East Asian insurance markets need to further exchange information through the forum provided by the East Asian Insurance Congress (EAIC) to raise awareness about environmental and social issues, and to respond to this paradigm shift on an industry level, says Mr. Masayuki Tanaka, the EAIC general secretary.
The Life Insurance Association of Japan has published Mr. Tanaka’s message ahead of East Asia Insurance Day, which falls on 18 October each year.
In his message, Mr. Tanaka says that insurance companies are expected to play a role in providing not only “protection”, which is to reduce the underlying risks, but also in fostering “prevention”, which is to improve people’s quality of life (QOL) by preventing accidents and illnesses, as well as promoting healthy lifestyles.
He adds that many companies have been incorporating SDGs (Sustainable Development Goals) into their management philosophy. insurance companies, which play a role in complementing social insurance, are expected to take a role in solving such social problems as well.
From a global point of view, assessment reporting on climate change, biodiversity and ecosystem services—for example, the Intergovernmental Panel on Climate Change (IPCC) and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES)—are becoming common, demonstrating that a higher level of global warming and the deterioration of natural resources undermine human well-being significantly, says Mr. Tanaka.
He adds, “I sincerely hope that as the East Asia Insurance Day becomes more widely known, insurance literacy in each country will deepen, contributing to the development of the entire Asian region.”
Commenting on efforts made by the LIAJ in this arena, Mr. Tanaka says, “While steady efforts such as disseminating information regarding the insurance system through the media and providing lectures at universities have contributed to improved literacy in these countries, the LIAJ has also contributed byline articles for several publications in and outside Japan, and has provided EAIC related information on its website.”
East Asia Insurance Day was established during the 23rd EAIC in 2006 to promote international collaboration on insurance across East Asian markets and to enhance insurance literacy by encouraging educational activities throughout the region based on local demand.