FM to give climate mitigation credit to policyholders

Commercial property insurer FM said Thursday its policyholders collectively will receive approximately $400 million as a credit to help them invest in climate mitigation.

The resilience credit will be applied as a 5% premium offset against eligible FM policies with renewals or anniversaries in 2025, the Johnston, Rhode Island-based insurer said in a statement.

The amount will be calculated based on eligible premium in effect 90 days prior to the renewal or anniversary date of the prior policy, FM said.

A $350 million credit issued last year and a $300 million credit the prior year helped organizations implement recommendations to protect against wind, flood and wildfire that reduced the potential economic impact of those perils by more than $30 billion, FM said.