Broker Willis has highlighted a significantly softening international mining market in its latest Mining Market Review. The report said capacity for mining liability risks had increased for a third successive year and that premiums for mining property damage and business interruption insurance were seeing double-digit rate reductions.

The report shows that seismicity, whether natural or induced by commercial activity, was prompting underwriters to consider exclusions and stricter wordings. It said flood due to intense rainfall had the most impactful natural hazard.

William Fremlin-Key, global mining and metals leader at Willis, said: “The mining insurance market is ripe for optimisation, but success hinges on proactive risk management.

“Data-driven planning, strategic insurance spend, and early engagement with insurers are essential for firms looking to mitigate risks and capitalise on soft market conditions.”