JOHNSTON, R.I., USA—Commercial and industrial property insurer FM Global has won a 2017 Business Insurance magazine Innovation Award for its recently released Global Flood Map.
The Global Flood Map provides a worldwide view of high- and moderate-hazard flood zones across the globe, even in areas where previously available information was unreliable, inconsistent or nonexistent. It is meant to help more accurately answer the question "Are your locations in or out of potential flood zones?"
The innovation award recognizes "leadership, inventiveness and ingenuity in products and services designed for risk management professionals," according to the magazine, which noted that risk managers and other stakeholders now have "a free tool to assess flood exposures and enhance their loss-prevention and site-location decisions."
Nearly 12,000 people worldwide have registered to use the map since its March 31, 2017 launch, including risk managers, brokers, insurers, reinsurers and government officials. "It seems to have met a need with people around the world," said Brion Callori, senior vice president and manager of engineering and research, FM Global. "Many of them are using it when they are looking at new facilities."
In prior years, FM Global has also been recognized with Business Insurance Innovation Awards for:
- MyRisk®, a one-of-a-kind cloud-based portal that helps risk managers identify and analyze risks as well as evaluate the cost of risk improvement;
- the FM Global Resilience Index, the first data-driven tool and repository that ranks the resilience of 130 countries and territories to business disruptive events;
- the FM Global SimZone, a distinct 12,000-square-foot (1,115-square-meter) training facility for the company's clients and engineers in Norwood, Massachusetts, USA.
About FM Global
Established nearly 200 years ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that most property loss is preventable, represent many of the world's largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.