GIAJ chairman outlines measures to raise awareness of insurance in East Asian markets

The General Insurance Association of Japan (GIAJ) will continue to promote several initiatives to raise public awareness of the role and importance of insurance as well as the activities of the East Asian Insurance Congress (EAIC), says Mr. Keisuke Niiro, the association's chairman.

In a message delivered ahead of the 17th anniversary of the designation of East Asian Insurance Day—which falls on 18 October, the date on which the EAIC was founded in 1962— Mr. Niiro says that the initiatives are:

1. Carrying out public relations activities through the GIAJ website and insurance business publications.

2. Utilizing the network of graduates of the Insurance School (Non-Life) of Japan (ISJ) to celebrate East Asian Insurance Day and to call for participation in the next EAIC.

Over its long history of helping insurance professionals throughout East Asia, the ISJ has produced approximately 2,270 graduates since 1972 and is highly regarded by participating regions.

East Asian Insurance Day was established in 2006 to promote an understanding of the role and importance of insurance and the activities of the EAIC in East Asian markets.

Mr. Niiro says, “We are facing various risks we have never experienced, such as the severe impacts of climate change and the increasing frequency and severity of natural disasters on a global scale. In these times of rapid environmental changes and unpredictability, I believe that the GIAJ needs to demonstrate more than ever the primary function of general insurance, which is to 'respond to natural disasters and risks in society and the economy' and to make efforts to build a resilient society for future generations.

“With this sense of mission, I believe that sharing Japan's knowledge and experience in general insurance and disaster prevention/mitigation is meaningful not only from the perspective of encouraging the establishment of a mechanism for compensation for damage but also from the perspective of preventing/mitigating damage itself. “

Specific measures

Mr. Niiro adds that in the current fiscal year, the GIAJ will work on the following two points as its contribution to developing general insurance businesses in the Asian region.

1. contribute to the establishment of sound and resilient insurance systems in the Asian region from a medium- to long-term perspective by providing know-how for the introduction of appropriate capital controls, risk management, and insurance underwriting, as well as the establishment of a system for the proper payment of insurance claims.

2. provide a range of know-how related to Japan's general insurance in dealing with natural disaster risks through the ISJ curriculum.

The next EAIC Conference will take place in Hong Kong between 24 and 27 September 2024.

Source: asiainsurancereview.com