Mining Risk Review 2023

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.