FM Global will issue $800 million in membership credits to eligible policyholders who renew, the Johnston, Rhode Island-based property insurer said Friday.
The credit will be based on how long a policyholder has been with FM Global and their premium, the insurer said in a statement. It will apply to policy renewals from June 30, 2023 through June 29, 2024.
Policyholders who have been with FM Global for less than five consecutive years will be eligible for a 5% credit on renewal, those who have been with the insurer for five to 20 years will be eligible for a 10% credit and those with 20 or more years with FM Global will be eligible for 15%.
The premium credit program started in 2001and since then the insurer has paid out more than $5 billion in credits, including a $600 million member credit announced in 2021 for renewals between January and December of last year.
Credits are applied as an offset against the premium at a policyholder’s renewal or anniversary date.
Malcolm Roberts, president and CEO, said in a statement: “Our leading expertise in research, data and engineering provides our clients with actionable risk mitigation recommendations. This enables our clients to be proactive and take the right steps to protect their business and its purpose.”