On EAIC Insurance Day, which falls every year on 18 October, the general secretary of the East Asian Insurance Congress (EAIC) , Mr Masayuki Tanaka has sounded the need to raise awareness of bio-diversity loss in Asia.
In his message on this day, Mr Tanaka said, “To achieve a sustainable future, it is urgent to raise awareness on the global environment and bio-diversity loss in Asia, which accounts for about 50% of the world’s greenhouse gas emissions.”
He pointed out that for the first time since EAIC began in 1962, the regional grouping had invited representatives of UN organisations to take part in panel discussions and speak at the EAIC Conference this year. The UN representatives were Mr Butch Bacani, head of Insurance at the United Nations Environment Programme (UNEP), who leads the Principles for Sustainable Insurance (PSI), and Dr Shinobu Yamaguchi of the United Nations University Institute for the Advanced Study of Sustainability (UNU-IAS).
In this context, their presentations created an opportunity for the East Asian insurance industry to be briefed on the implications of environmental issues directly by UN agencies, said Mr Tanaka.
The EAIC Conference this year — the 30th edition since 1962 — was held in Hong Kong from 24 to 27 September 2024. This conference gathered over 1,000 participants with a diverse background from 32 countries or regions in Asia, the US, Europe, the Middle East, and Africa.
The EAIC has been held every two years since 1962, visiting cities such as Tokyo, Manila, Bangkok, Seoul, Taipei, Kuala Lumpur, Jakarta, Singapore, Macau, Bandar Seri Begawan, and Hong Kong. However, in-person conferences and face-to-face meetings were suspended in 2020 and 2022 because of the COVID-19 pandemic. This year’s conference was the first in-person conference since the pandemic.
East Asian Insurance Day was established by the Executive Board of the 23rd EAIC (East Asian Insurance Congress) in 2006 to broadly promote insurance in East Asian countries. Since then, various enlightenment activities tailored to the circumstances of each city have been carried out.
Efforts to improve insurance literacy have been made across Asian countries, including publicising insurance systems through mass media and holding lectures at universities. Japan has also contributed by providing comments to domestic and international industry papers and disseminating information about EAIC through the Life Insurance Association of Japan’s website.
Mr Tanaka said, “This experience during the Hong Kong conference made me realise the significant role that EAIC has played in promoting networking and mutual understanding for over 60 years by bringing together numerous individuals from the insurance industry, primarily from East Asia, amidst close cooperation between the public and private sectors. It also emphasises the importance of insurance in addressing emerging social issues such as climate change and cyber risks.
“I sincerely hope that by taking advantage of the East Asia Insurance Day, insurance literacy in each country will deepen, contributing to the development of the entire Asian region. Additionally, I expect the Day to become a reminder of the role that insurance can play in resolving the social issues for all those engaged in the insurance industry in East Asia.”
Tokyo will host the 2026 EAIC Conference.