Orano - Annual Activity Report 2025 69 RISK CONTROL AND VIGILANCE PLAN 3 Methodology: risk mapping and risk management Insurance covering the specific risks related to the activities of nuclear facility operators International nuclear liability law is distinct from general civil liability law in that the operator of the nuclear facility that caused the damage is exclusively and objectively liable. This no-fault liability has only rare exemptions. The operator of a nuclear facility is therefore required to compensate the victims for any nuclear damage (physical injury and property or financial damage) that they may have suffered. As such, the Orano group, in its capacity as a nuclear operator, must provide proof of a limited financial guarantee each year to its supervisory Ministry. This financial guarantee is formalized by the subscription and renewal of an ad hoc insurance policy. The operator’s liability is capped at 700 million euros per nuclear accident in a nuclear facility, at 70 million euros in a reducedrisk facility and at 80 million euros per nuclear accident during transport (Article L.591-1 et seq. of the French Environmental Code). The insurance contracts taken out by the group in order to meet these legal constraints benefit the group’s subsidiaries with nuclear operator status in the context of the operation of regulated nuclear facilities (INB) in France, as well as for nuclear transport activities. The group uses the insurance and reinsurance markets (nuclear pools) and specialized mutual insurance companies. Property damage insurance For property damage and business interruption insurance, Orano has implemented a risk prevention policy. This approach focuses on controlling industrial risks (prevention and protection) that could impact production assets and the overall business continuity of the group’s production plant. It offers recommendations, assessed economically and strategically, so that the sites achieve a sufficient level of control. Property and business interruption insurance for nuclear operations This policy covers material damage (nuclear and conventional) to property owned or leased by Orano at its nuclear facilities, such as buildings, immovable or movable fittings, equipment, tooling, supplies, inventories, as well as operating losses resulting from said material damage incurred by the nuclear facilities. Due to the nature of the damage likely to be caused to nuclear sites, this insurance coverage (in the same way as the nuclear civil liability policy) is only available from a limited number of insurance companies, from nuclear reassurance pools or specialized mutual insurance companies able to provide the appropriate guarantees. The amount of coverage for these insurance policies is determined based on the amount of capital to be insured, estimated at replacement value, and on an estimate of the maximum possible loss (MPL). Property and business interruption insurance for non-nuclear operations This policy covers material damage (conventional only) to property owned or leased by Orano such as buildings, immovable or movable fittings, equipment, tooling, supplies, inventories, as well as operating losses resulting from said material damage to so-called conventional sites. Moreover, mining activities are not covered by property and business interruption guarantees for the nuclear scope, but rather are covered by specific insurance policies controlled by Orano’s Insurance Department, in consultation with the various mining subsidiaries. The risk that the insurance policy terms and conditions for triggering a payout are not met or that the limits for this coverage are reached and thus that the policies are insufficient to fully cover the consequences of a claim, cannot, in principle, be ruled out. Nevertheless, the Insurance Department regularly carries out studies on the resizing of our insurance policies to best meet our risk profile. Participation in mutual insurance companies Orano SA is a member of the following mutual insurance companies set up by nuclear operators to offer an alternative to national nuclear insurance pools: ● ELINI (European Liability Insurance for the Nuclear Industry); ● EMANI (European Mutual Association for Nuclear Insurance); ● NIRA (Nuclear Industry Reinsurance Association); and ● Blue Re. The participation of these players in the placement of the Orano group’s insurance makes it possible to find the necessary guarantee capacities and control the cost of the group’s insurance programs. Other insurance coverage In view of Orano’s risk profile, the group takes out all the insurance cover required for its business activities (including cyber, all nuclear and non-nuclear worksite risks, ten-year civil liability, environmental liability, transported goods, car fleet, etc.). 3.2.2.2 Outlook and trends in 2026 The group has decided to organize insurance policy renewals in three major stages: ● on January 1, the group places financial and non-conventional policies; ● on April 1 and July 1, mainly nuclear policies. The insurance programs for the 2026 financial year for the entire group are being renewed amidst the development of the Orano group’s business. Although this environment will generate opportunities in our activities, it will involve mitigating risks and implementing appropriate insurance coverage.
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