Created in partnership with the Helpdesk on Business & Human Rights
Sompo Holdings
Mitigating Human Rights Risks Through Risk Assessment and Non-discriminationSompo Holdings, a Japanese insurance company, aims to reduce the risk of “complicity” in human rights abuses in its core businesses. The company conducts Human Rights Risk Identification and Evaluation and implements the ‘Plan-Do-Check-Act (PDCA) cycle’ by utilizing the strategic risk management (ERM) and the risk assessment framework of their group company SOMPO Risk Management Co. The framework includes a human rights risk assessment and makes reference to international instruments including the Universal Declaration of Human Rights, International Covenants on Human Rights, ILO International Labour Standards, the United Nations Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises and others.
Guided by the framework, the company assesses its entire value chain related to property and casualty insurance, life insurance, and nursing care in terms of impact on human rights, severity, and connection of the risk to the company. It then identifies priority issues for mitigating these potential human rights risks.
Environment, Social and Governance (ESG) impacts are considered in decisions relating to investment loans and underwriting. In the property and casualty insurance business, SOMPO Holdings prohibits participation in projects that involve child labour, forced labour and discrimination in its investment and lending activities.
Additionally, in compliance with Japan’s Disabilities Discrimination Act, Sompo Japan has implemented changes to better accommodate accessibility needs of elderly people and those with disabilities. These include changes to insurance application and claims payment processes; the physical environment at agencies; consultation services for customers; and internal training curricula.