FM Global reveals 2023 resilience index
FM Global reveals 2023 resilience index | Insurance Business Asia
Insurance News
FM Global reveals 2023 resilience index
“Asia remains home to some of the most resilient economies on the planet, as well as some of its least”
Insurance News
By
Kenneth Araullo
Commercial property insurer FM Global has unveiled its 2023 resilience index, its yearly tool that ranks countries on 15 measures of economic, risk quality, and supply chain resilience.
The interactive tool is considered an essential one for site selection, supply chain design, and market targeting amid critical business risks like climate change, economic volatility, and geopolitical tensions.
FM Global also touted the index’s reputation as a valuable integration for several global organizations, attributable to its data-rich index that helps with strategic decision-making for businesses.
FM Global 2023 Resilience Index findings
The index listed the following as the top 10 countries for supply chain resilience:
Denmark
Singapore
Luxembourg
Germany
Switzerland
United States Region 3 (Central)
United States Region 1 (East)
Sweden
Finland
Austria
On the other side of the spectrum, Ethiopia, Venezuela, and Haiti are all bottom ranked at 128th, 129th, and 130th, respectively.
This year’s biggest riser was the Dominican Republic, rising from 99th place to 95th place, attributable to the country’s higher climate risk quality ranking. Lebanon, on the other hand, fell the most, dropping from 101st to 106th due to its lower rank in healthcare spending.
The index also highlighted the role of a region’s major economies in making the ranking more complex, as well as challenges faced by international firms and investors seeking stability in a dynamic global landscape. Due to its strong economy, supply chain management, and advanced approaches to risk management, Singapore retained its historically high ranking of second place. Japan, Hong Kong, and Korea all rank in the top quarter of the index due to their strong economic and supply chain resilience.
China and India, both economic powerhouses, join Southeast Asian countries in dominating the middle sections of the index, a segment that’s historically affected by natural hazard exposure, geopolitics, and infrastructure quality.
FM Global Asia operations manager and operations senior vice president Tan Hian Hong said that the index provides relevant data around some of the most pivotal topics that companies across the world face today.
“Asia remains home to some of the most resilient economies on the planet, as well as some of its least, reflecting the region’s continued competitiveness in an evolving risk landscape dominated by climate and economic concerns, as well as its challenges. With its global perspective, the FM Global Resilience Index provides you with a sharp lens to examine the risk profiles of new developments or supply chain expansion in Asia or around the world, reflecting our focus on robust science-based data to keep your business moving,” Tan said.
Earlier this year, the property insurer achieved a “AA” financial strength rating from Fitch, reflecting the company’s long-term underwriting profitability, very strong capitalization, and competitive advantages derived from the company’s engineering expertise and global presence in specialty commercial property insurance markets.
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