FM Global, a Rhode Island-based insurance company, has been insuring mines for half a century. Now FM is putting that history work to identify the principles causes of mining industry losses and how to avoid them by using a sophisticated predictive analytics tool called multinomial ordinal regression.
The company currently insures over 300 mine sites worldwide, including a number of them in Canada. FM Global has compiled data on 400 recorded losses over a 20-year period. Those losses have cost the industry a staggering $2 billion.
“Our message is the same whether you’re in Canada, Africa or Australia,” says Michael Beaumont, account engineering group manager, FM Global Australia. “It’s important for people in the industry to understand the loss trends. There’s a number of interesting things in our data.”
Fire is currently one of the leading causes of losses and the incidence of fire related losses is growing. FM Global’s data reveals that, over the past five years, fires have been responsible for 27% of all losses and that is up from 21% in the company’s data base for a 20-year period.
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