Over $3 billion in losses for the mining-insurance industry has resulted in a decrease of 30 percent of insurance capacity in the line, says a report from Willis Group Holdings.
According to the report, the mining-insurance market was hit by $2.7 billion in natural-catastrophe losses and more than 60 operational losses totaling $835 million, resulting in total losses of $3.5 billion.
Those losses prompted the 30 percent withdrawal of insurance capacity since the beginning of 2011.
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