Japanese insurers are lagging behind European peers

SOMPO is the leading domestic insurer on climate but it needs to speed up!

SOMPO is the leading domestic insurer on climate but it needs to speed up!

From Japan, the three major insurers – Tokio Marine, MS&AD, and SOMPO – are listed in the Scorecard as global players that underwrite fossil fuel projects worldwide. Although the Japanese insurers have been improving their climate policies, they are too slow and are lagging behind their European peers.

Among the three Japanese insurance giants, SOMPO currently has the best climate policies in Japan, with restrictions on coal and oil tar sand companies. MS&AD also adopted a corporate screening policy for coal and unconventional oil and gas, but it is considered extremely weak and contains numerous loopholes; thus, it is ranked in second place. Tokio Marine has no policy for corporate screening and is the worst laggard among the three.

What needs to be done?

  1. Rule out insurance underwriting of new conventional oil and gas projects.
  2. Phase out of existing contracts for coal projects.
  3. Implement or strengthen the coal company* screening policy.
  4. Disclose the GHG Emission in their portfolio and set reduction targets.
*companies that depend on more than 20% of their revenue on coal business.

The three major Japanese insurers have also been involved with underwriting projects that pose potential human rights violations to local communities in countries including Brazil, Vietnam and Indonesia, as well as leaving room to underwrite the highly controversial project; the East African Crude Oil Pipeline (EACOP).

Join our movement to help make Japanese insurers better!

To achieve the 1.5°C target to protect the future of our climate, we need you to join our global movement.

Join us today and tell Japanese insurers to stop fossil fuel expansion, protect our lives and #InsureOurFuture!