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Marsh’s Mining Market Update 2019

In 2018 there was an unusually high frequency of relatively severe insured loss events in the mining sector — compounded by further natural catastrophe loss events. There was increasing pressure by insurers upon rating, but the market remained vibrant, with no material reduction in capacity available to insurance buyers.

The latest Mining Market Update features market commentary from the key mining hubs of Australia, Canada, Latin America, South Africa, and the US, and in-depth analysis and commentary on current global insurance market conditions for mining risks.    

Key findings from the report include:

  • Mining sector property damage/business interruption (PDBI) losses exceeded US$647 million in 2018 – and a majority of mining companies experienced a modest rate increase.
  • PDBI capacity for mining risks reduced by a nominal amount in 2018 – but Casualty markets are poised for more significant change in 2019.
  • The Córrego do Feijão dam failure is at the forefront of underwriters’ minds, although no immediate restriction in PDBI capacity available for tailings dams has been seen.

This report highlights the need for clients to establish high-quality and independently reviewed risk management plans and to provide high-quality risk information, in relation to tailings risk in particular, in order to secure a satisfactory insurance renewal outcome in 2019.

Read or download the full market update now.

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“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”