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Willis reports that the mining market has softened at a ‘considerable rate’ this year. -
The sector also faces a potential $700mn loss from a fatal Indonesian mining catastrophe.
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Loss activity in the upstream market remains benign, adding to softening.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the downgrade.
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Executives also agreed that facilitisation is a structural market change.
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Innovation emerged as the critical target for attracting new business to London.
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The Aspen exec highlighted the London market’s long-standing reputation for innovation.
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Patrick Tiernan was addressing 400+ delegates at the London Market Conference.
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From top-line challenges to finding new ways to scale, 2025 has been a year of market shifts.
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Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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Brokers may encourage clients to capitalise on falling rates by boosting coverage.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
