CONTENT FROM SOMPO HOLDINGS
Since its establishment as Japan’s first fire-insurance
company in 1888, SOMPO has expanded its presence in
15 markets across Asia, including the renewable energy
market. As we transition to a decarbonized society, the
number of companies entering the renewable energy
business is increasing. SOMPO Group provides not only
life and non-life insurance products for renewable energy
power generation companies, but also risk-assessment
services to corporate companies such as strategic location
recommendations for business facilities to encourage the
expansion of renewable energy.
With all this disruption, sustainability offers one of the
key ways we can leverage technology to move the world
forward. So how do we harness and embrace these seismic
changes and potential uncertainties? Especially within
Asia where, according to a recent McKinsey report, the
diversity in economic development has made the region
the center of gravity fueling globalization.
According to IMF reports in September 2018, Southeast
Asia – where agriculture is a core industry – is also one of
the regions that is most vulnerable to the direct and indirect
impact of climate change on the macro economy. As the
concern for natural disasters caused by climate change
has intensified in recent years, SOMPO has made efforts
to combat risks that impact agricultural communities
in particular. One way SOMPO has done this involves
the launch of AgriSompo. By combining technology and
extensive technical expertise with specialized capabilities,
AgriSompo provides integrated solutions to agricultural
business risks posed by climate change.
In February 2019, SOMPO in Thailand launched the Longan
Parametric Weather Insurance to cover longan farmers in
Thailand, where longan is a major export crop, from the
impact of drought and other weather risks. Satellite data
was also gathered and utilized to develop the innovative
technology used to create this product.
Insuring a Sustainable FutureBy employing advanced digital technology, such as
artificial intelligence (AI), to enhance regional disaster
prevention capabilities, SOMPO is seeking to provide even
more cutting edge solutions to customers. For example,in
a business alliance with Silicon Valley-based start-ups
One Concern and Weathernews, SOMPO led the
development of Japan’s first disaster preparedness and
mitigation system using advanced digital technology.
Verification testing for this inaugural project was carried
out in Kumamoto City in March 2019. By conducting
progressive and detailed disaster simulations, SOMPO
aims to create disaster-resistant cities and protect the
interests of local communities.Another example comes from the lessons learned in the
Thailand floods of 2011 that caused tremendous damage
to industrial areas. SOMPO helped enhance customer
response capabilities through the formulation of a business
continuity plan (BCP) supporting customers across Asia.
In the event of future flooding, Sompo will provide recovery
support that allows businesses to resume operations
promptly. Furthermore, SOMPO offers risk survey services
utilizing flood risk modeling and mapping for customers to
mitigate any damage caused by future disasters.SOMPO will continue to provide innovative products and
services that utilize cutting edge digital technologies
to contribute to a sustainable society that transcends
borders and regions, safekeeping the security, health and
wellbeing of every stakeholder.