●Enhancement of Natural Catastrophe Assessment Models and Analytic Technology
Since 2018, Sompo Risk Management Inc. has been participating in the Social Implementation Program on Climate Change Adaptation Technology of the Ministry of Education, Culture, Sports, Science and Technology (SI-CAT). The Group aims to upgrade its natural catastrophe assessment models, enhance its analytic technology, and accumulate know-how by utilizing a climate projection database in the event of a 2℃ or 4℃ increase in temperature, findings from research, and collaborative efforts with research institutions.
●The Group’s Council for CSR Promotion
This council discusses environmental, social, and governance issues, including the risk of reputational damage accompanying the transition to a decarbonized society. Chaired by the Group Chief Brand Officer, the council comprises executives from respective Group companies.
The Group has been a member of the PSI-TCFD Insurer Pilot Group of the United Nations Environment Programme Finance Initiative (UNEP FI) since 2018. We are enhancing disclosure in light of the recommendations of the TCFD.
Aiming to improve its measures that address social issues, the Group exercises leadership by creating opportunities for dialogue with diverse stakeholders—including experts and civil societies —and by participating in initiatives related to social issues.
We are taking steps to transform society into sustainable based on the belief that collaboration and co-creation have a significant impact on issues such as climate change that are being addressed by many different organizations.
●Natural Disaster Damage Prediction
Sompo Japan Insurance Inc. aims to use various types of data related to regional disaster prevention—such as meteorological and building data—in combination with AI technology to develop a service that enables the accurate prediction and assessment of damage to individual blocks before, during, and after floods, earthquakes, and other natural disasters.
●Weather Index Insurance in Southeast Asia
In Southeast Asia, agriculture is the main industry, but the region’s agriculture is vulnerable to climate change. With a view to reducing the risks associated with agricultural businesses in the region, we have been offering weather index insurance since 2010. This insurance pays fixed insurance claims in the event that measurable weather conditions, such as temperature, wind, and precipitation, satisfy particular previously established requirements. Currently, we provide weather index insurance through Agri Sompo, an integrated global underwriting platform for agricultural businesses.
The product has been recognized as meeting the requirement for membership in the Business Call to Action (BCtA) initiative, which is led by the United Nations Development Programme (UNDP), with the aim of promoting the establishment of business models that combine commercial activities and sustainable development.
●Regional Resilience through Insurance for Local Governments
In response to a series of floods caused by heavy rains and typhoons, Sompo Japan has launched Disaster Prevention/Reduction Insurance, which compensates local governments for costs arising from evacuation in natural disasters. In this way, we help local governments achieve rapid initial responses and contribute to the peace of mind and safety of local communities.
●Personnel Development in the Environmental Field
The Group is raising interest in and awareness of the environment, including climate change, among our personnel, thereby increasing the number of employees capable of exercising autonomy in addressing such issues. In this way, we are ensuring a sustained contribution to the resolution of environmental issues. Also, the Group shares the results of research on environment issues in collaboration with research and government institutions with society at large.
- Figures are the total of the number of people who participated in the SAVE JAPAN Project, which is a program for preserving rare species in Japan, and in Open Lectures on the Environment as well as of the number of people who completed the CSO Learning Scholarship Program, which provides an internship program for university and graduate program students in environmental nonprofit and nongovernmental organizations.
- The fiscal 2016 SAVE JAPAN Project was implemented between October 2016 and March 2017. The number of people for fiscal 2016 is the number of participants in the project during this period.