide specialist insurance to support the operation of West Cumbria’s Calder Hall nuclear reactors and other reactors then being developed around the world. The whole of the UK insurance market responded to that challenge with 82 insurance companies and 137 Lloyd’s syndicates becoming members when the British Insurance (Atomic Energy) Committee was created.
In 2003, NRI was formed in its current structure as a company, regulated by the Financial Conduct Authority and a coverholder at Lloyd’s.
Adapting to meet client needs, NRI launched its new construction insurance facility for civil nuclear risks in 2016.
NRI implemented its plan to become a net zero carbon company by the end of 2020.