NRI Annual Review 2026 - Flipbook - Page 12
There is also growing interest in using
SMRs and AMRs to support energy intensive
industrial operations, including mining
sites, manufacturing facilities and future
data centres. Here we see great potential
for nuclear energy’s role in the net-zero
transition to expand beyond decarbonising
the power sector and into the hard-to-abate
industries that a lot of communities
depend upon.
The NRI’s role in
supporting deployment
The sector remains in an important phase
of commercial development and while
the technologies are not necessarily new,
commercial deployment is maturing,
especially in the push towards developing
economies of scale through modularisation
and repeatable construction. Over time, this
approach will reduce costs, shorten build
schedules and increase the appeal of the
technologies to a wider range of end users.
For the insurance sector, the growth
of SMRs and AMRs requires technical
understanding, regulatory engagement
and long-term underwriting capabilities.
The NRI’s long-standing experience in
the sector as well as its contributions to
writing SMR and AMR risks across the world
mean that our engineers and underwriters
already have the technical understanding
to assess risks with confidence and develop
insurance solutions that reflect the realities
of the technologies. This expertise means
that the NRI is able to limit concerns around
first-of-a-kind (FOAK) risk and helps to
avoid potentially unnecessary exclusions or
restrictions in cover.
International regulatory collaboration is
also helping to accelerate deployment.
Regulators are increasingly sharing
assessments and technical approaches,
helping to streamline licensing while
maintaining rigorous safety standards.
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For the NRI, this growing alignment creates
additional confidence when supporting
projects across multiple markets.
We’re also supporting the development of
the broader ecosystem that will emerge
around SMRs and AMRs. Advanced types
of fuels, new manufacturing facilities
and expanded supply chains will require
specialist insurance support as the
sector scales.
Looking ahead
Over the next decade, we’re watching
for the number of SMR and AMR risks
entering the market to grow significantly.
By combining our engineering expertise,
underwriting capability and deep
involvement in the pool system, we’re ideally
positioned to support this growth.
Insurance should not be an obstacle to
innovation, but a backstop that helps
new technologies flourish. As the nuclear
industry looks forward to a new phase of
development, we are ready to support
their deployment with bespoke risk
transfer solutions.
Where the appeal of SMRs
and AMRs truly lies is in their
昀氀exibility. Smaller reactors,
some with co-located energy
storage systems can support
grids with growing levels
of renewable generation,
providing dispatchable
power when wind and solar
outputs dip.
