Tokio Marine GX and Northcourt launch NC Fusion, Lloyd’s first insurance facility for nuclear fusion projects

Tokio Marine GX (TMGX) and specialist MGA Northcourt, part of the Optio Group, have introduced NC Fusion, the first insurance facility within the Lloyd’s market designed specifically for nuclear fusion technology.

The initiative establishes a clear insurance framework and capacity to support both the continued development and eventual commercialisation of fusion energy.

The facility aims to address a current gap in insurance coverage. Existing nuclear insurance products were created for fission-based systems and typically include exclusions related to radiation, leaving fusion’s distinct risk characteristics unaccounted for.

Fusion technology differs from fission in several ways—it does not produce long-term radioactive waste, cannot undergo a meltdown, and presents a different set of operational and technical risks that require tailored coverage solutions.

Recent collaborations between the UK and US governments, along with growing private investment, have accelerated the progress of fusion research toward potential commercial deployment. NC Fusion is designed to ensure that insurance capacity keeps pace with this technological progress, helping to prevent insurance limitations from slowing industry growth.

NC Fusion provides support for fusion projects at every stage, from early research and testing to eventual commercial-scale energy production. While most current projects remain in the development phase, the facility’s structure allows its coverage and capacity to expand as technology advances and projects move closer to commercial operation. This adaptable approach ensures insurance solutions remain aligned with the evolving needs of the fusion sector.

Ben Kinder, Chief Underwriting Officer of Tokio Marine GX, commented: “The insurance market has historically responded to innovation after it arrives. 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 TMGX 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, Optio Group, added: “Optio is proud to partner with TMGX in support of Northcourt’s pioneering work and will continue to broaden the facility’s product suite as fusion technology advances. This affirms Northcourt’s standing as a global leader in both fission and fusion energy insurance and further enhances its position at the forefront of breakthrough clean-energy risk solutions.”