General Insurance Association of Japan (GIAJ) Chairman Shinichiro Funabiki released a statement outlining the GIAJ's policies and initiatives in response to current trends and developments.
The Chairman expressed condolences for the victims of a recent large-scale fire in Oita City and an earthquake in eastern Aomori Prefecture. He acknowledged the growing threat of natural disasters due to climate change, emphasizing the insurance industry's commitment to timely payouts and raising disaster risk awareness.
Speaking on cyber security concerns, he said increasing cyberattacks pose significant risks to businesses and the association aims to enhance societal resilience against these threats through specialised products and risk mitigation services.
The association is focused on improving customer trust through:
- Quality of Insurance Agency Sales: Trials are underway for a new Agency Business Quality Evaluation System to enhance sales practices.
- Risk Management Awareness: Efforts are being made to educate companies on selecting appropriate insurance products aligned with their risk management policies.
Some of the specific initiatives Mr Funabiki mentioned were:
- Insurance agency sales quality: Implementation of self-assessment checklists and public consultations to refine evaluation guidelines.
- Risk management seminars: A seminar was held for corporate executives to improve risk management awareness, with participation from around 700 attendees.
- Revised supervision guidelines: New guidelines will standardize sales practices to prioritize customer interests.Further to that, Mr Funabiki also addressed that GIAJ is advancing initiatives under its 10th Medium-Term Master Plan, including:
- Launching a paperless system for damage investigation in automobile liability insurance.
- Strengthening capabilities against fraudulent insurance claims through targeted seminars.
- Conducting annual surveys on risk awareness among SMEs, revealing low insurance coverage rates and insufficient preparedness for risks. The General Insurance Association of Japan reaffirms its mission to support societal stability and economic growth by providing essential insurance products and services, fostering a safe and secure environment for all. “During my first six months as Chairman, member companies have worked together as one, focusing on initiatives to restore trust and on achieving the key objectives of the Medium-Term Master Plan. We will steadily advance these efforts so that they deliver tangible results and bring about visible changes in our industry. As we do so, we ask for your continued understanding and cooperation,” Mr Funabiki said.