WTW’s global natural resources team offers risk management and broking solutions to clients in the following natural resources industries.
Upstream and downstream energy
Power and utilities
Renewable energy
Metals and mining
Over 400 natural resources specialists located in key locations across the globe help clients to lower their overall cost of risk through: delivery of industry insight, strong insurance market relationships and utilisation of in-depth technical resources.
The natural resources industries are renowned for their complex infrastructure and supply chains. This creates a unique set of risk management challenges, which demand specialist partners delivering effective risk solutions.
Our in-depth industry expertise enables us to offer advanced risk management strategies:
- Identifying your key risks.
- Establishing the most effective risk management strategy for your business. This will vary depending on your risk appetite and available capital.
- Getting the best risk transfer solutions through the global insurance markets.
Our global team has six core offerings:
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01
Insurance program design, negotiation and management
Each program is designed from the ground up and built specifically for your needs. We design and place sustainable insurance programs, leveraging our long-term relationships with insurers. We will always drive optimisation of program structure and market selection, seeking the best markets, terms, premiums and service levels. Our ability to advise extends across the full project life cycle, from the origination of new projects, through construction risks, to the operational phase of each project.
It is important that our clients are not overly dependent on any particular insurer. We regularly test these programs and develop alternative insurance capacity to ensure that our clients are not overly dependent on any particular insurer(s) and they benefit from market competition for their business.
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02
Risk engineering
Our engineering team offers a range of services including risk assessment and benchmarking, loss identification and qualification, and technical advice and consultancy.
We construct customized risk engineering programs to best serve client internal needs, in addition to insurance placement requirements.
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03
Risk and analytics
Natural resources companies expect an analytical approach to their risk transfer strategy and benefit from the services that we provide in this area.
Our analytics specialists offer diagnoses of exposures in real time and alternative solutions to manage emerging risks. Their expertise advances the ability of organizations to add more data and analytics into risk-related decision processes as well as improving certainty, building resilience and, ultimately, driving more effective management of overall risk costs.
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04
Benchmarking
Our clients are always looking to measure their policies, products, programs and strategies in comparison to standard measurements and peer organizations.
We have a wide range of insurance data available to provide invaluable reference points, helping to shape your risk management program. Our analysis can help determine where programs will benefit from changes while helping embed long-term enhancements.
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05
Contractual and regulatory reviews
The undertakings made when negotiating and entering into a contract are fundamental to the future risk program requirements. By involving our experts at an early stage we can help inform your contract negotiations and avoid costly commitments. Our understanding of clients’ contractual and regulatory obligations helps us implement correct risk transfer and mitigation strategies and provide additional certainty and accountability to the risk management process.
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06
Claims advocacy
We don’t outsource insurance claim functions to third parties, helping ensure that your claims are paid fully and quickly.
We provide complete administration solutions that support the needs of both participants and employers, with a focus on timely and accurate administration.
