FM Global to issue $800M in credits upon renewalPosted On: Apr. 28, 2023 8:54 AM CST
FM Global will issue $800 million in membership credits to eligible policyholders that renew, the Johnston, Rhode Island-based property insurer said Friday.
The credit will be based on the length of time a policyholder has been with FM Global and their premium, the insurer said in a statement. It will apply to policy renewals beginning June 30, 2023, through June 29, 2024.
Policyholders that have been with FM Global for less than five consecutive years will be eligible for a 5% credit on renewal, those that have been with the insurer for five to 20 years will be eligible for a 10% credit and those with 20 or more years with FM Global will be eligible for 15%.
The premium credit program began in 2001 and since then the insurer has paid out more than $5 billion in credits, including a $600 million membership credit announced in 2021 for renewals between January and December last year.
Credits are applied as an offset against premium at a policyholder’s renewal or anniversary date.
Malcolm Roberts, president and CEO, said in a statement: “Our leading research, data and engineering expertise provides our clients with actionable risk mitigation recommendations. This allows our client-owners to be proactive and take the right steps to protect their business and purpose.”