JOHNSTON, R.I., USA—FM Global has been named the best commercial property insurer “overall” as well as for “service” and “expertise,” in Business Insurancemagazine’s 2013 Buyers Choice Awards.
The magazine noted FM Global’s “approach is straightforward” and “set(s) it apart from its competitors. As far as FM Global is concerned, loss isn’t inevitable; it’s preventable. That attitude, backed by engineering service and research, helped make FM Global the Buyers Choice winner in this year’s commercial property insurance category.”
According to the magazine, the most important service attributes identified by commercial property insurance buyers were “demonstrating reliable customer service and responsiveness,” “timely claims payments” and “communicating effectively on key customer concerns and issues.” The most important expertise attributes cited were “possessing and leveraging deep knowledge of the buyer’s risk profile,” “maintaining a consistent approach to coverage lines and capacity” and “providing robust loss control expertise and services.” Nearly 300 insurance buyers participated in the research.
FM Global Executive Vice President Tom Lawson pointed out in an interview with the magazine that FM Global’s relationship with its clients has led to the highest client retention rate in the industry.
“Anybody can talk about their engineering service,” Lawson said. “We’ve been doing it for 178 years, and it’s backed up with 1,800 engineers and the industry’s largest research operation dedicated to loss-prevention technology.” Lawson added that as a mutual company, FM Global’s “focus is solely on our existing policyholders. They’re our owners. Unlike a stock company, there’s never a conflict between the needs of our clients and the needs of our owners. We only do one thing—property—so we can focus 100 percent of our time meeting their property needs.”
For nearly two centuries, many of the world’s largest organizations have turned to FM Global (www.fmglobal.com) to develop cost-effective property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. With clients in more than 130 countries, FM Global ranks #541 among FORTUNE magazine’s largest companies in America and is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings.