To promote Tokio Marine Group's initiatives to tackle climate change in relation to insurance underwriting, the Japanese non-life insurance giant has set a group-based target for decarbonisation-related insurance premiums as an interimgoal towards realising a decarbonised society, announced Tokio Marine Holdings president and group CEO Satoru Komiya.
Tokio Marine Group said in a statement released yesterday that the target is JPY45bn ($315m) by 31 March 2027 (FY2026) on a global basis.
Commitment to reduce CO2 emissions from Tokio Marine’s operations as well as mangrove planting are some of the actions that the Group has taken to achieve net zero by 2050.
Tokio Marine Holdings considers climate change countermeasures a top-priority issue that must be addressed globally as a group. It believes that it is necessary to work not just internally but also in collaboration with corporate clients and investees to advance efforts toward decarbonisation. Based on this idea, the Tokio Marine Group has been providing insurance products and services that support its customers’ transition towards decarbonisation.
Definition
The Group’s definition of decarbonisation-related insurance is: Insurance coverage for renewable energy such as offshore wind and solar power, as well as insurance for electric vehicles and storage batteries, which directly contributes to the realisation of a decarbonised society.
Examples of decarbonisation-related insurance:
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Insurance for renewable energy-related businesses (construction/engineering, property, liability, business income, marine/cargo insurance)
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Warranty insurance for EVs and storage batteries
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Warranty and Indemnity insurance for the acquisition and transfer of renewable energy businesses.
Progress on Interim Target for Client Engagement
Tokio Marine Nichido & Fire (TMNF), the main non-life subsidiary in Japan, announced in September 2023 that it would proactively engage with 200 large companies which account for approximately 90% of TMNF’s insurance associated emissions and aims to achieve Level 2 engagement with more than 160 customers by 2030. As of FY2023, TMNF has conducted Level 2 engagement with 104 companies which is 52% of the 200 engagement target, and either made a proposal based on identified issues or provided insurance and related services.