Only about 1/3 of the world's economic losses from natural disasters are covered by private insurance. The difference between the amount of economic losses and the amount of insurance coverage is called the protection gap. Mitsui Sumitomo Insurance continues to participate in the Pacific Catastrophe Risk Assessment and Financing Initiative, jointly established in 2013 by the Japanese government and the World Bank, as a company underwriting reinsurance for natural disaster risks. In developing countries in particular, it is difficult for victims themselves or their governments to narrow the protection gap. In order to meet the challenge presented by this situation, Mitsui Sumitomo Insurance has been cooperating with the governmental agencies of individual countries, the World Bank and the Japanese Ministry of Finance. One of the initiatives implemented is the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI), an insurance scheme established under the leadership of the World Bank. The purpose of this program is to promptly provide reconstruction funds to the countries and regions affected by natural disasters of a certain scale in the Pacific Island countries where insurance systems have not yet been established. Mitsui Sumitomo Insurance is the only insurance company that has continued to participate in the program since its establishment in 2013. We will continue to promote public-private partnership projects through our global network and work to resolve the social issues facing each country and region.