News Release Archive

COVID-19, bushfires and floods. Businesses in Australia have had a lot to contend with this year. Yet, despite climate risk simmering in the background for APAC based businesses, more than half (58%) of the 100 APAC senior executives surveyed admit their companies are not fully prepared to address the adverse financial impact of climate risk.

ESL contributions are to increase by 21% from $898m in the 2019-2020 financial year to $1,090m in 2020-2021. Budget increases are to fund workers compensation reforms that allow for benefits to be payable to firefighters diagnosed with prescribed cancers, as well as increased expenditure in Rural Fire Services (RFS) capabilities. FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 37% will need to be applied to all assessable NSW premium effective 30 JUN 2020.

SYDNEY, AUSTRALIA - Australia has been found to possess a strong foundation for a robust post-pandemic business recovery - featuring among the top-ranked countries in the 2020 FM Global Resilience Index.

FM Global is making pandemic relief donations totaling US$1 million worldwide in the communities where its employees work and live. The company will contribute US$50,000 (AU$75,000) to local nonprofit organisations chosen by each of FM Global’s 20 operations offices around the world.

Fitch has affirmed commercial property insurer FM Global’s ‘AA’ (Very Strong) financial strength rating with a “Stable” outlook, following an analysis to gauge how resilient insurers’ balance sheets are to weathering the coronavirus.

As distracted corporate executives close offices and facilities to reduce COVID-19 spread, other worrisome risks are emerging at these now-idle facilities

In the latest financial reports available to us the industry premium pool reported higher than expected premium growth. In light of a larger market size, FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 27% will need to be applied to all assessable NSW premium effective 30 MAR 2020.

In light of a bigger premium pool base, FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 29% will need to be applied to all assessable NSW premium effective 15 FEB 2020. We expect a rate rise effective 30 JUN 2020 largely driven by the significant increase to the brigade budget for 2020/21.

FM Global’s Lynette Schultheis, senior vice president, Australia operations manager, has been named to Insurance Business magazine’s ‘2020 Global 100’ list, which acknowledges “the very best the industry has to offer.”

FM Global has opened a US$16 million Electrical Hazards and Gas Detection Laboratory at its world renowned Research Campus in West Glocester, R.I., USA. Fireballs, explosions, combustible and toxic gas leaks and short circuits - industrial property hazards that can derail a business - are now daily occurrences inside of the specialized laboratory.