At this year’s Insurance Insider Honours Awards, Howden Broking Group and Argo International were awarded the Underwriting Initiative of the Year for the development and launch of Minero, which provides a unique risk management solution for the mining industry.
This prestigious annual award is conferred in recognition of an initiative which has broken boundaries in terms of innovation and increased the size and scope of the market. After a pilot launch, the product already covers 8,500 miners.
David Howden, CEO, Hyperion Insurance Group said: “This is a fantastic example of how someone with a good idea can change the way an industry looks at its risks."
Development of Minero began in the aftermath of the rescue efforts following the 2010 Copiapó mining accident in Chile. This event which cost over US$23 million and had an estimated global audience of 1bn exposed a gap in the market and presented an opportunity to set new standards in the mining industry. It also highlighted the need for a product which could mitigate against the cost of rescuing trapped miners, and the potential reputational damage a mining company could face during a rescue operation.
The product is a true cross-class solution which challenged the status quo, having previously been declined across traditional insurance product silos.
Developed initially to focus on Latin America’s mining sector, Minero was launched in May 2013.