Jessica Waters is the vice president and manager of climate and structural resilience at FM Global in Johnston, one of the world’s largest commercial property insurers. Since 2022, she has led a team of engineering experts focused on fortifying industrial and commercial properties against climate and structural risks.
Waters joined FM Global more than two decades ago and previously served as an engineering specialist, account engineer and operations chief engineer in the company’s Boston operations. She is an alumna of the Massachusetts Maritime Academy, where she earned her Bachelor of Science in marine engineering and a U.S. Coast Guard 3rd assistant engineer’s license. She earned a Master of Science in emergency management from the academy in 2009.
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PBN: Can you describe FM Global’s history in Rhode Island and how it has become a leader in managing climate risk?
WATERS: Few Rhode Island businesses have a longer history here than we do. We were founded just shy of two centuries ago by Zachariah Allen, who owned the Allendale woolen mill in North Providence.
The mill was a model of fire resistance innovation and the first to use heavy fire doors and a sprinkler system. When his insurance company refused to lower his premium accordingly, Allen partnered with other prudent mill owners to establish a mutual insurance collective with a focus on safety. That was 1835, and that collective was the predecessor to FM Global.
While we have been in R.I. since 1835, our headquarters have been in Johnston since 1973, not far from the original Allendale woolen mill. In the 188 years since our founding, FM Global has focused on mitigating risks related to fire, wind, flood and earthquake, some of which are affected by climate change. Our clients benefit from our research, engineering approach, data analytics and commitment to resilience. Our aim is to partner with our clients, protect their value and help them build their resilience.
PBN: How does your research, such as the data that contributes to FM Global’s recently launched Climate Change Impact Report, benefit business clients and their communities?
WATERS: Many people find climate change a complex, confusing and abstract subject. We’ve used our research into natural hazards and our data about property loss and business disruption to introduce clarity.
In the Climate Change Impact Report, we forecast how precipitation, temperature, drought, wind and sea-level rise will play out in the near-term (2030) and long-term (2050) future at specific client locations so that companies can confidently invest in mitigation.
The goal is to help clients preserve and grow the value they’ve worked so hard to create. Communities depend heavily on these businesses, which are employers, wealth creators, neighbors and community supporters.
PBN: What kinds of climate risk does FM Global’s engineering and research teams focus on and why?
WATERS: The Climate Change Impact Report predicts the effects of climate change on each insured client location. For each geography, FM Global clients receive near-term and longer-term predictions on the change in extreme rain, strong winds, heatwaves, drought and rising sea levels.
The report’s insights include data on the value of exposed property and the cost of potential business disruption, making it easy for organizations to optimize investments in climate adaptation and resilience planning.
The report includes a breakdown of acute and chronic risks at our clients’ insured locations, specified by peril, according to three different climate scenarios – low, intermediate and high severity. Acute risks are the prospect of a particular event such as a hurricane, and chronic risks denote longer-term shifts such as sustained higher temperatures, drought patterns and sea-level rise.
Beyond those hazards, FM Global engineering and research teams work with clients to mitigate risks associated with flood, freeze, wildfire, hail and other climate risks.
PBN: How does technology and innovation factor into FM Global’s climate risk research and recommendations?
WATERS: The data-driven predictions in the Climate Change Impact Report are based on our proprietary engineering data, hazard maps, predictive analytics, artificial intelligence and machine learning, as well as the latest climate modeling from the Intergovernmental Panel on Climate Change.
Our analysis is an outgrowth of our extensive hands-on research into virtually every area of property loss. Much of that research takes place at our one-of-a-kind 1,600-acre Research Campus in Glocester, where we simulate hurricanes and hailstorms, and conduct controlled factory fires, explosions, sprinkler activations and electrical incidents.
We experiment on a wide variety of materials from paper rolls to distilled spirits and lithium-ion batteries. Our recommendations are practical, specific, prioritized and actionable. They are based on engineering, not actuarial tables.
PBN: For those in Rhode Island interested in climate risk, insurance, or technology innovation, why is FM Global a great place to work?
WATERS: Most insurance companies are financial institutions through and through. Although FM Global is a financial institution, too, we are also an employer of choice for scientists and engineers. We have a large research team, the research campus, numerous labs, and classrooms where scientists study property risks, building materials, warehouse designs, automation technologies, boilers, machinery, emerging technologies and other subjects related to loss prevention.
Our research informs international building codes and standards. Our 1,900 loss prevention engineers offer clients prioritized recommendations that keep them going and growing strong.
FM Global has a learning culture committed to employee development throughout one’s career. Consistent development requires an environment of support – professionally, personally and financially. We’re passionate about employee well-being, including fitness, work-life harmony and employee assistance. We are committed to attracting, developing and retaining a culture of diversity, equity and inclusion. Our average employee tenure is 12 years.
Sam Wood is a PBN staff writer. Contact him at Wood@PBN.com.
