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FM Global said Tuesday its policyholders collectively will receive up to $350 million as a credit to help them invest in climate mitigation.
The resilience credit will be applied as a 5% premium offset against eligible FM Global policies with renewals or anniversaries between Oct. 1 this year and Sept. 30, 2024, the Johnston, Rhode Island insurer said in a statement.
The amount will be calculated based on eligible premium in effect 90 days prior to the renewal or anniversary date of the prior policy, FM Global said.
A $300 million credit allocated last year helped organizations implement mitigation efforts against wind, flood and wildfire that reduced the potential economic impact of those perils by up to $20 billion, FM Global said.
The insurer also introduced a suite of climate resilience products last year to help policyholders assess their exposures and prioritize investments in risk improvements.
“With the increasing frequency of disruptive events around the globe, our clients need the tools and resources to invest in risk mitigation,” FM Global President and CEO Malcolm Roberts said in a statement.