Participation in Initiatives

Tokio Marine Group supports and respects the Universal Declaration of Human Rights, the ILO’s International Labour Standards and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises. Also, Tokio Marine Group will contribute to the creation of a safe, secure and sustainable future through participation in such initiatives as the United Nations Global Compact (UNGC), the United Nations Environment Programme Finance Initiative (UNEP FI), UNEP FI Principles for Sustainable Insurance (UNEP FI-PSI) and the United Nations Principles for Responsible Investment (PRI).

Human Rights, Labour, the Environment and Anti-Corruption

The United Nations Global Compact

The United Nations Global Compact (UNGC) is a voluntary initiative for participation by companies in the creation of a global framework under which companies exercise responsible and creative leadership to act as good members of society to realize a sustainable society.
The ideas and contents of the Ten Principles concerning human rights, labor, the environment and anti-corruption advocated by the UNGC coincide with Tokio Marine Group’s own approach to sustainability as well as our Sustainability Charter. Therefore, Tokio Marine Holdings has been a signatory to and has expressed its support for the UNGC since 2005.
Tokio Marine Holdings is participating in the United Nations Global Compact Network Japan (GCNJ) and in fiscal 2022 participated in such initiatives as the Disaster Prevention and Mitigation Working Group and the WEPs Working Group, among others. From fiscal 2023 and beyond, Tokio Marine Holdings will promote these initiatives in the “Participant” capacity.

  • *Tokio Marine Holdings summarizes and reports every year on the status of initiatives for addressing the Ten Principles of the United Nations Global Compact.

Sustainable Finance and Insurance

UNEP FI Principles for Sustainable Insurance (UNEP FI-PSI)

The United Nations Global Compact (UNGC) is a voluntary initiative for participation by companies in the creation of a global framework under which companies exercise responsible and creative leadership to act as good members of society to realize a sustainable society.
The ideas and contents of the Ten Principles concerning human rights, labor, the environment and anti-corruption advocated by the UNGC coincide with Tokio Marine Group’s own approach to sustainability as well as our Sustainability Charter. Therefore, Tokio Marine Holdings has been a signatory to and has expressed its support for the UNGC since 2005.
Tokio Marine Holdings is participating in the United Nations Global Compact Network Japan (GCNJ) and in fiscal 2022 participated in such initiatives as the Disaster Prevention and Mitigation Working Group and the WEPs Working Group, among others. From fiscal 2023 and beyond, Tokio Marine Holdings will promote these initiatives in the “Participant” capacity.

  • *Tokio Marine Holdings summarizes and reports every year on the status of initiatives for addressing the Ten Principles of the United Nations Global Compact.

The Principles for Sustainable Insurance (PSI) of UNEP FI is a working group that surveys, researches and executes ESG initiatives in the insurance industry.
Tokio Marine & Nichido has not only participated in the formulation of PSI but also supported its intent and policies and became its founding signatory in June 2012.
The company has since been promoting insurance industry initiatives that consider ESG issues together with insurance companies all around the world.

From fiscal 2018, Tokio Marine & Nichido participates in the PSI Task Force on Climate-related Financial Disclosure (TCFD) Insurer Pilot Working Group and was involved in creating the framework for climate-related financial disclosure in the global insurance industry based on the TCFD recommendations. The company was also instrumental in the creation and publication of the “Insuring the climate transition” report in January 2021. In June 2022, we participated in PSI’s 10th anniversary event and appealed to the insurance industry to contribute to The Decade of Action, which under the UN calls for the acceleration of ESG initiatives toward 2030.

Ministry of the Environment Principles for Financial Action towards a Sustainable Society (Principles for Financial Action for the 21st Century)

Based on a suggestion from the Ministry of the Environment’s Central Environment Council Expert Committee on Environment and Finance, the Principles for Financial Action for the 21st Century were compiled in 2011 by Japan’s Environmental Financial Action Principles Drafting Committee, which featured the participation of a wide range of financial institutions, with the aim of broadening the circle of initiatives for environmental financing. The Principles for Financial Action are aimed at enabling domestic financial institutions to promote optimal initiatives in their main businesses for addressing a host of issues they face directly such as environmental, social and governance issues. Under these principles, the direction of which aligns with UNEP FI and the PRI, financial institutions seek to fulfill their necessary responsibilities and roles for the formation of a sustainable society based on their concerns about the future of the earth.
Within Tokio Marine Group, Tokio Marine & Nichido actively participated as a member of the drafting committee and the six Group companies (Tokio Marine & Nichido, Tokio Marine & Nichido Life Insurance, Nisshin Fire & Marine Insurance, E. design Insurance, Tokio Marine Millea SAST Insurance and Tokio Marine Asset Management) have agreed with the intent of and signed the Principles. (As of August 31, 2022)
In the future as well, Tokio Marine Group will continue to promote the kind of initiatives that the financial and insurance industries can provide support for to create a sustainable society.

