International property insurer FM Global opened the FM Global Center in Singapore earlier this month, providing commercial property owners in Asia-Pacific with the opportunity to see first-hand the various risks that can lead to property damage, as well as You can also know about the solutions to the risks.
The Singapore experiential risk management facility is FM Global’s third research center after two located in the Northeast US. Located in the Singapore Science Park, FM Global’s center focuses on bringing its research, training and education capabilities to the rapidly emerging Asia-Pacific region, which is exposed to a wide variety of natural disaster risks, from climate Growing through change.
,[Asia-Pacific] There is one part of the world that is probably more disaster-prone than anywhere else,” said James Thompson, senior vice president, Asia-Pacific division manager, FM Global. “If you look at our risk across the region – from tropical storms to floods, major hail events, to the Australia bushfires – and contrast that with other parts of the world, you will see that climate risk in our part of the world is severe , and this is critical for all of our customers. Therefore, it makes sense to have climate science and engineering coming from the Asia-Pacific region. This center is about developing climate resilience solutions that really work with the local market resonates.
FM Global’s Singapore center is a six-story, 125,000-square-foot facility with several interactive simulation labs and learning spaces that help visitors learn how risk mitigation and engineering investments can prevent losses and can provide business value. Some simulation labs focus on various natural hazards, such as high wind events, floods and earthquakes, and how damage can be prevented by improving an organization’s climate resilience. Other labs depict different parts of an industrial facility, such as fire pumps, warehouses, electrical rooms, and sprinkler systems, and the different risks and mitigation measures present in each.
The simulations use augmented reality, which allows visitors to learn about various hazards and their effects with the help of technology. The flood table allows visitors to interact with simulated floods and explore how different flood mitigation solutions can protect an industrial site. The center also houses a hurricane simulation cannon, which tests how different materials interact with debris blown by strong winds.
According to Tan Hian Hong, FM Global’s operations manager for Asia, the company chose Singapore as the site for its Asia-Pacific center because the city is a business and learning hub for Southeast Asia and has a high volume of transit visitors. Is. Singapore is also located in an area that is not as exposed to typhoons and earthquakes as other countries in the region, which reflects what FM Global is telling its customers – that they should choose the right location for their businesses, Along with this, the flexibility of your buildings should be ensured. ,
Tan also said that the Singapore center applies what FM Global has learned about risk resilience. With the center located at the bottom of the hill, it is exposed to rainwater flowing down, so the facility was constructed with a specially designed drainage system to prevent flooding. It also features double-glazed windows, making the building more energy efficient, with air conditioning using less energy to cool the building amid Singapore’s tropical climate.
“Building here, it’s all designed to FM global standards,” Tan said. “We have used FM-approved materials that have low flammability or are non-combustible, and are green as well. Part of what we have done is to ensure that we minimize the risk to the maximum and protect the property. Practice what we preach when it comes to security.
Property loss protection is especially important today given the high potential for damage due to climate change, as well as the high cost of damage due to rapid inflation, Thompson said.
“There are a number of market studies pointing to a larger number of losses, and the losses themselves are getting bigger due to price inflation,” Thompson said. “It is much more expensive to bring back a factory today than it was 12 months ago. Therefore, the financial risk that insurance companies are taking is quite high. Insurance companies need to be able to cover future losses, so prices have to go up – it’s just a product of inflation and losses being higher. When you overlay the fact that climate events are becoming more severe, it is natural to expect that insurers will need to cover their costs with higher premiums.”
Thompson added that, as an insurer, FM Global looks at how their clients implement their loss protection strategies, which has a significant impact on the premiums they charge.
“Those customers who do mitigation, those customers who do smart risk management, they’re clearly going to be better at risk and therefore, they’re going to be preferred,” he said.