As many industries grapple with the economic and commercial disruption of the COVID-19 pandemic, FM Global, one of the world’s largest commercial property insurers, is offering key advice for risk and insurance managers for an effective renewal process with their commercial property insurer, to help meet the challenges posed by the changing market conditions.
“We have seen COVID-19 exacerbate a number of trends that were already contributing to a hardening of the commercial property insurance market, including various regulatory changes as well as the sector’s desire to return to profitability,” said James Galloway, executive vice president at FM Global.
“In light of the pandemic, the value of investing in risk mitigation should be more apparent than ever. Resilient businesses are more likely to prevent property loss from occurring in the first place and recover more swiftly should a loss occur. Additionally, risk selection continues to define a disciplined market and appropriate risk management investments could affect rates offered by insurers,” he added.
Risk and insurance managers approaching commercial property insurance renewals in these hard market conditions should look to the following advice to support the best possible outcomes:
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.