The general secretary of EAIC urges insurers to strengthen focus on ESG

EAIC said it serves as a platform for neighbouring countries in Asia to exchange information.

Ahead of the East Asian Insurance Day, Masayuki Tanaka, General Secretary of the East Asian Insurance Congress (EAIC) urges insurers to strengthen their focus on environmental and social issues.

“It will be extremely important for neighbouring countries in Asia to further exchange information during the EAIC, to raise awareness about environmental and social issues, and to respond to this paradigm shift on an insurance industry level. 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.” Tanaka said.

The establishment of East Asia Insurance Day during the 23rd EAIC reflects the congress’ commitment to promoting common insurance systems across East Asian countries and enhancing insurance literacy through local educational initiatives. 

As the industry reaches a turning point, insurance companies are expected to expand their role beyond "protection" to include "prevention." This shift involves not only reducing risks but also enhancing the quality of life by preventing accidents, diseases, and viruses while promoting healthy living. 

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With many companies integrating the Sustainable Development Goals (SDGs) into their philosophies, insurance firms, as complements to social insurance, have a pivotal role to play in addressing critical social issues.

From a global perspective, assessments on climate change, biodiversity, and ecosystem services are becoming increasingly common. 

Bodies like the Intergovernmental Panel on Climate Change (IPCC) and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) highlight the profound impact of global warming and resource degradation on human well-being.

In this context, the EAIC said it serves as a platform for neighbouring countries in Asia to exchange information, raise awareness about environmental and social issues, and respond to this paradigm shift within the insurance industry.