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Mining Risk Review 2023

A complex transition: meeting today’s mining risk management challenges

By Will Fremlin-Key | May 11, 2023

The 2023 Mining Risk Review looks at the mounting challenges facing the mining industry, particularly from a risk management perspective.
Climate|Medioambiental
Climate Risk and Resilience|ESG In Sight|Geopolitical Risk|Ukraine crisis

Just when we thought one global black swan event in the shape of COVID-19 was beginning to recede, along came another in the form of conflict in Europe. First and foremost our thoughts go out to all those affected by the conflict. Whilst the human element of the war is particularly distressing, almost all sectors have been affected in varying ways, and the mining industry is not alone regardless of location.

The relationship between energy security, climate transition, ESG, global inflationary pressures, commodity pricing and reputation has never been as complex, overlapping or relevant to miners than it is now. All these factors are having an impact on the availability and pricing of insurance.

The various headwinds facing the mining industry have created a challenging environment for miners to secure appropriate, necessary, and cost-effective cover. Analysis of any given miner’s ESG credentials is becoming an increasing pre-underwriting process. The importance of detailed and accurate information, coupled with brokers that have the expertise to articulate a client’s differentiators, will enable miners to navigate the evolving risk and insurance landscape.

The Mining Risk Review is one of a suite of publications that the WTW Natural Resources Global Line of Business publishes every year, focusing on the key industry developments and risk issues faced by our clients in each of our sectors (Oil & Gas, Power & Utilities, Renewables, Mining & Metals).

We hope you enjoy reading the Risk Review, and if you have any comments or would like to discuss any particular issues, we look forward to hearing from you.

The importance of detailed and accurate information, coupled with brokers that have the expertise to articulate a client’s differentiators, will enable miners to navigate the evolving risk and insurance landscape.”

Will Fremlin-Key | Global Head of Mining, Natural Resources
Download the full Review
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Mining Risk Review 2023 PDF 12.6 MB

Featured articles from the Review

  1. 01

    The age of ESG: the evolving role of the risk manager

    In this article Michael Morris from the Lundin Foundation shares his journey from sustainability to risk – and back to sustainability again.

  2. 02

    Geopolitical risks and the mining industry: looking beyond the Ukraine/Russia conflict

    In this article we look at the effects of the current geopolitical landscape on the mining industry.

  3. 03

    Copper: The core of the green revolution

    In this article we consider the role of copper in the energy transition.

  4. 04

    Reviewing insured values: how to maximize return on capital

    In this article we look at how statements of values can drive optimal business, insurance, and risk management decisions for mining companies.

  5. 05

    Property damage and business interruption: the development of a three tiered market

    In this article we look at the current property damage and business interruption insurance market.

  6. 06

    International liability: A change in cadence

    In this article we look at how current economic conditions have affected the international liability market.

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Global Head of Mining, Natural Resources
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