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How 2024 trends are impacting key geographies across the mining sector

WTW Mining Risk Review 2024

June 28, 2024

In this article from the 2024 Mining Risk Review, we examine regional trends impacting mining, focusing on ESG, natural catastrophes, and risk management to secure favorable insurance terms.
ESG and Sustainability

The intrinsic risks faced by individual mining companies in specific regions will vary, but key trends remain a constant around the world.

The energy transition narrative and continued focus on ESG for mining businesses continue to gather momentum, further fuelled by increasing severity and frequency of natural catastrophes. Mining companies are navigating the risk and reality of weather-related events, particularly in Australia, Latin America (LATAM) and South Africa.

This growing emphasis on renewable energy is increasing regulatory focus on environmental concerns and boosting demand for minerals. Mineral-rich regions are prime for investment, supported by political incentives that are on the horizon. Political risk and legislative changes will be under the spotlight in 2024 and into 2025.

(Re)insurers may have a more limited appetite globally for clients with specific risk exposures such as tailings, underground, and coal due to the higher inherent risks.

In depth: How 2024 mining market trends are playing out in critical geographies


In Asia, insurers are becoming more competitive and more willing to offer lead terms. Stabilized renewal capacity for key accounts is providing a more predictable environment for clients when renewing their insurance policies. Given the stable capacity in the mining sector, there's an anticipation of insurers continuing to offer compelling terms for target clients in the year ahead.

Clients should be mindful that while the outlook is positive, insurers may have a more limited appetite for clients with specific risk exposures such as tailings, underground, and coal due to the higher inherent risks and internal restrictive guidelines.


Intense rain has been a bit of a theme around Australia in the past 12 months, with a number of flood and weather-related claims on foot. Severe weather events are increasing in frequency and severity globally, fuelling the energy transition narrative and continued focus on ESG for mining businesses. However, although ESG remains a theme with underwriters, good ESG performance is yet to positively impact rates.

Global claims are impacting the local market, but capacity and local branch support from markets remain strong (with the exception of thermal coal risks).


The growing emphasis on renewable energy sources and increasing regulatory focus on environmental concerns are boosting demand for minerals such as copper. Since Latin America is well-known for abundant mineral resources, the region continues to attract substantial investment from both domestic and international mining firms. Investment appetite could thrive in the year ahead, with countries such as Chile, Argentina, and Bolivia potentially launching political incentives.

However, recent environmental disasters have fuelled opposition to mining activities, underscoring the importance of responsible mining practices.

South Africa

The South African mining property market is very competitive at present. Although there were substantial losses in the last quarter of 2023, the clients that suffered the losses have not been severely penalised at renewal in terms of deductibles or premiums.

Legislative changes – such as the Democratic Republic of Congo government and insurance sector regulator implementing a reinsurance facility for mining, oil and gas, and political violence risks – are aimed at tackling the issue of premium ‘evasion’ stemming from reinsurance arrangements in key sectors of the economy.


As insurers focus on ESG and the energy transition, they are looking at the mining industry as part of the solution, which is driving interest in expanding underwriting focus on this sector.

The Canadian property insurance market has stabilized throughout the past 12 months, and we have been seeing insurers offer rate reductions on top-tier accounts over the past quarter. With insurers responding to a mandate to grow premium, new capacity is entering the market both from incumbents looking to write new business and new markets entering the mining space.

To find out how regional trends are impacting the mining sector, please download the full article, below.


WTW offers insurance-related services through its appropriately licensed and authorised companies in each country in which WTW operates. For further authorisation and regulatory details about our WTW legal entities, operating in your country, please refer to our WTW website. It is a regulatory requirement for us to consider our local licensing requirements.


Natural Resources Industry Vertical Leader, North America, WTW

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