Commercial property insurer FM Global is looking to expand its boiler and machinery engineering team.

This year FM Global intends to recruit more than 60 seasoned engineers particularly for boiler and machinery-related risks – bringing the number of its engineers dedicated exclusively to major equipment such as boilers, turbines, generators, transformers, chemical vessels, compressors, and pulp-and-paper processing machines to over 250.

The growing unit will focus on risk improvement priorities such as serving new industries; adding new risk assessment metrics; and broadening the industrial control systems service.

“Equipment breakdown is now rivalling fire losses in frequency and severity, which puts businesses at risk of short-term disruption and long-term financial harm,” noted Brion Callori, senior vice president of engineering and research at FM Global.

According to FM Global’s gross loss dollar amount, equipment breakdown accounts for 28% of losses across all industries.

Callori added: “We’ve invested a lot of resources in analysing equipment risk, improving our predictive capabilities, and assessing risk at client locations. By expanding our team, we’re deepening our commitment to boiler and machinery loss prevention to benefit our clients.”

As for FM Global’s wider group of loss prevention engineers and scientists, the total headcount is now approaching 1,900.