FM Global unveils new climate resilience tools

FM Global has this week unveiled two new climate resilience tools.

Its new Climate Risk Report scores each client organisation 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 and inherent risks.

The tool is based on billions of property-risk data points collected by FM Global from more than 60,000 engineering visits each year to client sites. The report is also underpinned by artificial intelligence, machine learning and predictive analytics.

Separately, 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.

“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.

“We are learning from our clients, and in particular from their chief sustainability officers, that this data is very valuable in completing these financial disclosures, and that data can be difficult and costly to obtain otherwise.”

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.

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