FM Global policyholders are to receive $300m in what the company calls a ‘first of its kind’ offering to be known as a ‘resilience credit’.
According to the firm, the credit has the potential to help those organisations reduce total loss expectancies related to wind, flood, and wildfire exposure by more than $120bn which, in turn, can magnify their positive impact on customers, colleagues and communities.
The credit will be applied as a 5% premium offset against FM Global policies with renewals or anniversaries between Oct. 1, 2022, and Sept. 30, 2023, and will be calculated based on eligible in-force premium in effect 90 days prior to the renewal or anniversary date of the current policy.
Malcolm Roberts, president and chief executive officer, said: “With rising business disruption due to climate risk and companies increasingly focused on ESG strategies, the resilience credit is a potential game-changer for our clients, many of which are key contributors to the economy and society.
“This credit is made possible through our mutual ownership structure and risk engineering focus to support their business continuity and climate risk mitigation efforts.”
FM Global said it would also introduce a new suite of climate resilience solutions that can help clients assess climate risk exposures and prioritize their risk improvement investments.
