spRING 2011 GlobAl MARKETs INTERNATIoNAl - Willis

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sPeCIal ContIngenCy rIsks The nature of mining and exploration entails that employees will be located in remote and hazardous regions of the world. With the continued increase in demand for commodities, it is an unavoidable consequence for mining companies that to meet this demand, more and more employees will be exposed to the risks associated with working in these areas. During 2010, we have seen a number of Kidnap for Ransom (K&R) incidents reported in the world media involving employees from mining and exploration companies. Those working in extractive industries are considered targets not just because of the remote locations of work sites, but also due to resentment from local communities at perceived profiteering at the expense of indigenous people. This risk is compounded by a perception of wealth for those connected to large companies operating in this sector and the value of the product in which they deal. The market is unchanged since 2009 in terms of insurers offering K&R cover. Hiscox continues to be the dominant K&R insurer with a market share of approximately 60% followed by Chartis with an approximate market share of 20%. Both Travelers and QBE have increased their market shares with each market benefiting from having developed successful piracy products. 6 | Willis | Mining Market Review 2011 " durIng 2010 we HaVe seen a numBer of kIdnaP for ransom (k&r) InCIdents InVolVIng emPloyees from mInIng and exPloratIon ComPanIes" PReMiuM tReNds Throughout 2009/2010, premiums remained largely stable. Underwriters’ ratings for Latin America have been influenced by the growing trend in the number of Express Kidnaps. Both Mexico and Venezuela continue to show alarming numbers of kidnaps. However, this has been somewhat off-set by falling premiums from Colombia following reduced FARC activity. Pakistan has seen a 40% increase in the reported number of Kidnap for Ransom cases and, as such, has attracted higher premiums. The most significant market change has been the development of Piracy specific coverage and the continued threat posed to maritime clients operating in the Gulf of Aden, Indian Ocean, Malacca Straits, Nigerian coastal areas or in certain Latin American ports.
ContentIous regIons toP 20 CouNtRies iN aBsolute teRMs By NuMBeRs oF kidNaPs (Source: Control Risks As at 15 September 2010) 1. NigeRia 10. BRazil 2. veNezuela 11. keNya 3. MeXiCo 12. hoNduRas mexico . PakistaN 13. NePal . iNdia 1 . Malaysia 6. aFghaNistaN 1 . algeRia = BaNgladesh 7. iRaq 16. yeMeN . PhiliPPiNes 17. haiti 9. ColoMBia 1 . guateMala = eCuadoR Honduras Colombia ecuador Haiti Venezuela Brazil nigeria Iraq kenya afghanistan yemen Pakistan India nepal Bangladesh malaysia Philippines Latin America continues to be the area of most K&R activity, but Nigeria has moved up the rankings following the number of incidents carried out against Western oil and gas interests in the Niger Delta region. The number of kidnappings in Pakistan and India continues to increase, while the Philippines has made a reappearance in the top 10. " tHose workIng In extraCtIVe IndustrIes are ConsIdered targets due to resentment from loCal CommunItIes at PerCeIVed ProfIteerIng at tHe exPense of IndIgenous PeoPle" Willis | Mining Market Review 2011 | 7
Page 1: MINING MARKET REVIEW spRING 2011 Gl
Page 5 and 6: IntroduCtIon
Page 7: " tHe InsuranCe market remaIns tHe
Page 10 and 11: exClusIVe ProPerty damage/BusIness
Page 13 and 14: Isk management
Page 15 and 16: “ tHe ImPortanCe of qualIty rIsk
Page 17: Willis | Mining Market Review 2011
Page 20 and 21: ClaIms The mining claims service an
Page 23 and 24: ConstruCtIon
Page 25: The Mining industry will continue t
Page 28 and 29: dIreCtors and offICers CuRReNt tReN
Page 30 and 31: dIreCtors and offICers u.k. BRiBeRy
Page 33 and 34: lIaBIlIty
Page 35: “ tHere Is no questIon tHat safet
Page 38 and 39: marIne CaRgo In 2009 our message wa
Page 40 and 41: marIne CoMModity tRadiNg Perhaps mo
Page 43 and 44: sPeCIe
Page 45: " tHe return of demand and InCreasI
Page 50 and 51: sPeCIal ContIngenCy rIsks Risk Redu
Page 53 and 54: aCCIdent & HealtH
Page 55 and 56: ReCeNt eNhaNCeMeNts Increasingly, m
Page 60 and 61: PolItICal rIsks iNtRoduCtioN The Mi
Page 62 and 63: PolItICal rIsks soMe ReCeNt MiNiNg
Page 65 and 66: terrorIsm & PolItICal VIolenCe
Page 67: Democratic Republic of Congo (DRC):
Page 70 and 71: awaItIng IndonesIan HeadIng mInIng
Page 72 and 73: awaItIng IndonesIan HeadIng mInIng
Page 75 and 76: sustaInaBIlIty
Page 77 and 78: Who aRe the stakeholdeRs, aNd What
Page 79 and 80: iNteRNatioNal FoRCes The origin of
Page 84 and 85: InterVIew on m&a and rIsk managemen
Page 88 and 89: 6 | Willis | Mining Market Review 2
Page 93 and 94: dIsaster management
Page 95 and 96: When your HR people interview prosp
Page 97 and 98: When things go majorly wrong, organ
Page 99 and 100:
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