2021 Mining Market Update

Big dump truck loading for transport minerals gold,Mining industrial at Thailand

This year’s Mining Market Update comes at the end of the third quarter of an unprecedented year with COVID-19 continuing to have a dramatic impact on all of us. Benefiting from a combination of global uncertainty, fiscal stimulation packages, and the transition to green technology, the mining industry is experiencing record prices for many commodities — a boon for the mining industry but presenting its own challenges to the insurance industry.

2021 has also seen the insurance industry return to profitability, yet it has been a dramatic year for climate-related catastrophe losses, the impact of which will only be felt by the insurance market as we head into 2022.

Marsh’s Mining Market Update analyses current global insurance market conditions for mining risks and includes market commentary from the key mining hubs of Australia, Canada, China, Latin America, South Africa, and the US.

This report highlights the continuing need for clients to provide the insurance market with a detailed, risk management-focused submission. Risk differentiation remains key to securing the most satisfactory insurance renewal outcome.

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.”

2021 Mining Market Update

Key findings from the report

The market’s return to profitability and the emergence of new capacity is leading to a reduction in renewal rate increases.

There have been rate increases of circa 10% for both property and casualty insurance markets in the first half of 2021.

Business interruption exposure is becoming increasingly significant.

New capacity available in the directors and officers (D&O) market has helped to stabilise the market.

Environmental, social, governance (ESG), and sustainability are beginning to have an impact on market decision making.