Sustainable Investment

Principles for Responsible Investment (PRI)

The Principles for Responsible Investment (PRI) is an initiative devised mainly by UNEP FI and the United Nations Global Compact that expresses and puts into practice stances and policies that consider ESG issues in investment decisions by financial institutions and institutional investors.

The following Tokio Marine Group companies agree with the thinking of PRI and have signed the Principles.

Signatories (Timing) Initiatives
Tokio Marine Asset Management (April 2011) Signed the UN-supported PRI initiative, accepting these Principles as an asset management company. The company established a responsible investment committee composed of the chief asset managers of each line, as well as a responsible investment group. Through these steps, the company develops basic policies, processes and systems concerning responsible investment, and undertakes initiatives that take into account ESG issues during investment analysis, product development and exercise of voting rights.
Tokio Marine & Nichido (August 2012) Tokio Marine & Nichido has endorsed the concept of the PRI and signed on as an asset owner. The company has established an ESG investment and financing policy and has been promoting initiatives for ESG engagement and ESG integration.

Japan Sustainable Investment Forum

Japan Sustainable Investment Forum (JSIF), a not-for-profit organization (NPO), carries out activities to promote the spread and development in Japan of sustainable investment and ESG investment, which are actively undertaken in Europe and the United States. JSIF functions as a venue for information and opinion exchanges, discussions and investigative research among persons involved with ESG investment and aims for the sound development of ESG investment and for the building of a sustainable society.
As members of JSIF, Tokio Marine & Nichido and Tokio Marine Asset Management are participating in investigative research on ESG investment and in initiatives for the sound development of this investment.

Climate Change and Natural Disasters

Partnership for Carbon Accounting Financials (PCAF)

The PCAF is an international initiative to develop methods for measuring and disclosing GHG emissions associated with investment and financing, and Tokio marine & Nichido joined in January 2022. To date, the organization has developed methods for measuring and disclosing GHG emissions related to listed stocks and corporate bonds, commercial loans and unlisted stocks, project finance, commercial real estate, mortgage loans and auto loans. In November 2022, the PCAF developed and made available a method for measuring GHG emissions related to insurance underwriting portfolios.
Tokio Marine & Nichido aims to hone its technology related to the measurement and analysis of GHG emissions and improve the quality of dialogue (engagement) with its recipients of investments and financing to achieve decarbonization.

The United Nations Office for Disaster Risk Reduction (UNDRR) — Private Sector Alliance for Disaster Resilient Societies (ARISE)

In November 2015, The United Nations Office for Disaster Risk Reduction (UNDRR), a strategic framework for disaster risk reduction adopted by United Nations member countries in 2000, launched Private Sector Alliance for Disaster Resilient Societies (ARISE) toward the strengthening and reorganization of the Private Sector Partnership for Disaster Risk Reduction (DRR-PSP) for disaster prevention that Tokio Marine & Nichido joined in 2014.

Tokio Marine & Nichido participated in the 7th Global sPlatform Meeting (GP2022) and Stakeholder Forum hosted by UNDRR in May 2022 and made a presentation on “Insurance Companies as Risk Managers.”

The Geneva Association

The Geneva Association is an insurance industry think tank composed of approximately 70 executives from major insurance companies around the globe.
As a member of the Executive Committee of the Geneva Association, Tsuyoshi Nagano, Chairman of Tokio Marine Holdings, leads and supports surveys and research on important insurance industry issues (climate change and the environment, health and aging society, socioeconomic resilience, new technologies and data, cyber issues, compensation liabilities, public policies and regulations, etc.) handled by the association. At the same time, as Joint-Chairman of the “Climate Change and Emerging Environmental Topics” working group, he is taking the lead in undertaking surveys and research on climate change and natural disaster risk and disseminating related information to society.

ClimateWise

ClimateWise is an initiative led by the Prince of Wales in which approximately 30 leading insurers in Europe jointly carry out studies and research on various risks and opportunities related to climate change and make recommendations toward reducing the risks that climate change imposes on economic and social life. The initiative is operated by the University of Cambridge Institute for Sustainability Leadership (CISL).
Participants from Tokio Marine Group include Tokio Marine Kiln and Tokio Marine HCC International. Tokio Marine Kiln Group CRO Vivek Syal serves as a member of the ClimateWise Insurance Advisory Council.Tokio Marine Group will continue to promote efforts toward mitigating and adapting to climate change in accordance with the seven ClimateWise Principles.

