The average time taken for SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED to pay invoices to suppliers has decreased from 27 days in the first half of 2018 to 23 days in the first half of 2019. This shows a positive trend towards early payment.
The percentage of invoices paid within 30 days has fluctuated over the three periods, with the highest being 77% in the first half of 2018 and the lowest being 67% in the second half of 2018. The percentage of invoices paid later than 60 days has also fluctuated, with the highest being 13% in the first half of 2019 and the lowest being 8% in the first half of 2018.
Between the first half of 2018 and the first half of 2019, there has been an improvement in the time taken for SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED to pay invoices to suppliers, with the average time decreasing by 4 days. The percentage of invoices paid within 30 days has also improved, with a 10% increase from the first half of 2018 to the first half of 2019. However, there has been an increase in the percentage of invoices paid later than 60 days, with a 5% increase from the first half of 2018 to the first half of 2019.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 26 | 67% | 22% | 11% | 49% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 27 | 77% | 15% | 8% | 36% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
In most cases payment are determined by the supplier, and in all cases the Company seeks to make payments in accordance with these terms. For all types of qualifying contract the most frequently used payment period is 30 days. In the absence of supplier payment terms, the Company aims to settle invoices within 30 days of receipt of a correct, undisputed and properly due VAT invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
n/a
Maximum contractual payment period agreed
30
The Company is committed to resolving disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with the supplier and are typically managed by the dedicated payments team, with support from senior managers where necessary.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
❌
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
❌
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED is a leading insurance company in Europe, providing a wide range of insurance products and services. The company is committed to sustainability and has a strong focus on environmental, social, and governance (ESG) factors.
Their sustainability program includes initiatives such as reducing carbon emissions, promoting diversity and inclusion, and engaging in community outreach activities. They also have a robust risk management system in place to ensure the sustainability of their business operations.
The company offers a variety of insurance products, including property and casualty insurance, marine insurance, and travel insurance. They also provide risk management solutions and services for businesses.
The key people at SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED include CEO Takashi Kubota and Chairman Yasuyuki Tanizawa, who bring years of experience and expertise in the insurance industry.
Their registered office address is 6th Floor, 24 Chiswell Street, London, EC1Y 4TY, and their website address is https://www.sompo-intl.com/europe/.
Overall, SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED is a reputable and sustainable insurance company that provides a wide range of products and services to its clients. Their commitment to sustainability and strong leadership make them a trusted choice for insurance needs.