Dig Deep Navigating the Complex World of Mining Insurance - with James Fryer of Inigo
In this episode, we chat with James Fryer, an experienced mining underwriter for Inigo, who are global specialists in high-risk, high-capacity insurance and reinsurance lines – serving some of the world’s largest commercial and industrial enterprises including the mining and resources sector.
James explains more about the insurance industry, what mining companies could do better from a risk prospective, how insurance companies can improve their negative reputations, what are the current risk challenges in our industry, and what makes a good mining client from an insurance perspective.
KEY TAKEAWAYS
- It's crucial for mining companies to fully understand the details of their insurance policies, including what is covered and what is not. Misunderstandings often lead to conflicts during claims.
- Insurance for mining companies should be bespoke, as each mining operation has unique risks and challenges. Insurers work closely with mining companies to develop tailored insurance products that meet their specific needs.
- Insurance companies need to adopt a more proactive approach to risk management by learning from past losses and providing clarity in policy wording. This helps ensure that mining companies have certainty in their coverage when losses occur.
- The mining industry faces new risks due to technological advancements, such as automation and electrification. Insurers must adapt their policies to address these emerging risks while also leveraging technology for better risk assessment and monitoring.
- A successful partnership between mining companies and insurers is built on trust and transparency. Long-term relationships allow both parties to better understand each other's risks and needs, ultimately leading to more effective risk management and support during claims.
BEST MOMENTS
"Insurance is just another method of risk management. It's that transfer of risk from the company to a third party, in this case being the insurance company."
"Not every mine is the same. Our job is to work with insurance brokers and the mining companies to develop something that is suitable for them."
"Insurance is very reactive. There are those losses that will occur that a 60-page insurance wording contract just isn't able to respond to."
"The best insurance policy is one that you will never have to claim on because it means that you haven't had that financial loss."
VALUABLE RESOURCES
Mail: rob@mining-international.org
LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/
X: https://twitter.com/MiningRobTyson
YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast
Web: http://www.mining-international.org
This episode is sponsored by Hawcroft, leaders in property risk management since 1992. They offer:
- Insurance risk surveys recognised as an industry standard
- Construction risk reviews
- Asset criticality assessments and more
Working across over 600 sites globally, Hawcroft supports mining, processing, smelting, power, refining, ports, and rail operations. For bespoke property risk management services, visit www.hawcroft.com
GUEST SOCIALS
https://uk.linkedin.com/in/james-fryer-71177913
https://www.linkedin.com/company/mining-insurance-group/
ABOUT THE HOST
Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across the globe from first-world to third-world countries from Africa, Europe, the Middle East, Asia, and Australia. We source, headhunt, and discover new and top talent through a targeted approach and search methodology and have a proven track record in sourcing and positioning exceptional candidates into our clients' organisations in any mining discipline or level. Mining International provides a transparent, informative, and trusted consultancy service to our candidates and clients to help them develop their careers and business goals and objectives in this ever-changing marketplace.
CONTACT METHOD
https://www.linkedin.com/in/rob-tyson-3a26a68/
Podcast Description
Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.