Asia-Pacific Financial Forum (APFF)

The Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Process (FMP) established the Asia-Pacific Financial Forum (APFF) in 2013 to facilitate public-private partnerships regarding many different financial issues within APEC. Tokio Marine & Nichido participates in the APFF as a member and leads discussions on disaster risk financing and insurance (DRFI)* and the dissemination of climate-related disclosure conducive to the promotion of sustainable financing.
Regarding DRFI, under the APEC FMP and after the 2019 meeting of finance ministers’ approval of a policy promoting the use of CAT bonds within APEC, the World Bank and APFF jointly held an online workshop on CAT bonds in September 2020 and exchanged information and opinions that would assist the widespread use of CAT bonds in the APEC region. Subsequently, another online workshop on CAT bonds was held in October 2022 that invited specialists from Indonesia, Thailand and the Philippines to speak. An online roundtable was held in April 2022 on how to promote financial preparedness in the APEC region through public-private partnerships against pandemic risks. Tokio Marine & Nichido engaged in the discussion from the standpoint of an insurance underwriter.
For sustainable financing, Tokio Marine & Nichido participates in the Sustainable Finance Development Network (SFDN), which is under the umbrella of the APFF and, following the TCFD Consortium in Japan, engages in activities for the development of a structure within APEC to encourage the disclosure of climate-related financial information

  • *DRFI is a broad concept that bundles multiple countries and offers a wide variation of insurance schemes that range from insurance that covers natural disaster risk, with countries being the insured party, to schemes under which private-sector insurance companies provide earthquake insurance coverage for individual customers possessing regular homes and household goods, with governments serving as reinsurers.

Insurance Development Forum

The Insurance Development Forum (IDF) was established in 2016 as a publicprivate partnership led by the private insurance industry to promote the widespread use of insurance schemes in countries vulnerable to natural disasters.

Tokio Marine Group has been participating as a member of the IDF’s Operating Committee and Steering Committee since 2018. The IDF assembles experts involved in promoting disaster risk insurance around the world to mutually share experiences and motivate each other. Since Japan has experienced many disasters, its input for disaster responses has been greatly valued, including for the earthquake insurance system implemented as a public-private collaborative scheme. Meanwhile, the network cultivated through participation in the IDF has proved useful for discussions at the aforementioned APFF. As such, Tokio Marine Group has been instrumental in organically bridging initiatives advocated by the two organizations.

Climate Change and Nature-related Disclosure

CDP

The Carbon Disclosure Project (CDP) is an organization that drives an initiative under which the world’s principal institutional investors cooperate in calling for companies worldwide to disclose their climate change strategies (risks and opportunities) and greenhouse gas (GHG) emissions. Tokio Marine Holdings participates every year as a CDP Signatory and is supporting survey research in the areas of corporate-related climate change strategies and GHG emissions as well as energy usage.

Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD)

The Task Force on Climate-related Financial Disclosures (TCFD) organized under the Financial Stability Board (FSB) released its recommendations in June 2017, which have played a central role in promoting information disclosures of climate-related risks and opportunities.
In addition to disclosing its own information based on the TCFD recommendations, Tokio Marine Holdings contributed to the release of the recommendations in 2017 and was involved in the creation of their framework as a TCFD member. Moreover, in Japan the company has served in its capacity as one of the founders of the TCFD Consortium and a member of its Planning Committee to facilitate discussions and opinion exchanges among relevant parties in both public and private sectors from around the world. The company has also been working to encourage the spread and promotion of TCFD initiatives in Japan and Asia-Pacific countries.

Taskforce on Nature-related Financial Disclosures (TNFD) Forum

The TNFD is an international initiative launched in June 2021 by the UNEP FI, UNDP, Global Canopy and the World Wildlife Fund (WWF). By establishing a framework for disclosing nature-related financial information and encouraging companies to disclose nature-related information, the TNFD aims to shift global financial flows toward nature-positive outcomes.
In January 2022, Tokio Marine Holdings endorsed and participated in the activities of the TNFD Forum from the perspective of further promoting efforts to protect the natural environment.

