Markel and Willis have launched a “first of its kind” nuclear power insurance facility under a partnership aiming to meet growing demand.

The offering is for plants in construction or operation, providing property damage and business interruption cover against nuclear and conventional exposures.

Clients can customise their policies, with options available on either a quota share or excess of loss basis.

Markel says the facility is a “credible addition” to traditional nuclear insurance offerings – which are often assembled from multiple markets – rather than displacing them.

“With renewed global momentum behind nuclear, driven by the transition to low-carbon energy and increasing demand from data centres and AI, the sector is entering a new phase of growth and demands a step change in how the insurance market responds,” Markel International London market MD Rohan Davies said.

“This joint facility with Willis is our answer to that: tailored, specialist capacity structured for the complexity of modern nuclear projects, built for an era when the stakes and the scale are higher than ever.”

More than 70 nuclear reactors are under construction worldwide, with another 100 in planning, according to the World Nuclear Association.

Markel and Willis say the collaboration should provide a model for the industry to explore partnerships that combine underwriting expertise with responsive capacity to assist nuclear sector clients and brokers.

“Our clients need reliable, comprehensive coverage backed by strong market relationships,” Willis natural resources global head Rupert Mackenzie said.

“We’re pleased to be working with an innovative insurer like Markel to launch a facility that provides a diversification option that addresses the scale and complexity of today’s nuclear facilities.”