FM Global offers $300M climate mitigation credit to policyholdersPosted On: Aug. 8, 2022 2:14 PM CST
FM Global said Monday its policyholders collectively will receive up to $300 million as a credit to help them invest in climate mitigation.
The credit will be applied as a 5% premium offset against FM Global property policies with renewals or anniversaries between Oct. 1 this year and Sept. 30, 2023, the Johnston, Rhode Island-based mutual insurer said in a statement.
The amount will be calculated based on eligible in-force premium in effect 90 days prior to the renewal or anniversary date of the current policy, FM Global said.
The credit has the potential to help organizations reduce total loss expectancies related to wind, flood and wildfire exposure by more than $120 billion, according to FM Global data.
“With rising business disruption due to climate risk and companies increasingly focused on ESG strategies, the resilience credit is a potential game-changer for our clients, many of which are key contributors to the economy and society,” Malcolm Roberts, president and CEO, said in the statement.
FM Global also plans to introduce a suite of climate resilience solutions later this year designed to help its policyholders assess their exposures and prioritize risk improvement investments.