In the News

FM Global, one of the world’s largest commercial and industrial property insurers, has released new research on oxygen reduction systems, finding them a potentially adequate fire protection method for certain well-sealed, unoccupied spaces.

The horrifying inferno that engulfed Grenfell Tower in London last year has governments and authorities around the world racing to minimise the risk of such an event ever happening again. As a result, owners of buildings with multiple levels are experiencing increasing stress and uncertainty.

As the mining industry evolves, the role of the industry insurer has to evolve with it.

During a 20 year period, data from FM Global found that more than one-quarter of the company’s losses in that time related to mechanical breakdowns, while electrical breakdowns comprised a further 19 per cent.

At a time when the world of manufacturing is growing ever more connected to improve productivity and increase competitiveness, new opportunity brings with it a greater risk of loss.

The Insurance Council of Australia has collaborated with Engineers Australia and Fire Protection Association Australia on a protocol to identify and address inappropriate use of aluminium composite panels (ACP). The panels, some of which have a flammable core, have been blamed for a series of devastating fires in high-rise buildings across the world.

“We are cautiously optimistic about this new fire protection technology, provided the system is designed to the highest fire protection standards,” says FM Global vice president and research area director Sergey Dorofeev.

New protocol on aluminum composite panels, designed to help the industry and its clients deal with a rising risk, has been released.