Sompo Japan Nipponkoa wins Minister’s Prize at Eco-Products Awards

Sompo Japan Nipponkoa Insurance Inc. received the Minister’s Prize, the Japan’s Ministry of Environment in the Eco-Services Category of the 11th Eco-Products Awards for its fire insurance, launched in February 2014, for wind power generation companies with a special clause that covers costs to prevent a recurrence of accidents.

The awards ceremony will be held on December 11th at one of the largest environmental exhibitions in Japan, Eco-Products 2014.

The Eco-Products Awards (organizer: Eco-Products Awards Steering Committee; sponsors: Ministry of the Environment; Ministry of Finance; Ministry of Health, Labour and Welfare; Ministry of Agriculture, Forestry and Fisheries; Ministry of Economy, Trade and Industry; Ministry of Land, Infrastructure, Transport and Tourism of Japan) have been awarded annually since 2004 to commend “eco-products”, products and services created with consideration to reducing the environmental impacts.

Award categories are separated into “Eco-Products” and “Eco-Services,” and the best product from each category goes on to receive the Minister’s Prize, an award from each ministry sponsoring the event.

Renewable energy sources are increasingly valued for their low greenhouse gas contributions. Besides solar, further implementing wind power generation is urgently needed. The damage of wind power facilities, however, costs highly once an accident occurs, and the same kind of accidents tend to occur repeatedly, which has become a concern among wind power businesses.

The fire insurance which Sompo Japan Nipponkoa developed for wind power generation companies with a special clause that covers costs to prevent a recurrence of accidents provides the usual insurance payments in the event of fire, lightning, or wind damage.

In addition, a unique feature of this contract is that following an accident, it provides payment aimed at preventing accidents from recurring (funds for the investigation of the accident cause, and funds for preventive inspection).

This award recognizes Sompo Japan Nipponkoa’s contribution to the prevention of recurring accidents at wind power facilities, as well as to both the stable administration and expansion of wind power operations.

With this product, Sompo Japan Nipponkoa will continue to support the stable management of wind power business, encourage further spread of renewable energy, and contribute to realizing a sustainable society.

The Eco-Products Awards: (in Japanese)

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