By Ahmad Wani, CEO & Co-Founder, One Concern
Our mission of making disasters less disastrous means fostering resilience in as many locations across the globe as we can, especially in those areas that are most vulnerable to hazards. Although Japan makes up only 0.28% of the world’s land area, it suffers over 18% of its earthquakes. More tsunamis originate off the coast of Japan than any other country globally (20%), according to the National Weather Service. As climate change intensifies, more record-breaking storms will continue to arrive in Japan.
In the past two weeks alone, Japan has been battered by both super typhoon Nanmodal and tropical storm Talas, leading to the evacuation of more than nine million people and hundreds of thousands of homes losing power. The expected insured losses from the storms are in the billions, and the global protection gap means many losses go uninsured, especially those related to infrastructure failures rather than direct building damage. One Concern’s digital twin technology can help leaders manage, mitigate and transfer risks from climate change and extreme events.
In service of our mission to help enterprises and communities increase their resilience, we are thrilled to announce that we have now launched our two flagship digital twin products, One Concern Domino™ and One Concern DNA™, in Japan. Our longstanding presence in Japan, as well as the nation’s embrace of resilience, makes it an ideal market for our products. As a G7 nation, Japan has a major economic impact in Asia and across the world, and we look forward to offering our digital twin technology to strategic partners in the country.
For the first time ever, One Concern is able to link physical risk with financial risk, allowing for greater financial transparency in public markets. We’re taking a data-driven approach to creating a consistent, comparable metric that becomes the de facto global standard for measuring resilience and unlocking a new category for resilient solutions.
“At Verdantix, we are seeing the market for physical climate risk solutions rise along with adverse climate impacts and the regulations to address them,” said Maya Hilmi, Net Zero and Climate Risk Analyst at Verdantix. “Solutions like that of One Concern can help companies understand how physical climate risks translate to financial reporting, which informs companies’ ESG and TCFD disclosures and improves their climate resilience.”
I am grateful to our hardworking data science and engineering team, and our whole Japanese team, for this accomplishment. We are looking forward to this new chapter for our resilience technology in Japan.