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Mining Risk Review 2020

Managing the transition

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COVID 19 Coronavirus

By Robin Somerville | September 15, 2020

With the transition of fossil fuels to renewables, energy transition is going to be key for miners.

Of course, the global demand for minerals will remain during this energy transition, but the risk landscape of the mining industry is likely to undergo radical changes in the process. Mining companies need to know:

  • how the energy transition is going to affect their industry
  • why climate change is already transforming their industry risk landscape
  • which ESG pressures resulting from the rise of automation and innovation are going to affect the industry in the future
  • how risk managers can play a strategic role in developing their company’s response to this transition

Part One

  • Margaret-Ann Splawn, who is a climate policy finance and investment consultant, sets the scene with a detailed analysis of how climate risk is impacting the mining industry
  • WTW head of Mining for Canada, Katrin Hayduk, examines how ESG pressures are affecting the rise of automation and innovation in the industry
  • Our experts from the Willis Research Network show how mining industry risk managers have a vital strategic role to play in quantifying climate change risk, as well as improving their company’s ESG footprint.

Part Two

  • Responding to the challenging global insurance market conditions, Matthew Frost, Natural Resources Regional head for Australasia, outlines the steps that mining companies should take to ensure the creation of an optimal risk financing strategy.
  • As geopolitical tensions around the world intensify, the Willis Research Network’s Lucy Stanbrough describes the process by which mining companies can more accurately identify, manage and transfer their geopolitical risk more effectively.
  • As the threat of cyber-attacks on the mining industry looms ever larger, Myles Milner outlines the latest developments in this critical sector and the options open to miners to rise to this significant challenge to their business.

Part Three

Conditions in the global insurance markets continue to deteriorate significantly from a buyer perspective. We have not experienced a truly hard insurance market for many years and there is no denying that the effects on risk management budgets will continue to be profound for a while. In Part Three of the Review we have included market analyses for the Property, Liability and Directors & Officers’ sectors, as well as including contributions from the Australian, Chinese and South African markets.

As ever, we very much hope you enjoy reading the Review and would welcome any comments or questions that you may have.

Read the Mining Risk Review 2020

 

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Business Development Director for Willis Towers Watson Natural Resources P&C

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