(Image source: FM Global.)
Commercial property insurer FM Global (Johnston, R.I.) has launched Climate Change Impact Report, a proprietary tool to help its clients identify, understand and avoid risks as far in the future as 2050. In response to growing concern over the short and long-term impact of climate change, the Climate Change Impact Report combines client-specific engineering data gained on location with the latest climate science and modeling.
FM Global says the new tool will enable the insurer to provide clients with actionable insights to stay resilient in the near and distant future, prioritize risk improvement investments, and allow them to keep serving their clients, partners and communities in the face of extreme weather conditions.The Climate Change Impact Report identifies client-specific locations with the largest potential climate change impact due to risk from extreme rain, strong winds, heat waves, droughts and rising sea levels.
Malcolm Roberts, President and CEO, FM Global.
The reports cover two-time spans, short term up until 2030 and long term to 2050. The insurer characterizes the insights from the tool as confirming FM Global as a leader in loss prevention and business continuity and as an expert in mitigating climate-related risk.
“Climate change is clearly a major factor in decisions being made by business, organizations and communities about their future,” comments Malcolm Roberts, president and CEO, FM Global. “With our engineering expertise, cutting-edge research and access to high-level data, we have a responsibility to help our partners through this rapidly evolving landscape. The Climate Change Impact Report arms our clients with the insights needed to help them protect their facilities against future risks.
Loss and Disruption not Inevitable
“From hurricanes to rising sea levels, our clients need to be prepared and take steps to build resilience, taking action now for what the future might bring,” Roberts continues. “We believe this market-leading product will help businesses proactively plan for and defend against climate-related events. Loss and disruption are not inevitable. We are motivated by the ripple effect of climate resilience, which means businesses keep running, everyday services are provided and communities stay strong.”
This new tool is part of a suite of products designed to support FM Global clients in a world of changing climate. It complements the Climate Risk Report, which provides insight into current risks, the Climate Reporting Aid, which assists climate-related financial disclosures, and what the insurer calls a first-of-its kind resilience credit that provides US$300 million to help clients invest in climate resilience solutions. This, along with the recently announced US$800 million membership credit, amounts to over US$1 billion that FM Global is returning to its policyholders.
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