WINDSOR, UK—FM Global, one of the world’s largest commercial property insurers, has received the 2010 Risk Management Award at the annual British Insurance Awards, which honours top class performance and innovation, for making “a significant contribution to the advancement of risk management.”
According to the panel of judges, comprising market experts and practitioners, analysts, consultants, industry commentators and political representatives, FM Global received the accolade for RiskMark®, the company’s Web-based risk quality benchmarking tool.
The RiskMark® tool enables FM Global clients to better understand the risk of major property loss at each of their company’s facilities and contains recommended solutions to address such vulnerabilities. Armed with that data, clients can better prioritise their risk management efforts and budgets, as well as measure each facility’s progress in lowering its risks, and ultimately protect their company’s bottom line.
RiskMark® is based on an algorithm modelled on FM Global’s loss prevention engineering standards with consistent and repeatable data collection by the company’s 1,500 engineers worldwide. RiskMark® provides a relative measure of risk quality on a scale of 1 to 100. Analysis shows that losses at locations with the lowest scores are eight times larger and occur four times more often than losses at location with the highest score.
About FM Global
FM Global (www.fmglobal.co.uk ) works with many of the world’s largest organisations to develop robust property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. In recent years, FM Global has been named “Best Property Insurer in the World” by Euromoney magazine, “Best Global Property Insurer” by Global Finance magazine and received the prestigious Queen’s Award for Enterprise. The company is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. In the United Kingdom, FM Global is the communicative name for FM Insurance Company Limited, which is regulated by the Financial Services Authority.