One Concern extends partnership with SOMPO Holdings with fresh investment

One Concern has received a $45m strategic investment from Japanese insurance firm SOMPO Holdings, kicking its partnership into the next stage.

With the fresh equity, the InsurTech is looking expand its core capabilities in AI-enabled resilience solutions and disaster-risk mitigation technologies.

One Concern has built seismic and flood Technology, which when coupled with SOMPO’s local knowledge, enables emergency management officials to understand their risk exposure to extreme flooding and powerful earthquakes.

Its probabilistic modelling can show the potential impact on a local community. The next stage of the partnership between the companies will see the platform cover six or more cities in Japan as well as promotion of resilience solutions to the private sector in Japan.

SOMPO Japan CEO Keiji Nishizawa said, “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.”

This investment from SOMPO is part of a $100m multi-year strategic partnership with One Concern.

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