Climate resilience and industrial process automation and digitalization will be at the heart of this new collaboration.
There was good news on the agenda of the working visit to the United States chaired by His Royal Highness Prince Guillaume and led jointly by Health Minister Paulette Lenert and Economy Minister Franz Fayot earlier this month: the Luxembourg Institute of Science and Technology and the American insurance giant FM Global have recently signed a partnership agreement.
The long-term partnership signed by the two entities provides for joint efforts to advance research on the evaluation and reduction of risks related to property losses and business interruptions. For this, a better knowledge of the phenomena linked to climate change and the automation of industrial processes, as well as a better anticipation of their consequences, are essential.
From January 2023, a joint roadmap involving LIST and FM Global research leaders will lay the foundations for a programme of projects to this challenge. In this context, the multidisciplinary skills and expertise of the institute in environment, information technology, and material science, make LIST the ideal partner for this global company that is based in the United States.
This is also a further step towards Luxembourg for FM Global, which has already highlighted other potential avenues of cooperation with the country during the visit of Minister Fayot.
"This new partnership is fully aligned with our ambition to become a reference in research and innovation for a digital, resilient and sustainable society. The interdisciplinary nature of LIST is an asset and will be a key element in the research work we will be conducting with FM Global, with whom we are delighted to be collaborating," emphasized Thomas Kallstenius, CEO of LIST.
Louis Gritzo, VP, Research FM Global shared: "Our partnership with LIST is a foundational building block to the enhancement of our research in Europe to better assess and protect against the rapid changes that automation, cyber and climate risk pose worldwide. Partnering with LIST will build upon our common research emphasis and expertise in these areas, supplement our research on fire, explosion, equipment, and other hazards performed in the US, and complement our natural hazards research in the US and Asia.
About FM Global
Established nearly two centuries ago, and with insurance operations in Luxembourg since 2017, 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 the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every four Fortune 500 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.
For more information about FM Global, please visit: https://www.fmglobal.com/
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