LIAJ Chair shares three pillars the industry will focus on this 2024

The chair also hopes to improve the industry through changes in life insurance tax deductions and financial regulations.

In his New Year’s address, Hiroshi Shimizu, chairperson of Life Insurance Association of Japan (LIAJ), expressed deep condolences for the victims of the recent Noto Peninsula Earthquake and pledged the life insurance industry’s full support for the recovery efforts.

Reflecting on 2023, Shimizu acknowledged the mixed landscape of the past year, with Japan progressing towards normalisation post-COVID and grappling with global instability and inflation. 

He emphasised the life insurance sector’s pivotal role in providing security and enhancing the quality of life, particularly through the disbursement of over ¥1.3t in COVID-related claims.

Looking ahead, Shimizu outlined three primary focus areas for 2024:

Promoting Customer-First Business Operations: The LIAJ aims to ensure customer welfare through its “customer-first business operations.” This includes ongoing dialogues and surveys to enhance compliance risk management, particularly in direct sales channels. The LIAJ plans to release findings from its Agency Operations Quality Review and a report on lessons learned from the COVID pandemic to better prepare for future crises.

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Addressing Regional Societal Challenges: With the falling birth rate posing a significant challenge, the LIAJ is committed to supporting childrearing and enhancing the life insurance industry’s role in this area. Initiatives include developing materials on child-rearing and child rights protection and revamping the LIAJ website for better public communication.

Tackling Global Environmental Issues: Recognizing the urgency of environmental challenges, the LIAJ will continue its efforts in ESG investment and stewardship activities. It plans to publish two booklets on environmental issues and maintain active participation in international conferences to enhance global environmental efforts.

Shimizu reaffirmed the industry’s dedication to maintaining customer trust and supporting the sound development of the life insurance sector. This includes communicating changes in life insurance tax deductions and financial regulations to help people navigate private insurance coverage effectively.

Concluding his message, Shimizu expressed the industry’s commitment to realising a sustainable, hopeful, and secure society, underlining the life insurance sector's pivotal role in addressing both local and global challenges in 2024.