Willis urges mining sector to take advantage of favourable market conditions to improve resilience
Willis, a WTW (WTW) business, published its Mining Risk Review 2026, urging miners to review insurance programmes amid buyer-friendly conditions.
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Willis, a WTW (WTW) business, published its Mining Risk Review 2026, urging miners to review insurance programmes amid buyer-friendly conditions. Willis describes abundant capacity and competition as drivers of lower rates, with global liability capacity exceeding US$1.2 billion after eight consecutive years of increases. The review also highlights interconnected supply chain, cyber and climate risks, alongside continued scrutiny of tailings storage facilities.
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LONDON, Oct. 28, 2026 (GLOBE NEWSWIRE) -- The global insurance market for the mining sector remains highly favourable for buyers, with abundant capacity, sustained competition among insurers and continued downward pressure on rates, according to the latest Mining Risk Review 2026 from Willis, a WTW business (NASDAQ: WTW). Demand for critical minerals is accelerating, which has led to robust prices across a range of commodities, prompting miners to invest in new projects, partnerships and technologies. At the same time, they are facing a rapidly evolving risk environment that demands a renewed focus on resilience and long-term risk management.
Now is the time for mining companies to optimise insurance programmes and prepare for future market shifts: geopolitical tensions, critical mineral supply chain dependencies, climate-related disruptions, cyber threats and heightened stakeholder expectations are all creating new vulnerabilities across the sector. Risks that were once considered isolated are becoming increasingly interconnected, with disruption in one part of a system often having consequences far beyond its original source.
Key findings from the report include:
- Mining insurance market conditions remain highly favourable, with strong insurer profitability, abundant capacity and intense competition continuing to drive rate reductions across major lines of coverage. Property placements are frequently oversubscribed, while liability capacity has increased for an eighth consecutive year and now exceeds US
$1.2 billion globally. - Supply chain resilience has emerged as a strategic risk priority. The report highlights growing concentration risks in critical mineral refining, processing infrastructure, logistics networks and specialist inputs.
- Responsible mining can be an insurance advantage. Underwriters are increasingly examining evidence from initiatives such as the Global Industry Standard on Tailings Management (GISTM) and other responsible mining frameworks to better understand exposure, control effectiveness and recovery assumptions.
- Tailings governance remains a defining underwriting issue. While insurer appetite has improved for well-managed facilities, tailings storage facilities continue to attract intense scrutiny across both property and liability markets, with strong governance, engineering oversight and transparency remaining essential.
- Cyber and operational technology risks continue to grow. Increased integration between IT, operational technology, automation, connected systems and AI is expanding the potential impact of cyber incidents on mining operations, elevating cyber resilience to a boardroom priority.
- Geopolitical and climate-related risks are influencing underwriting decisions globally. Insurers are increasingly focused on supply chain dependencies, business interruption exposures, natural catastrophe resilience, valuation adequacy and the potential effects of government intervention, tariffs and export controls on mining operations.
Regional trends highlighted in the report include continued property market softening in North America, growing interest in expanding operations in Canada and Latin America, sustained insurer profitability and strong competition in South Africa, increasing scrutiny of supply chain disruption risks across Asia, and ongoing buyer-friendly conditions throughout Australia and the Pacific region
Will Fremlin-Key, global mining and metals leader, Willis natural resources said: “Mining companies are enjoying some of the most favourable insurance market conditions seen in recent years, but resilience remains critical. Today's risks are increasingly interconnected, whether that is geopolitical disruption, critical supply chain dependencies, extreme weather events or cyber threats. As risk profiles continue to evolve, the companies that are best positioned for long-term success will be those that can demonstrate not only that they have a deep understanding of their risks, but that they have the discipline, governance and adaptability to respond pro-actively to shifting conditions.
The report can be downloaded here.
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Media contact
Lauren David:
Lauren.david@wtwco.com
