Commercial property insurer FM has announced a $400m resilience credit to help clients invest in climate resilience measures.
This is the third resilience credit provided by the company, taking the total to more than $1bn since the programme’s inception in 2022.
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The move comes in response to the increasing frequency of extreme weather events such as the recent catastrophic hurricanes in the south-eastern US, and aims to strengthen community resilience and business continuity.
It builds on the $350m resilience credit announced in 2023 and a $300m credit in 2022.
The previous resilience credits have led to FM clients implementing protective measures against natural hazards such as wind, floods and wildfire, potentially reducing economic impacts by more than $30bn.
FM chairman and CEO Malcolm Roberts said: “The FM resilience credit highlights the essential role that mutual partnership plays with our clients in our work together to protect their purpose and drive risk out of their organisation.
“The resilience credit represents a unique programme in the industry, and we are proud to enable client investment in the resiliency and future of their operations.”
This year, FM also launched a renewable energy unit to further support clients transitioning to alternative energy sources.
The resilience credit, amounting to a 5% premium offset on eligible policies, is applicable for renewals between 1 January 2025 and 31 December 2025.
