Axa XL Joins Nemo to Address Insurance for Nuclear-Powered Shipping
Axa XL emphasizes the need for bespoke insurance solutions for nuclear-powered ships, stressing the role of government support and collaboration with the Nuclear Energy Maritime Organization (Nemo). The International Maritime Organization (IMO) aims for nuclear code finalization by 2030, while existing regulations are seen as fragmented. Axa XL's commitment includes promoting nuclear integration in maritime operations and addressing the associated risks and insurance challenges.
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Axa XL has joined the Nuclear Energy Maritime Organization (Nemo) to address the unique insurance needs for nuclear-powered ships, which are expected to require bespoke coverage due to high liability risks. The International Maritime Organization (IMO) plans to finalize a revised nuclear code for ships by 2030, with other milestones for safety regulations in 2028 and 2029.
The company recognizes nuclear energy as a long-term solution for decarbonizing shipping, although the adoption timeline may extend over the next decade. Collaboration among stakeholders is essential to establish a supportive regulatory framework and mitigate risks associated with nuclear technology in maritime operations.
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