Mining companies should use favourable insurance market conditions to strengthen risk management and resilience, according to Willis’ Mining Risk Review 2026.

The report finds that abundant capacity, insurer competition and strong profitability are driving rate reductions across major lines of mining insurance. Property placements are frequently oversubscribed, while global liability capacity has risen for an eighth consecutive year to more than US$1.2bn (£903m).

However, the sector faces growing exposure to interconnected risks, including geopolitical tensions, critical mineral supply-chain dependencies, climate-related disruption and cyber threats. The report identifies concentration risks in critical mineral processing and refining, logistics networks and specialist inputs as growing strategic concerns. Insurers are also paying closer attention to business interruption exposures, natural catastrophe resilience, asset valuations and the potential impact of tariffs, export controls and government intervention.

Cyber and operational technology risks are becoming increasingly significant as mining companies integrate IT systems with industrial controls, automation and AI. The resulting exposure makes cyber resilience a board-level issue, according to Willis.

Will Fremlin-Key, global mining and metals leader, Willis natural resources said: “Mining companies are enjoying some of the most favourable insurance market conditions seen in recent years, but resilience remains critical. Today’s risks are increasingly interconnected, whether that is geopolitical disruption, critical supply chain dependencies, extreme weather events or cyber threats.

“As risk profiles continue to evolve, the companies that are best positioned for long-term success will be those that can demonstrate not only that they have a deep understanding of their risks, but that they have the discipline, governance and adaptability to respond pro-actively to shifting conditions.”

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