Environmental Value Creation

Ministry of the Environment Eco-First System

Eco-First is a system under which companies pledge to the Ministry of the Environment that they will proactively undertake initiatives for protecting the environment that include adopting global warming countermeasures and waste and recycling measures. Under the system, the ministry certifies those companies (top-notch companies within the industry) that “carry out visionary and unique business activities that lead the industry” in environmental fields.
In 2008, Tokio Marine & Nichido was certified as an Eco-First company. In fiscal 2014, Tokio Marine & Nichido obtained recertification under its new regulations. This was in recognition of initiatives aimed at protecting the earth’s environment, curbing global warming and preventing and reducing damage caused by natural disasters through the insurance business. These include “offering environment-conscious insurance with the participation of customers through the Green Gift Project” and “research centered on industry-academia collaboration that focuses on climate change and natural disasters.”
The main activities being undertaken by Tokio Marine & Nichido as an Eco-First company are as follows.

  • Provision of environmentally conscious insurance with the participation of customers through the Green Gift Project
  • Reducing CO2 emissions of Tokio Marine & Nichido by 60% by fiscal 2050 (compared with fiscal 2006), etc.

In fiscal 2020, as one of the leading companies within the insurance industry, Tokio Marine & Nichido participated in events sponsored by the Eco-First Promotion Council together with other Eco-First companies and carried out environmental awareness activities.
Tokio Marine & Nichido will continue to promote initiatives for protecting the global environment and preventing global warming as an Eco-First company.

Endorsement of the Ministry of the Environment's COOL CHOICE

COOL CHOICE is a national campaign that encourages all “smart choices” conducive to countermeasures for global warming. They include switching to products, utilizing services and making lifestyle choices that contribute to the realization of a decarbonized society to reduce emissions of CO2 and other greenhouse gases.
Tokio Marine & Nichido endorses COOL CHOICE, a national campaign being carried out by the government to counter global warming, and will work to make “smart choices” that contribute to the realization of decarbonized operations in all business activities. This includes not only striving for power savings in summer and winter but also in areas ranging from products and services to donations and volunteer activities.

Endorsement of the Ministry of the Environment’s “Fun to Share” Climate Change Campaign

The Ministry of the Environment has been undertaking the Fun to Share climate change campaign since March 2014. By sharing with all citizens information, technologies and knowledge leading to the creation of an enriched low-carbon society, the campaign aims to not only foster interest in and a sense of crisis about global warming concerns but also create opportunities for linking companies, organizations, communities and citizens and realize Japan’s first “Lifestyle Innovation,” in which Japan can take pride, throughout the world.
Tokio Marine & Nichido has endorsed the Fun to Share campaign and is actively promoting initiatives toward the realization of a low-carbon society.

Green Purchasing Network

Tokio Marine & Nichido is a member of the Green Purchasing Network.

The Green Purchasing Network was established in 1996 as a facilitative network and an information-disseminating organization of companies, government agencies and non-government organizations leading the way in green purchasing. The network was established based on the recognition that green purchasing plays a crucial role in the formation of markets for environment-friendly products and represents an extremely effective means of promoting the development of environment-friendly products through markets and by extension for building a sustainable society. As a member of the Green Purchasing Network, Tokio Marine & Nichido promotes initiatives for green purchasing.

30 by 30 Alliance for Biodiversity by the Ministry of the Environment

The 30 by 30 Alliance for Biodiversity was established to achieve global targets to end and reverse biodiversity loss (i.e., become nature-positive) by 2030 and to effectively protect at least 30% of Japan’s land and sea areas as sound ecosystems by 2030. The Ministry of the Environment launched the initiative in April 2022 with the aim of preserving more than 30% of the country’s land as a natural environment area by 2030.
Tokio Marine & Nichido has been promoting conservation of biodiversity through the Mangrove Planting Project since 1999. From fiscal 2022 and beyond, the company will promote initiatives for biodiversity as a company that has endorsed the 30 by 30 Alliance at its establishment.

GX League

The GX League was established to enable companies actively working to achieve carbon neutrality and pursuing green transformation (GX) to collectively discuss issues to change the entire socioeconomic system and create new markets.
Tokio Marine & Nichido joined the 73 members of the GX League as a leader of the GX Management Promotion Working Group to formulate rules for market creation, one of the League’s initiatives. In March 2023, it published its Basic Principles on Disclosure and Evaluation of Climate-related Opportunities. To achieve carbon neutrality, activities of the League are aimed at building a structure that enables Japanese companies’ contributions to mitigating climate change to be appropriately evaluated in terms of opportunities (e.g., reduction of emissions from the products and services on the market).
Furthermore, Tokio Marine & Nichido joined the GX League in May 2023 and will continue to contribute to the provision of value to transform the societal structure in pursuit of carbon neutrality.