ESG, Net Zero and recycling are likely to remain an integral part of regulation for insurance brands over the next few years. Then there’s risk pricing for things like Catastrophe events, flooding or wildfires, which may be partially affected by climate changes locally. So it pays to get as much predictive info as possible. Here’s the word from FM Global;
Commercial property insurer FM Global has launched its 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 modelling. It will allow FM Global to provide clients with actionable insights to stay resilient in the near and distant future, prioritise 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. The reports cover two-time spans, short term up until 2030 and long term to 2050. This unparalleled and unique insight confirms 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, organisations and communities about their future,” said Malcolm Roberts, president and chief executive officer. “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.
This exciting 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 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 their policyholders.
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