Commercial property insurer FM Global has released a climate change report to address the growing impacts of climate change.
The Climate Change Impact Report identifies client-specific locations with the largest potential climate change impact due to risk from extreme rain, strong winds, heat waves, droughts and rising sea levels. It is part of a suite of products designed to support FM Global clients in a world of changing climate, including a first-of-its kind resilience credit that was announced last year to provide US$300 million to help clients invest in climate resilience solutions.
“Climate change is one of the most significant challenges facing our Australian and New Zealand clients. That's why we're committed to developing innovative solutions that help them better understand their climate risk and gives them actionable insights, so they can continue to do business and thrive,” said Andrew Stafford, operations senior vice president for Australia and New Zealand at FM Global.
FM Global's Climate Change Impact Report combines client-specific engineering data gained on location with the latest climate science and modelling. It aims to provide clients with insights to remain resilient; prioritise risk improvement investments; and help them serve their clients, partners, and communities even during extreme weather conditions.
The report identifies client-specific locations with the largest potential climate change impact due to risk from extreme rain, strong winds, heat waves, droughts, and rising sea levels. It covers two-time spans – short term up until 2030 and long term to 2050.
FM Global president and CEO Malcolm Roberts said the company's engineering expertise, cutting-edge research, and access to high-level data enable it to help its partners through a rapidly evolving landscape.
“Climate change is clearly a major factor in decisions being made by business, organisations, and communities about their future,” Roberts said. “The Climate Change Impact Report arms our clients with the insights needed to help them protect their facilities against future risks.
“From hurricanes to rising sea levels, our clients need to be prepared and take steps to build resilience, taking action now for what the future might bring. We believe this market-leading product will help businesses proactively plan for and defend against climate-related events. Loss and disruption are not inevitable. We are motivated by the ripple effect of climate resilience, which means businesses keep running, everyday services are provided, and communities stay strong.”
The Climate Change Impact Report complements FM Global's Climate Risk Report, which provided insight into current risks, and the Climate Reporting Aid, which assists climate-related financial disclosures.
