With its third resilience credit, FM will have allocated more than US$1 billion to help clients protect their purpose over the last three years
JOHNSTON, R.I., Oct. 24, 2024 /PRNewswire/ -- Commercial property insurer FM today announced its third resilience credit, bringing the total allocation to more than US$1 billion since the program's inception in 2022.
The recent catastrophic hurricane events in the southeastern United States highlight the importance of strengthening communities and helping businesses understand their risks and protect against natural hazards. Through today's announced allocation of approximately US$400 million and the previous resilience credits, eligible FM clients will have additional financial resources to protect their operations from the increasing frequency of extreme weather.
As a result of the previous resilience credits, FM clients increased implementation of recommendations made to protect against natural hazards such as wind, flood and wildfire, driving a potential reduction in economic impact of more than US$30 billion.
"The FM resilience credit highlights the essential role that mutual partnership plays with our clients in our work together to protect their purpose and drive risk out of their organization," said Malcolm Roberts, chairman and chief executive officer of FM. "The resilience credit represents a unique program in the industry, and we are proud to enable client investment in the resiliency and future of their operations."
Earlier this year, FM launched a Renewable Energy unit to help clients in the transition to alternative energy through research and innovation, and to support the overall advancement of the renewable energy industry. In addition to protecting against climate risk, FM is also encouraging eligible clients, as appropriate to their business, to leverage the resilience credit to support recommendations related to solar panels, wind farms or any other renewable energy installation or location.
The resilience credit will be applied as a 5% premium offset against eligible FM policies with renewals or anniversaries between Jan. 1, 2025, and Dec. 31, 2025, and will be calculated based on eligible premium in effect 90 days prior to the renewal or anniversary date of the prior policy.
About FM
Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world's largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
SOURCE FM
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