Lloyd’s market’s ‘first’ nuclear fusion insurance facility launches

Tokio Marine GX and specialist MGA Northcourt, part of Optio Group, have launched NC Fusion – the Lloyd’s market’s “first” dedicated insurance facility for nuclear fusion technology.

Announced today (29 October 2025), the initiative aims to plug an insurance gap as global investment and government support accelerate efforts to commercialise nuclear fusion as a clean energy source.

Unlike fission, fusion produces no long-lived radioactive waste and cannot experience meltdown, resulting in a distinct risk profile that traditional nuclear insurance frameworks fail to address due to radiation exclusions.

NC Fusion will provide insurance capacity for projects throughout their lifecycle – from research and development to commercial rollout – ensuring that coverage evolves alongside technological maturity.

An emerging technology

Ben Kinder, chief underwriting officer at the recently launched Tokio Marine GX, said the initiative represented a proactive approach by the insurance industry to support emerging technologies.

”The insurance market has historically responded to innovation after it arrives,” he said.

“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.

”This is exactly what Tokio Marine GX was created to do – remove barriers to innovation, reduce market volatility and enable the energy transition at every stage of development.”

Gary Head, chief underwriting officer at Optio Group, added: ”Optio is proud to partner with Tokio Marine GX in support of Northcourt’s pioneering work and will continue to broaden the facility’s product suite as fusion technology advances.”