Natural Resources

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 Future Risks

Looking ahead to 2024, predicted risks for the natural resources industry include:

  • 01

    Commodity Price Risk / Scarcity of Materials

    The global commodity market continues to suffer from wild mood swings following the pandemic.

  • 02

    Business Interruption

    Previously, clients planned for isolated events. We now know business interruption can be systemic across an entire organization.

  • 03

    Cyber Attacks / Data Breach

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

  • 04

    Accelerated Rates of Change in Market Factors

    As risks become more complex and interconnected, organizations must find new ways to achieve operational and workforce resilience.

  • 05

    Climate Change

    Climate change brings a multitude of challenges to organizations, ranging from expanded ESG commitments to reputational risks to weather-related disruption.

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