In the News

A new research by FM Global suggested that cyber insurance may create a false sense of security among senior financial executives at some of the world’s major companies. The study found that seven in 10 senior financial executives believe their insurer would cover most or all of the company losses caused by a cyberattack – despite some losses being nearly impossible to insure.

Seven in 10 senior financial executives at the world's largest companies believe their insurer would cover most or all of the losses their company would incur in a cyber attack. However, many of the losses they foresee are typically not covered by insurance policies, revealed a recent study commissioned by FM Global.

In this podcast with Asia Insurance Review, FM Global regional VP David Johnson spoke about the company’s approach to risk management and how it helps clients mitigate risk and the usefulness of the Resilience Index. He also provided an overview of Asia’s risk landscape and the impact of climate change on risk management.

Equipment breakdown now rivals fire loss in both frequency and severity of claims, according to an analysis of large risk losses reported in 2018 to FM Global.

According to an analysis of large risk losses by FM Global, equipment breakdown has been identified as a top risk in commercial property insurance, rivalling fire loss in both frequency and severity of claims.

According to an analysis of large risk losses reported in 2018 to FM Global, 28% of the commercial property insurer's losses across all industries were the result of equipment breakdown.

Yong Seek Ying is both an engineer and an executive at global insurance and risk management company FM Global. Read on to learn how she has demonstrated resilience in overcoming stereotypes in the two male-dominated fields throughout her over 20-year professional career.

Equipment breakdown accounted for nearly one-third of all property-related losses in 2018, according to FM Global's recent report. Of the company's 232 large risk losses, 65 were the result of equipment breakdown in 2018. This already surpassed fire loss in terms of frequency and severity of claims, said FM Global.

Lithium-ion battery-based energy storage systems (ESS), in high demand for supplying energy to buildings and power grids but under scrutiny for recent fires and explosions, are the focus of new fire protection and installation guidance from FM Global, one of the world's largest commercial property insurers.

FM Global has released new fire protection and installation guidance to provide a fundamental basis for evaluating hazards in lithium-ion battery-based energy storage systems (ESS), as well as recommendations for appropriate automatic sprinkler systems and safe separation between full-scale EES racks.