Insurance is and has been the most efficient tool for transferring risk for energy companies. It is the cost-effective way to replace capital, protect cash flow, facilitate financing and maintain investor confidence.
GrECo creates and delivers tailor-made risk management solutions to incumbent companies as well as to fast-growing entrepreneurial new entrants.
Understanding Your Risks
With increasing ESG scrutiny from investors and stakeholders, risk managers are being pressured to keep up with local and international legislation. With the addition of the pandemic risk, the industry’s risk management capacities are stretched to their limits. Looking forward, the changes that have started before the pandemic can only accelerate once this period is behind us. The main changes, energy transition, automation and accelerated innovation, will be the answers to help tackle climate change.
The energy transition requires planning, execution and a deep understanding of the new energy mix behaviour. It implies the unknown of new technology and increased collaboration between the stakeholders, the manufacturers, contractors and managers.
Companies are implementing more automation throughout the mine site. However, for one mining truck to run autonomously, a lot of work must be done upstream. More complex the solution, more departments must be working hand in hand. This results in complex risk management, as risk information must be addressed both horizontally and vertically.
Risks managers have to rethink how they understand and visualize risks in the sector and radically change their approach to risk management and adapt to new technology.
Providing Tailored Solutions
The insurance solutions are designed to cover the entire supply chain of mining operations, from extraction to processing including intermittent storage and transit. Furthermore, the mining companies face special risks such as precious metals transportation and valuable minerals transportation. Besides, the operations take place in politically volatile regions and therefore require special protection as regards the political risks and political violence.
This is how we classify our services and solutions to fit the specific demands of the individual industry sector:
Creating Added Value
Mining is no more a lagging industry regarding innovation but rather at the forefront. Massive capital has been deployed for new solutions implementation and once again, this results in new challenges for risks managers.
In order to face these challenges and profit from their positive outcomes, the industry needs to rely on solid partners that not only have a proven track record in mining but also into the new sectors gravitating around the mines of the future.
GrECo has a unique understanding of the mining sector and its inherent risks but has also specialists in Renewable energy, cybercrime, parametric solutions and construction. We build on the strength of our experience to help you implement solutions that are at the forefront of risk’s management solutions. Risks managers cannot afford to overlook any risks and they must rely on a partner that can help them step into the future.
Georg Winter offers some insights into his vision for GrECo. Interview was originally published in Lockton Global Partners Magazine.
In July, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.
Ante Banovac shares his thoughts about future risks facing the insurance industry and the state of the insurance market in Serbia, Slovenia and Croatia
Group Practice Leader Energy, Power and Mining
T +43 664 962 39 04