An in-depth overview of the mining insurance landscape in 2023 and H1 of 2024

Authors: Annelie Noble Florence Fletcher

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In 2023, the mining insurance market experienced significant volatility during the treaty renewal season, leading to continued rate increases, reduced capacity, and higher carrier retentions.

In 2024, the market has stabilised somewhat, with rate increases averaging around 5%. Carriers are focusing on well-managed accounts for growth opportunities while maintaining profitability.

In our Mining Insurance Market Update, we provide an in-depth overview of the mining insurance landscape in 2023 and H1 of 2024, an outlook for the rest of the year, as well as insights on:

  • Coal
  • Directors’ & Officers’
  • General Liability
  • Strikes, Riots, Civil Commotion and Terrorism
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Disclaimer

The sole purpose of this article is to provide guidance on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.

Arthur J. Gallagher Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909. FP569-2024. Exp 17.04.2025