CAPE TOWN, South Africa, Feb 06, 2012 (BUSINESS WIRE) -- In 2011, the mining insurance market was not only hit by $2.7 billion in natural catastrophe losses, but over 60 operational losses totaling $835 million.
The $3.5 billion total estimate of losses facing mining insurers has prompted a 30 percent withdrawal in insurance capacity since the start of 2011. This is according to the latest Mining Market Review released today by Willis Group Holdings plc (WSH) , the global insurance broker.
The report, published to coincide with this week's annual African Mining Indaba in Cape Town, a conference held for natural resource professionals, estimates that the current global capacity available to mining Property
Willis' report identified resource nationalism, natural catastrophe exposure, and supply chain disruption and globalisation, as the three biggest risks facing mining companies:
-- Resource nationalism and punitive taxation regimes are no longer only an issue in emerging markets, noted Willis, with "developed countries (notably the United States, Australia and Canada) increasingly adopting resource nationalist policies that include the blocking of Chinese investments and the tightening of fiscal regimes in the extractive sectors". The report includes a chapter on the myths and realities of resource nationalism by global analysis and advisory firm, Oxford Analytica.
-- The huge impact of the Japanese earthquake and tsunami, the Christchurch earthquakes, the Queensland floods, earthquakes in Papua New Guinea, the weather events and floods in Brazil and South Africa all served to reinforce the threat to the mining sector posed by natural catastrophe events.
Source :marketwatch.com
Tags: insurance,mining,natural disaster
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