Risk Management and Loss Control

The mining industry in common with the rest of Australian industry is in the critical situation of facing a rapidly diminishing insurance market. Huge industrial complexes and massive mining risks with limits of liability of millions upon millions of dollars are becoming increasingly difficult to insure. Insurance underwriters are still reeling from the financial shocks of cyclones, floods and fires in Australia over the past couple of years. Risk Management which calls for manage- ment involvement in the control of losses offers a serious challenge to miners, industrialists and insurance underwriters alike. Without it the insurance market could disappear altogether.