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FM Global unveils member credit program

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US mutual insurer FM Global says eligible policyholders will collectively receive about $US600 million ($820 million) in membership credit when they renew their cover next year.

The membership credit an eligible policyholder receives will be based on their premium and tenure and applied as an offset against premium at a client’s renewal or anniversary date.

A few clients have been policyholders since the late 1800s, the business says.

“Despite a world facing increasing risks and the continuing challenges of the COVID-19 pandemic, our policyholders’ proactive approach to property risk improvement continues to contribute to their resilience and their ability to mitigate losses,” Chairman and CEO Thomas A. Lawson said.

“As a mutual insurance company, the membership credit is one way we recognise our client-owners for making a strategic decision to choose resilience.”

The business says in the past 12 months, clients completed over 50,000 of its engineering-driven risk improvement recommendations, resulting in approximately $US700 billion ($957 billion) of loss exposures mitigated.