Digging Deep: How Property Market Forces Are Driving Competition

In this article from the 2024 Mining Risk Review, we discuss how pressures are acting to maintain (re)insurer appetite and competition across the mining markets.

Headline losses — particularly in the final quarter of 2023 — countered the trend of profitability that was built in previous years, thanks to reductions in previous claims reserves. But other pressures have maintained a healthy appetite and competition across the mining markets.

The big picture:

• Severe losses were compounded by an aggregation of smaller losses
• Losses overturned the trend of profitability built in previous years
• Despite this, (re)insurers are competing for business, maintaining competitive pricing and increasing capacity