FM Global launches renewable energy unit
FM Global launches renewable energy unit | Insurance Business America
Environmental
FM Global launches renewable energy unit
More businesses turn to sustainable energy
Environmental
By
Nicole Panteloucos
Amidst shifting environmental landscapes and evolving market demands, an increasing number of businesses are pivoting towards sustainable energy solutions.
This transition reflects a growing recognition of the importance of environmental stewardship and the imperative to mitigate climate-related risks.
As organizations navigate these changing dynamics, embracing renewable energy sources is a crucial step towards long-term resilience and competitiveness.
Last week, FM Global announced the launch of its Renewable Energy unit during the RISKWORLD conference in San Diego. Doug Patterson (pictured), head of renewable energy, caught up with Insurance Business to speak on the firm’s latest development.
Guiding sustainability
FM Global’s Renewable Energy unit aims to assist clients in mitigating risks associated with the transition from conventional to sustainable energy sources.
“As a mutual insurance company, our job is to work solely for the benefit of our clients. Many of our clients are investing in renewables, and transitioning from traditional sources of power, to solar and wind,” said Patterson.
Speaking further on the new division, Patterson added, “We are building a small team. However, we will be working with hundreds of people throughout the organization, globally.”
“We will have a centre of excellence and will help make sure that every client in the company gets the right loss prevention advice they need to help protect their business,” he said.
Risk engineering advice
Recognizing that preventing losses benefits everyone, Patterson emphasizes that one of the hallmarks of FM Global is its team of research scientists, who play a crucial role in comprehending the fundamentals of renewable energy risk.
“We have fantastic risk engineering advice. One of the differences that FM has, is we employ research scientists, we have over 1000 engineers in the workforce, and their job is to help minimize the risk of our client’s business,” he said.
“We use our research people to understand risk, and then our engineers to assess and consult with the clients so that they can prevent loss.”
FM Global has also developed a series of renewable energy guidelines for clients, which are available at no cost.
Future initiatives
Complementing its Renewable Energy unit, FM Global is set to introduce a new policy for renewable energy operations this July.
Additionally, next year, it aims to roll out a renewable energy construction policy, providing support to clients throughout the design, build and operational phases of renewable energy assets.
“We are investing in state-of-the-art solutions, services, and industry expertise to help our clients succeed in the changing landscape. We want to help our client’s future-proof their energy needs and support the overall industry as it evolves and grows,” Patterson said.
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