Tokio Marine GX and specialist MGA Northcourt (part of the Optio Group) have launched NC Fusion, the Lloyd’s market’s first dedicated insurance facility for nuclear fusion technology. Traditional nuclear insurance was designed for fission and fails to address fusion’s fundamentally different risk profile. This includes no meltdown risk, minimal long-lived radioactive waste, but entirely new technological challenges. Until now, this insurance gap has been a potential bottleneck as fusion companies race toward commercial deployment in the 2030s.
NC Fusion is designed to support fusion projects throughout their evolution, from research and development through to commercial deployment. While current fusion projects remain largely in development phases, NC Fusion’s capacity and coverage are designed to scale as technology matures and projects progress toward commercial viability. The facility’s structure ensures insurance support adapts alongside technological advancement, from supporting today’s research and testing through to commercial scale fusion energy generation.
“The insurance market has historically responded to innovation after it arrives,” said Ben Kinder, Chief Underwriting Officer of Tokio Marine GX. “With nuclear fusion, we’re taking a different approach, positioning ourselves ahead of commercial deployment to ensure insurance coverage doesn’t become an obstacle when this technology is ready to scale. By partnering with Northcourt, we’re combining our financial strength and energy expertise with specialist nuclear underwriting knowledge to create new insurance frameworks that address fusion’s unique risks.”
Tokio Marine GX is part of Tokio Marine Group, one of the world’s largest global insurance and risk players with a market capitalisation of around $81bn, a network encompassing Japan and 46 countries and regions worldwide, and over 43,000 employees.
