One Concern raises $45 million
Climate-risk assessment company One Concern announced that Japanese insurer SOMPO Holdings 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. With the new funding, One Concern is now at $100+ million in total funding from SOMPO Holdings.
“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. 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.” – Ahmad Wani, CEO and Co-Founder, One Concern.
“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.” – Keiji Nishizawa, CEO, SOMPO Japan.
One Concern’s 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.