Mining Practice
INSURANCE MARKET UPDATE 2026
Mining remains a favourable market for buyers, with rate reductions and / or program enhancements secured over the last 12 months. This was driven by additional capacity from specialist markets and traditional property insurers looking to increase revenue writing mining business. We expect the soft market conditions to continue into 2026, but rate reductions may be more modest.
We secure optimal renewal results for our clients by implementing the below strategies and guiding them through each step of the process. By aligning technical detail with a compelling risk narrative and staying ahead of regulatory and market developments, we consistently deliver better pricing, broader coverage, and more resilient long‑term insurance programs. To contact a member of the team please see our contact page.
To secure the best results at renewal you should:
Engage brokers / markets early - Start renewal work well ahead of placement to align expectations, create competitive tension, and schedule insurer meetings / roadshows to “tell your story”
Develop a robust / comprehensive underwriting submission - Provide complete, current risk information i.e. latest risk engineering / survey reports, progress on recommendations, BI calculations, accurate valuations, and clear narratives on controls and improvements
Demonstrate credible ESG performance - Make ESG policies, KPIs, and board‑level oversight visible; be ready to address third‑party ESG ratings and disclose progress against commitments
Show strong governance of critical exposures— Global Industry Standard on Tailings Management (GISTM) - Proactively disclose Tailings Storage Facilities (TSF) design, monitoring, and governance; share updated TSF engineering reports to avoid exclusions / sub-limits and to unlock capacity
Use data and analytics to your advantage - Validate Business Interruption (BI) assumptions (including commodity price volatility), back‑test parametric triggers, quantify basis risk, and explain valuation methodologies