MENLO PARK, Calif.--(BUSINESS WIRE)--One Concern, Inc., today announced that SOMPO Holdings, Inc., has agreed to launch the next phase of their strategic partnership to jointly develop the global resilience market. As part of the agreement, SOMPO will invest an additional $45 million in One Concern, enabling 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 worth more than $100 million to One Concern as part of a multi-year strategic partnership with SOMPO. SOMPO estimates the market potential in Japan to be at least $1 billion annually.
“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,” said Ahmad Wani, CEO and Co-Founder, One Concern. “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.”
“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,” said Keiji Nishizawa, CEO, SOMPO Japan. “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.”
One Concern’s award-winning seismic and flood technology, coupled with SOMPO’s local knowledge, enables emergency management officials to understand their risk exposure to extreme flooding and powerful earthquakes. One Concern’s probabilistic modeling can show the potential impact on a local community. The next phase of the companies’ partnership will expand the project to six or more cities in Japan and for promotion of resilience solutions to the private sector in Japan.
SOMPO Holdings, centered on one of Japan’s leading insurance companies, SOMPO Japan, has the mission of creating a “Theme Park for Security, Health and Wellbeing of Customers.” One Concern, a Resilience-as-a-Service solutions provider, has the mission of making disasters less disastrous by leveraging science and advanced technology.
About One Concern
One Concern is a Resilience-as-a-Service solution that brings disaster science together with machine learning for better decision making. With operations in the US and Japan, the company quantifies resilience from catastrophic perils, empowering leaders to measure, mitigate, and monetize risk so disasters aren't so disastrous. For more information: https://www.oneconcern.com/