Social Challenges Facing SOMPO

Social Challenges Facing SOMPO

The Group has provided services of the highest quality possible for the security, health, and wellbeing of customers, and contributed to society through the insurance, nursing care, and other businesses. However, global trends are changing drastically, and as represented by the SDGs, we are expected more than ever to foster the sustainable development of society through our own businesses. Amid changes in the business environment, we have identified various social challenges facing the Group, and based on SOMPO’s strengths and resources, we have identified two social challenges that the Group needs to address: “new normal” and “low birthrate and population aging.”

New normal

In the future, we expect uncertainty to increase as climate change and natural disasters become more severe while new and unprecedented risks will emerge as digital technology advances. Even in this “new normal” environment, we need to protect people from the risks they face and help create a society where people can live more safely and securely at all times.

Climate change
Increasingly severe natural disasters and droughts,
water resource depletion, ecosystem destruction, etc.
Emergence of new risks
Cyber risk, global low interest rate environment,
infectious diseases, etc.

Low birthrate and population aging

Low birthrate and population aging have created a huge imbalance between “support providers” and “support recipients” leading to a widening supply–demand gap in the medical and nursing care fields and a decline in the working-age population. As a result, social insurance financing became tight and social anxiety about the future is increasing. Even under such conditions, we need to create a society in which every person can live a healthy life with full of smiles in one’s own way. We aim to be the first in the world to solve Japan’s challenges in response to the global challenge of low birthrate and population aging.

Challenges facing Japan in 2040
People aged 65 and over account for more than 35%* of the total population
Senior households becoming more isolated as single-person households increase
Decline in the working-age population resulting in fewer support providers

*Source: Japan’s Future Population Projections (2017 Estimates), National Institute of Population and Social Security Research