Insurance remains the foremost tool for mining companies to manage risk efficiently. It offers a cost-effective means to replenish capital, safeguard cash flow, enable financing, and uphold investor trust. We create and deliver tailormade risk management solutions to companies big and small, well established, and new to the scene.
With increasing ESG scrutiny from investors and stakeholders, risk managers are being pressured to keep up with local and international legislation. The mining industry’s risk management capacities are being stretched to their limit. Our expert team at GrECo is here to ease the pressure and assist you in addressing these ever-growing demands.
Looking forward, the main changes in energy transition, automation, and accelerated innovation, will be the answers to help tackle climate change. Yet, each comes with its own set of new risks and considerations.
Energy transition requires planning, execution, and a deep understanding of the behaviour of the new energy mix. It indicates the uncertainty surrounding emerging technology and the growing cooperation among stakeholders, including manufacturers, contractors, and managers.
Companies are increasingly implementing further automation throughout the mine site. However, for one mining truck to run autonomously, a lot of work must be done upstream. The more complex the solution, the greater number of departments which must work together. This results in complex risk management because risk information must be addressed both horizontally and vertically.
Risks managers are rethinking how they understand and visualise risks in the sector and radically changing their approach to risk management, as well as adapting to new technology. At GrECo, we strive to keep abreast of this evolving risk landscape so we can provide you with the best advice and innovative solutions.
Our insurance solutions are designed to cover the entire supply chain of mining operations, from extraction to processing, including intermittent storage and transit. Furthermore, mining companies face special risks such as precious metals and valuable minerals transportation. In addition, the operations take place in politically volatile regions and therefore require special protection because of increased political risks and violence.
Our services and solutions to fit the specific demands of the individual industry sector are classified as follows:
- Metals & ore mining (underground and open pit);
- Quarries;
- Metallurgical plants and smelters;
- Processing and enrichment plants;
- Cement plants.
We use our expertise to insure against your operational all-risks and business interruption risks, as well as risks arising from machinery and equipment faults and failure; cargo throughput and stock; construction and engineering risks; environmental and pollution legal liability insurance; workers compensation/employer’s liability; and reclamation bonds.
Mining is no longer an industry lagging in terms of innovation. Instead, it is at the forefront. Massive capital has been deployed for new solutions implementation and once again, this results in new challenges for risks managers. To face these challenges and profit from their positive outcomes, the industry needs to rely on solid partners that have not only a proven track record in mining but also into the new sectors gravitating around the mines of the future.
We have a unique understanding of the mining sector and its inherent risks and 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 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.
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Nathalie Vantieghem
Head of Industrial Risks
T +43 5 04 04 328