According to FM Global data, the credit has the potential to help those organizations reduce total loss expectancies related to wind, flood, and wildfire exposure by more than $120 billion, which, in turn, can magnify their positive impact on customers, colleagues, and communities.
"With rising business disruption due to climate risk and companies increasingly focused on ESG strategies," said Malcolm Roberts, president and CEO. "This credit is made possible by our mutual ownership structure and risk engineering focus to support their efforts to mitigate business continuity and climate risk."
In addition to the credit, FM Global will launch a new suite of climate resilience solutions later this year to assist clients in assessing climate risk exposures and prioritizing risk improvement investments. "When combined with the resilience credit, this new suite of tools represents a significant investment in helping to keep our clients' businesses going and growing strong," Roberts added.
The credit will be applied as a 5% premium offset against FM Global policies with renewals or anniversaries between October 1, 2022, and September 30, 2023, and will be calculated based on the eligible in-force premium in effect 90 days prior to the current policy's renewal or anniversary date.
About FM Global
FM Global, founded nearly two centuries ago, is a mutual insurance company whose capital, scientific research capability, and engineering expertise are solely dedicated to property risk management and client-owner resilience. Many of the world's largest organizations, including one out of every three Fortune 500 companies, are represented by these owners, who believe that the majority of property loss is preventable. They collaborate with FM Global to better understand the threats to their business continuity so that they can make cost-effective risk management decisions that combine property loss prevention with insurance protection.