The Financial Services Agency (FSA) is working on further boosting the financial strength of Japan's insurers and is mulling over the introduction of a new solvency regime based on economic value. In this exclusive interview with Mr Naruki Mori, the agency's Assistant Commissioner for International Affairs, we get a glimpse of the FSA's other efforts to ensure the industry remains in tip-top shape.
By Manuelita Contreras
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Nippon Life remains confident of the good prospects of Japan's life market, and finds a major potential in the diversifying needs of the Japanese customers as long as the right strategy is implemented, says Mr Yoshinobu Tsutsui, the company's President.
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NKSJ Himawari Life Insurance is bucking the trend of stagnating growth in the Japanese life market by looking at the other side of the insurance fence for cross-selling: the P&C market. It also keeps a close eye on its products as customer needs continue to evolve, says Mr Toshio Matsuzaki, President.
By Manuelita Contreras
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Tokio Marine Holdings, Inc sees a silver lining in the Japanese insurance market's recent ordeal with catastrophes. The Japanese society is becoming more risk sensitive, a development that Mr Shuzo Sumi, the Group's President, says offers an opportunity that could help insurers grow steadily and stave off stagnation.
By Manuelita Contreras
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It has been almost two years since Japan reeled from the devastating triple disaster in March 2011. Mr Ken Motoda of Allianz Global Corporate & Specialty (AGCS) Japan, discusses how the industry has emerged resiliently from the tragedy and how the 2011 events have evidently changed the insurance landscape and risk appetite.
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The General Insurance Association of Japan (GIAJ) stresses that the industry must take a collective stand and adopt a zero-tolerance policy against insurance fraud. Mr Hiromi Asano from the Association outlines the top priority issues of the GIAJ and the insurance fraud countermeasures it recommends.
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The domestic insurance market is shrinking due to Japan's low birth rate and ageing population and Japanese insurance companies are struggling to sell new insurance policies.
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