Contribute to climate change adaptation and mitigation, biodiversity conservation, and other global environmental goals by working through our value chain and providing new solutions.
Weather-related loss events worldwide 1980 – 2015
Overall and insured losses
The world faces rising economic and insurance losses from disasters caused by extreme weather events: Hurricane Katrina in the U.S. in 2005, massive flooding in Thailand in 2011, and Hurricane Sandy in the U.S. in 2012, for example. If global warming continues at its current pace, these losses are expected to escalate even further. The global discourse on addressing climate and other environmental issues is gaining momentum, as evidenced by agreements made at COP21 in Paris, France, and the adoption of the Sustainable Development Goals (SDGs) in 2015. These movements call on all stakeholders to step up action.
Basic Policies for Our Action
The intensification of natural disasters by climate change can impact the Group’s ability to continue providing insurance sustainably, as it causes insurance payments to rise, and with them, insurance premiums. At the same time, as a group dedicated to providing “security, health, and wellbeing,” we also see business opportunities in the growing need for products and services to address these risks.
The need for climate adaptation and mitigation can also be perceived in a positive light. By offering insurance products and consulting services that cover the risks of weather disasters and renewable energy businesses, for example, we have the potential to create and expand new markets. We are striving to be leaders in reducing environmental impacts throughout the value chain in collaboration with stakeholders. We have also been working to develop products and services that help reduce the risks and impacts of climate change and disasters, build low-carbon economies, conserve biodiversity, and promote environmentally conscious behavior. Through continued efforts to provide innovative products and services and create partnerships that help reduce impacts, we will contribute to a more resilient and sustainable society.
The Council for CSR Promotion is a Group-wide committee comprised of Group company officers in charge of social responsibility, headed by the Sompo Holdings’ relevant executive officer. The Council deliberates and confirms progress on Group CSR measures. Its activities are periodically reported to and discussed by the Management Committee and Board of Directors.
Targets and Results
The CSR-KPI results for fiscal 2016 and targets for fiscal 2017 are shown below.
The boundaries (scope of impacts) for each item are the entire Group.
Our Key Strengths
When tackling the material issues, we identify three key strengths of the Group to utilize. Here we introduce our approaches to address this material issue.
|Our Key Strengths
||Approaches to Address the Material Issue
| Products & Services
||Developing and providing innovative products and services using financial expertise and digital technologies to provide innovative solutions for social issues.
||To deal with losses arising from global environmental issues, we will utilize the combined strengths of the Group including our operations around the world and continue the research and development of leading-edge ICT and digital technologies to offer innovative products and services.
||Promoting the development of advanced human skills by fostering partnerships with stakeholders representative of broad sectors of civil society.
||Through partnership activities such as the SAVE JAPAN Project to conserve biodiversity, we will continue raising environmental motivation in society and contributing to solutions to global environmental issues, in collaboration with diverse stakeholders.
| Arts & Culture
||Promoting the quality of life and its enrichment by the application throughout all our operations of our expertise and resources in the arts and culture.
||We will continue implementing initiatives to address environmental issues through various activities, including the Sompo Chikyu (Earth) Club, a Group employee volunteering platform.
Below we introduce selected comments received from stakeholder dialogues held when redefining the Group CSR Material Issues, announced in April 2016, plus our responses.
|Our Responses and Focus
|Businesses should face pressure to align their actions to the climate change initiatives and targets set through COP21. (CSR expert international institution)
||We review our GHG emission and other targets while conscious of global and domestic developments as well as changes in our business. We endeavor to monitor emissions as the Group business activities grow.
|I have high expectations for your contributions to promoting renewable energy. (CSR expert international institution)
||To promote renewable energy, we provide insurance coverage in the event of problems and offer risk analysis services for installation sites, etc.
|Your support in promoting climate adaptation is especially important. (Government)
||We develop and provide products and services that help with adaptation to climate change, especially weather index insurance or other products for developing countries.
|I look forward to seeing the Group continue its track record of developing new products and services that offer solutions to environmental issues. (Government)
||We will continue developing products and services that offer solutions to environmental issues, including climate adaptation and mitigation, and biodiversity conservation.
The international community is increasingly looking to insurance companies for the risk assessment expertise they can provide for advancing climate change mitigation and adaptation strategies. We will continue to contribute to sustainable development and, in turn, sustainable Group growth, by providing solutions to the segments of society most vulnerable to climate risk. In addition, we are working to reduce our carbon dioxide emissions 40% by fiscal 2020 and 70% by fiscal 2050 (compared to 2002 levels).