Natural Resources

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Industry Overview

Natural Resources

Evolving to Meet Urgent Challenges and New Expectations

Mounting geopolitical and societal pressure to tackle climate change weighs heavily on the natural resources industry, impacting all facets of strategy. Across the industry, organizations seek technical advances to support our transition to carbon neutrality, all while competing fiercely to attract and retain the talent required to make breakthroughs possible. Meanwhile, traditional concerns, including cyber, operational, and reputational risks remain as pertinent as ever.

In this environment, companies must adopt holistic risk management and workforce frameworks that cover both physical and human assets, take into account expanding environmental, social and governance (ESG) expectations, and reflect the industry’s rapidly rising insurance needs.

At Aon, our teams have deep experience across all segments of the natural resources industry—including alternative energy, chemicals, distribution, mining, oil and gas, power generation, renewables, and utilities. We leverage our understanding of the unique risks you face to conduct risk assessments, implement novel risk transfer solutions, provide claims advocacy, deliver tailored insurance programs to address evolving environmental liabilities, manage supply chain disruptions, support regulatory compliance, and build dynamic and resilient workforces.

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Top 5 Current Risks

According to our latest Global Risk Management Survey, the biggest risks facing the Natural Resources industry include:

  • 01

    Business Interruption

    Previously, companies planned for isolated events. But the risk landscape is now more interconnected than ever before.

  • 02

    Regulatory or Legislative Changes

    Uncertainty about upcoming regulatory changes affects business confidence, and companies active in multiple jurisdictions must track and comply with a wide variety of complex laws and regulations.

  • 03

    Commodity Price Risk or Scarcity of Materials

    The global commodity market continues to suffer from wild mood swings, often due to geopolitical volatility or extreme weather events.

  • 04

    Property Damage

    With extreme weather events amplifying this risk in certain geographies, property is becoming more challenging to insure.

  • 05

    Cyber Attack or Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

Better Decisions on Risk Capital and Human Capital for Renewables

Opportunities abound within the dynamic and rapidly evolving renewable energy sector. However, as the industry grows, so does the complexity of risks, from rising material costs and disrupted supply chains to threats from economic uncertainty and geopolitical instability. Developers are at the frontline of these interconnected headwinds, which are challenging the viability of traditional commercial strategies and protections.

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Better Decisions on Risk Capital and Human Capital for Renewables
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Reducing Finance Risks in a Fast-Moving Wind Energy Market

The renewable energy industry is facing unique headwinds, but there are opportunities to accelerate the role of European onshore and offshore wind power.

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