New products and services

FM Global has introducing two new climate resilience products: the FM Global Climate Risk Report and the FM Global Climate Reporting Aid. Both are available to FM Global clients to help them manage climate resilience in their organization.

Climate-related losses at commercial properties with the highest climate risk are 30 times more likely to occur and be 180 times more severe than at properties with the lowest climate resilience, according to FM Global research.

“We’ve analysed losses from climate risk and the value of climate resilience,” said Randall E. Hodge, executive vice president, staff insurance operations, at FM Global. “These new climate resilience products provide our clients with informed guidance from which they can prioritise their climate-risk-mitigation investments, ultimately leading to a more resilient tomorrow.”

The Climate Risk Report

The Climate Risk Report scores each client organization based on the actions they have taken to address climate risk and their unique exposure to events like flood, windstorms, hail and wildfire. A client’s score is based on both actionable risks - those that can be mitigated by actions like installing flood barriers - and inherent risks, such as exposure to extreme weather. This information helps CEOs, CFOs, chief sustainability officers, risk managers and other business leaders prioritise their most critical investments in climate resilience.

The Climate Risk Report is based on billions of property-risk data points FM Global has collected in more than 60,000 engineering visits each year to client sites. The report is also underpinned by artificial intelligence, machine learning and predictive analytics to help clients prioritise their risk improvement efforts.

The Climate Reporting Aid

The second new product, the Climate Reporting Aid, is a guide that helps clients disclose acute and chronic climate-related financial risks to investors and the public, according to widely-adopted frameworks like the international Task Force on Climate-related Financial Disclosures (TCFD), consisting of representatives from across the G20.

Climate risk disclosure is an integral component of reporting on environmental, social and governance (ESG) factors, a pressing responsibility for global organizations. Data from a custom Climate Risk Report can support reporting on climate-related opportunities and planned actions toward greater climate resilience.

The Climate Risk Report and Climate Reporting Aid also will be provided to policyholders of AFM, FM Global’s middle-market business unit.

More details.

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