Risks of climate change to society are becoming increasingly serious as evident in the incidence of typhoons, hurricanes and other natural disasters. The Tokio Marine Group develops and provides products and services that adapt to and mitigate climate change with the aim of contributing to the creation of a sustainable society.
Environmental Issues That Pose Risks to All Humankind
Various environmental issues that pose risks to all humankind seriously threaten our lives. The impact of climate change has worsened around the world in particular with the increased incidence of droughts, torrential rainfalls and infectious diseases in recent years.
It is noted that insurance companies are deeply affected by climate change in their core businesses. In fact, insurers in different regions and countries in the world have had to pay huge insurance claims because of damage caused by frequent occurrences of natural disasters since the 1990s. It is generally considered that climate change is a serious threat confronting the global insurance industry over the medium to long term.
- Total amount of damage from natural disasters worldwide in 2003: US$65.0 billion
- Total insurance claims paid for damage: US$16.0 billion
- Amount of damage from abnormal weather in the 1990s vs. 1960s: 8-fold increase
- Amount of insurance claims paid: 14-fold increase
Excerpt from Intergovernmental Panel on Climate Change (IPCC) 3rd Assessment Report
Pooling Group Capabilities to Adapt to and Mitigate Climate Change
Our mission in the non-life insurance sector is to underwrite insurance and pay claims stably over the medium to long term and ensure "safety and security" for society.
Specifically, the insurance industry is expected to provide society with various solutions by means of its highly professional knowledge and skills in such fields as the payment of insurance claims, risk assessment and asset management. It is also important for the industry to promote insurance systems, loss prevention and risk management in developing countries and regions vulnerable to the impact of climate change.
Since December 2006, the Tokio Marine Group has been promoting the cross-organizational "Global Warming Research Project." Under this endeavor, the Group is engaged in the study of climate change risks and global warming, as well as in the development and supply of products and services relating to them, through the joint efforts of Tokio Marine & Nichido, the Tokio Marine Research Institute and Tokio Marine & Nichido Risk Consulting Co., Ltd.
The Tokio Marine Group will respond to new risks arising from climate change as an all-around business group equipped with versatile functions such as insurance products, services, risk study and consulting.
We introduce a new activity aimed "Response to Climate Change."
Please see the link.
Protecting Indian Farmers from the Growing Risks Posed by Climate Change
We protect farmers in India from risks associated with climate change such as drought. The amount of damage caused by climate change is on the rise globally. The Tokio Marine Group has set up a crossorganizational climate change and global warming working group that is advancing the development of products and services that leverage the accumulated know-how of the Tokio Marine Group and adapt to climate change.
