SOMPO Holdings has agreed to launch the next phase of its strategic partnership with One Concern to develop the global resilience market.
SOMPO will invest an additional $45 million in One Concern as part of the agreement, which will enable One Concern to expand its core capabilities in AI-enabled resilience solutions and disaster-risk mitigation technologies.
In total, it’s the largest deal in the emerging resilience space, with the deal becoming worth $100 million, as SOMPO enters this multi-year strategic partnership with One Concern.
SOMPO has estimated the market potential in Japan to be at least $1 billion annually.
Ahmad Wani, CEO and Co-Founder, One Concern commented: “Our partnership with SOMPO continues to gain momentum, amidst a growing global emphasis on ESG and recognition of the necessity to address escalating climate and disaster threats.
“The next phase of our partnership with SOMPO will lay the foundation for a broader resilience marketplace, where we’ll be able to uncover unknown risks from climate change and natural disasters so that our customers can mitigate, transfer or avoid those risks.
“We see this as a transformational opportunity for SOMPO and One Concern as it’s clear that demand for resilient solutions is taking off.”
Keiji Nishizawa, CEO, SOMPO Japan added: “Climate change has a major impact on our society, and we’re backing One Concern’s vision for resilience as part of our commitment to build climate mitigation solutions.
“One Concern has proven to be an excellent partner and has enabled SOMPO to create new value for our customers while addressing the broader social need for disaster mitigation solutions.
“SOMPO and One Concern will together adopt new methods of predicting and preventing catastrophic failures before they occur, not just understanding and covering risks after disasters. We’re fully committed to this multi-year journey with One Concern to make Japan and our society more resilient to climate change.”
