The established trend for a reduction in property insurance rates continues, with overcapacity having become the norm for all but the largest or most distressed mining risks. The latest edition of Bowring Marsh Mining Group Market Update provides an overview of property, casualty and terrorism insurance markets for the mining industry.
Key findings from the update:
Property damage and business interruption rates have continued to reduce in the mining sector since 2011.
Casualty rates in the mining sector have been flat overall with some price reductions available.
Despite some attritional losses in 2013, insurance rates for terrorism coverage in the mining sector have for the most part remained flat over the past three years.
For in-depth analysis of our observations within the international and regional marketplaces over the first six months of 2014, read our latest mining insurance market update.