21 March 2013

Statement by GIAJ chairman on recent activities and future challenges

With reconfirmation that general insurance is an important part of the overall infrastructure, the General Insurance Association of Japan is determined to make its role more robust, sound and reliable.

Measures to make general insurance more robust, sound, and reliable:

• Enhancing public awareness of general insurance
  • Making sales materials and solicitation practices more consumer-friendly
  • Improving the level of agents and solicitors ('General Insurance College Course')
  • Enhancing our ADR (Alternative Dispute Resolution) function
• Minimising social losses
  • Preventing troubles associated with home repairs
  • Strengthening insurance fraud and fraudulent claims prevention
  • Preventing automobile theft

Measures to make general insurance companies and businesses more robust, sound, and reliable:

• Strengthening the soundness of the general insurance system and general insurers
  • Making the Residential Earthquake Insurance system more resilient (the fiscal 2013 government budget)
  • Tax reform for fiscal 2013 (Broadening the pre-event catastrophe loss reserve system)
  • Reviewing the GIAJ's BCP (Business Continuity Plan)
  • Framework for orderly resolution of financial firms
• Diversifying business to meet customer needs better
  • Voicing opinions on regulations in other jurisdictions
  • Collaboration with overseas institutions
  • Promotional activities for Compulsory Automobile Liability Insurance

As an important element of society, the general insurance industry is making efforts to protect and conserve the global environment. Following GIAJ’s decision to join Keidanren's 'Commitment to a Low Carbon Society' in April 2010, GIAJ finally agreed on and published its action goals to achieve greenhouse gas reductions by 2020 at our board meeting today. Toward the achievement of these, its member companies will also enhance their environmental efforts.

Yasuyoshi Karasawa has nearly three months to go before the end of his tenure as the GIAJ Chairman. He remains committed to delivering on his promises to make the general insurance system, general insurers, and the industry more robust, sound, and reliable.

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