Risk exposure is offered in-person through FM Global Center.
The FM Global Center was inaugurated earlier this month in Singapore by the international property insurer FM Global, giving business property owners in the Asia-Pacific region the chance to observe firsthand the numerous hazards that might result in property loss and discover ways to mitigate these risks.
After two research centers in the northeastern US, FM Global now has one in Singapore for experiential risk management. The fast-emerging Asia-Pacific region, which is subject to a wide range of natural disaster hazards that are made worse by climate change, is the focus of FM Global's center, which is situated in Singapore Science Park.
Asia-Pacific is likely the region of the world that is most vulnerable to disasters, according to James Thompson, senior vice president and manager of FM Global's Asia-Pacific business. "You will see that climate exposure in our area of the globe is severe, and it's terrible for all our customers, if you compare it to other parts of the world and look at our exposure across the region, from tropical storms to flooding, large hail events, and Australia's bushfires." Therefore, it makes sense for climate science and engineering to originate in the Asia-Pacific region. The goal of this center is to provide climate resilience solutions that are very appealing to the local market. The FM Global Center in Singapore is a six-story, 125,000-square-foot building with a number of interactive simulation labs and learning areas that show visitors how investing in risk management and engineering can reduce losses and produce financial benefits. Some of the simulation laboratories are centered on different natural disasters, including high-wind events, floods, and earthquakes, and how loss may be avoided by enhancing an organization's resiliency to the climate. Other labs demonstrate the numerous hazards and mitigation strategies inherent in other industrial facility components, including sprinkler systems, electrical rooms, warehouses, and fire pumps.
Through the use of augmented reality, which is incorporated into the simulations, users can use technology to learn about various risks and their effects. Visitors may engage with a simulated flood at the flood table and learn how different flood mitigation strategies might safeguard an industrial facility. The facility also contains a hurricane simulation cannon that is used to test how different materials react to debris that severe winds send flying. Visitors can use the simulator to learn how emergency managers respond in various emergency scenarios, as well as how facility management, employees, and first responders plan and collaborate to ensure the facility's safety.
Tan Hian Hong, FM Global's operations manager for Asia, claims that the corporation picked Singapore as the location for its Asia-Pacific center owing to the city's status as a commercial and educational center for Southeast Asia and the large number of transit tourists that go through it. Additionally, Singapore is situated in a location that is less vulnerable to earthquakes and typhoons than other nations in the region, proving what FM Global advises its customers to do: choose the best location for their enterprises while also ensuring the durability of their facilities. (For further details, please refer to "SINGAPORE (Reuters) - As corporations move more of their assets and activities to the Asia-Pacific area, New York-based risk management firm FM Global said on Friday that it will launch its Asia-Pacific regional center in Singapore.
Tan said that the Singapore center uses the risk resilience lessons FM Global has gained. The facility was built with this exposure to precipitation pouring down in mind and has a specifically engineered drainage system to prevent floods because the center is situated at the base of the hill. Additionally, the building has double-glazed windows that increase energy efficiency, and air conditioning requires less energy to chill the structure in Singapore's humid environment.
Tan stated that all of the structure was created in accordance with FM Global standards. "We employed environmentally friendly, low-flammability, or non-flammable products that have received FM approval." "These are a portion of the steps we've taken to ensure that we minimize risk to the greatest extent possible and practice what we teach about property protection."
Thompson claimed that in light of the increased risk of damage brought on by climate change as well as the higher cost of losses as a result of fast inflation, property loss protection is particularly crucial now.
According to a lot of market analyses, there will be more losses overall, and those losses will be worse because of price inflation, said Thompson. "Rebuilding a plant now is far more expensive than it was last year," Therefore, the financial risk that insurance firms bear is much greater. Because of inflation and rising losses, insurance firms must raise rates in order to pay their expenses. "When you overlay the fact that climatic disasters seem to be growing more severe, then it's normal to predict that insurers will need to cover their costs with higher premiums," says one expert.
Thompson continued by saying that FM Global, as an insurer, takes into account how its clients carry out their loss prevention plans since this has a big impact on the rates paid. "Clients that implement mitigation and practice prudent risk management are obviously going to be better at managing risks, and as a result, they're going to be charged preferentially," he added.
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