Although FM Global, for nearly two centuries, has constantly found new ways to make clients resilient, rarely has its diligence gained such recognition as it has this month, when the commercial property insurer won three awards spotlighting its innovative work.
This week, FM Global won an award for Systemic Risk Solution of the Year at the European Risk Management Awards for its approach to helping clients build climate resilience strategies. The award, selected by senior executives in risk management and corporate performance, highlights “innovation” and “creative thinking” among other practices. The honor recognized FM Global’s collaboration with a manufacturing client that was facing a constant flood risk: six inches of water could cost the company GBP£50 million in losses. A special FM Global team used geographic information system tools and hydraulic models to define the flood exposure. The team oversaw the implementation of a flood-protection solution and collaborated on an emergency plan. FM Global also helped the client evaluate sites for new factories in the context of their climate risk. The client was able to eliminate exposures and adapt to the changing climate while reducing construction and future maintenance costs, all based on FM Global’s engineering-based approach to climate resilience.
On Dec. 9, FM Global won a gold award at the 2021 Insurance Times Awards in London for Insurer Innovation of the Year. Selected by a panel of insurance industry luminaries, the win acknowledged the company’s Remote Servicing app, which allows FM Global engineers to conduct virtual walk-throughs of client facilities—a necessity during the pandemic lockdown. Through Remote Servicing, FM Global has been able to conduct more than 15,000 remote visits of client facilities. These visits have resulted in over 11,000 risk improvement recommendations being completed by clients, mitigating over US$85 billion of potential loss exposure.
A week earlier, FM Global’s online Hurricane, Typhoon and Cyclone Resilience Center microsite was selected by National Underwriter Property Casualty 360 for a 2021 Risk Management Innovation award. FM Global’s entry was among nearly 180 judged by a diverse panel of the publication’s newsroom leaders. “This educational resource has helped thousands of global business leaders think more deeply about catastrophic preparedness,” the publication wrote of the Center. “By making decisions about what preparations to take in advance of an upcoming hurricane, visitors more thoroughly understand the risk. At the end, they receive actionable steps for risk mitigation.” The Center employs dramatic video, industry factoids, and an interactive quiz to captivate visitors. For more information on managing climate-related risk, visit www.fmglobal.com/nathaz.
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 organizations, 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.