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  • Member Login
You must include atleast 3 characters!
  • ABOUT BCtA
    • ABOUT BCtA
    • INCLUSIVE BUSINESS AND SDGS
    • OUR TEAM
    • OUR PARTNERS
    • BCtA TIMELINE
    • GET IN TOUCH
  • JOIN BCtA
  • OUR MEMBERS
  • NEWS & EVENTS
    • HIGHLIGHTS
    • NEWS
    • WEBINARS
    • EVENTS
    • BCtA & GUARDIAN LABS
    • ANNUAL FORUM 2019
    • ANNUAL FORUM 2020
  • RESOURCES
    • OUR INSIGHTS
    • REPORTS
    • CASE STUDIES
    • COVID-19 RESOURCES
    • MULTIMEDIA
  • IMPACT
    • IMPACT LAB
    • IMPACT CHAMPIONS
  • TOOLKITS
    • MATURITY JOURNEY
    • IMPACT LAB
    • MANAGEMENT PRACTICES
    • HUMAN RIGHTS AND IB
    • IB IN SUB-SAHARAN AFRICA
    • GENDER EQUALITY FOR BUSINESS
    • SME ACTION PLATFORM
    • SDG CORPORATE TRACKER COLOMBIA
  • BCtA ANNUAL FORUM

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Sompo Japan Nipponkoa Group Logo

Sompo Holdings

Business Call to Action >Members >Sompo Holdings

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Sompo Japan Nipponkoa Group Logo

Sompo Holdings

BCtA Membership StatusActive

Enhancing resilience of small-scale farmers across Southeast Asia

Sector
Financial Services
Region of Initiative
Asia & Pacific
SDG contribution
SDG 1: No poverty, SDG 8: Decent work and economic growth

Leading Japanese insurance company Sompo Japan Nipponkoa Group joined BCtA with a commitment to enhance the resilience of 30,000 small-scale farmers in Southeast Asia by 2025 through its weather index insurance. The first major insurance company to join the BCtA, the Group developed this innovative initiative to mitigate against climate change's adverse impacts by offering financial services to low-income farmers.

Indonesia
Insurance meeting in Indonesia

Established in 1888, Sompo Japan Nipponkoa Group offers a range of financial services worldwide. The Group expanded its portfolio to offer products and services that mitigate and adapt to climate change as the first financial institution in Japan to establish a department dedicated to environmental issues in 1990.

Extreme weather patterns have been generating growing interest in the insurance business, particularly in developing countries where agriculture is particularly susceptible to climate impacts. Weather index insurance provides protection against crop damage resulting from climate change, promoting small-scale farmers self-sufficiency and improving their living standards.

This insurance pays farmers a predetermined amount of money if weather indices such as temperature and rainfall exceed certain thresholds. Unlike standard damage insurance, index insurance enables a prompt payment without a damage assessment. It is attracting particular attention in developing countries, where small-scale farmers bear the brunt of climate-related crop failures.

Hearing survey in Myanmar
Hearing survey in Myanmar

In 2010, Sompo Japan Nipponkoa Group launched a weather index insurance product aimed at rice farmers in northeast Thailand. In its first year, Sompo Japan Nipponkoa Thailand provided insurance to more than 1,000 rice farmers in a single province. By 2014, the program had expanded to cover 4,300 rice farmers in 17 provinces. Prompt payments to farmers in 2012 drought were a major factor in the business's rapid growth.

By 2020, Sompo Japan Nipponkoa Group plans to insure 10,000 rice farmers in 20 provinces of Thailand, and by 2025, it aims to serve 30,000 small-scale farmers throughout Southeast Asia. The Group is planning to offer the insurance to rice and sesame farmers in the central arid region of Myanmar. There are also plans to study trends in payouts and defaults and in order to better understand the benefits of this inclusive business.

>> Visit UNDP Japan's page for information in Japanese

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