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Business Interruption
Previously, companies planned for isolated events. But the risk landscape is now more interconnected than ever before.
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.
Top 5 Current Risks
According to our latest Global Risk Management Survey, the biggest risks facing the Natural Resources industry include:
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.
More Insights
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Article 17 mins
How Insurance Helps Unlock Capital for Hydrogen Projects Amid Financing Pressures
Funding challenges due to macroeconomic factors have prevented several green and blue hydrogen projects from getting off the ground. Organizations facing hurdles in accessing capital can work with risk and insurance experts to expedite projects and help make the promise of hydrogen a reality.
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Article 6 mins
Leading the Biofuels Transition: Risk Strategies to Cut Through Complexity
Companies aiming to be a net-zero company may face many challenges during the biofuels transition. Read more on risk strategies to cut through complexity.
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Article 11 mins
Enhancing Cyber Resilience in the Renewables Sector
Renewable energy is critical to meet net-zero targets, but as the industry grows, so do cyber attack surfaces. Learn how to prepare for emerging threats and support long-term ambitions.
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Article 3 mins
Better Decisions in Trade, Technology, Weather and Workforce
From global supply chain risks to climate insecurity, organizations face challenges and complexities on a scale rarely seen before.
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Article 3 mins
Risk Capital and Human Capital Perspectives
Risk Capital CEO Andy Marcell and Human Capital CEO Lambros Lambrou discuss how innovations in Risk Capital and Human Capital can help organizations boost resilience and navigate volatility.
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Article 8 mins
Energy Transition Investments: How Advanced Analytics Can Empower Organizations
Advanced analytics can empower organizations with deeper insights into the risks and opportunities surrounding renewables, while also supporting energy transition investment.
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Article 9 mins
Floating Offshore Wind Unlocks New Opportunities and Challenges
While there are similarities in the risk profile of floating offshore wind and bottom-fixed offshore wind, challenges like unproven technology and tow-to-port strategies for maintenance require a collaborative approach between owners/developers and their insurance partners.
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Article 11 mins
Capturing Carbon on the Critical Pathway to Net Zero
As the world races to reduce climate risks and limit CO<sub>2</sub> emissions, the demand for scalable and cost-effective decarbonization technologies is increasing. Carbon capture projects form an important part of the low carbon energy transition, bringing both challenges and opportunities.
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Article 11 mins
Securing Human Capital in Natural Resources
As new job roles and technologies emerge in the natural resources industry, employee expectations are also shifting. Leaders must rise to the challenge of securing talent to meet the world’s future energy needs.
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Article 9 mins
How to Navigate Contractor Shortages in the Energy and Power Industries
Taking a new approach to talent management and planning for worker shortages can help businesses in the energy and power industries build greater operational resilience.
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Article 7 mins
On Aon Insights: Biodiversity and Institutional Investments
Host and chief marketing officer, Reinsurance Solutions, Alexandra Lewis, is joined by UK Investment Partner at Aon, Jennifer O’Neill, for insights into the critical role that biodiversity plays in planning for the future.
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Article 11 mins
Top Risks Facing Natural Resources Organizations
Natural Resources industry respondents to our Global Risk Management Survey (GRMS) ranked business interruption and regulatory or legislative changes as their two most critical risks.
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Article 14 mins
Building a Resilient Workforce That Steers Organizational Success | An Outlook Across Industries
Protecting and sustaining businesses in food, agribusiness and beverage, financial institutions, life sciences and renewables require a resilient workforce. Organizations must consider the skills, capabilities, agility and wellbeing of their people to achieve a productive and healthy workforce.
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Article 6 mins
Protect and Grow: An Integrated Approach to Tackling Global Volatility
In today’s increasingly volatile global economy, business leaders are focusing on two key areas of decision-making: Risk Capital and Human Capital.
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Article 7 mins
COVID-19 has Permanently Changed the Way We Think About Wellbeing
Aon’s 2022–2023 Global Wellbeing Survey explores what employers around the world are doing to support the needs of today’s workforce.
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Article 7 mins
ESG Data: How Businesses Can Use Data to Gain an Edge
To make the most out of their ESG data, companies can draw on different approaches to benchmarking and increase their attention to governance.
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Article 13 mins
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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Article 7 mins
Catastrophes and Coverage: What 2022 Can Teach Us About Climate Risk
The impact of climate change on businesses, insurers, and communities can provide insight on how to mitigate the risks associated with extreme weather events.
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Article 12 mins
A Guide to Preparing for Greater Climate Disclosure in 2023
Climate disclosure requirements will increase globally in 2023. Use this guide in preparation to reduce risk and attract investors.
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Article 6 mins
How Will a Recession Impact the Great Resignation And Quiet Quitting?
A new phenomenon in which employees become disengaged — 'quiet quitting' — is drawing increasing interest.
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Article 7 mins
Tackling Climate Change by Investing in Biodiversity
By investing in biodiversity alongside other climate strategies, companies can find new opportunities and manage risk.
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Article 7 mins
Retaining Talent in a Job-Hopping World
A record number of workers are quitting jobs and changing companies — or thinking about it. How can employers retain talent in today’s competitive market?
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Article 9 mins
Make Way For The Middle Market: An Economic Growth Engine
Middle-market businesses — companies with $10 million to $1 billion in annual revenue — play a vital role in driving global economic growth.
