The Japan Cooperative Insurance Association Incorporated (JCIA) has recently published the English version of its annual Cooperative Insurance in Japan Fact Book. JCIA has been an observer member of the International Cooperative and Mutual Insurance Federation (ICMIF) since 1994. The annual Fact Book provides readers with an introduction to cooperative insurance in Japan.
The Cooperative Insurance in Japan Fact Book 2017 was compiled in order to share the business results of the major cooperative insurers in Japan for the fiscal year 2016 in addition to the various activities of JCIA and its member societies.
Insurance products offered by the JCIA member cooperatives include both life and non-life products to help their member policyholders ensure they are covered for a variety of risks which they may face in their lives. Among them, the five most typical products are fire; life; personal accident; automobile and annuity.
The Fact Book provides information on the financial performance of the main Japanese cooperative insurers in fiscal year for 2016. The business results achieved were as follows: 79 million members; 146 million insurance policies; total amount insured was JPY 1,043 trillion yen; the total premium income was JPY 8,242 billion; total claims paid were JPY 4,432 billion yen; and the total assets were JPY 66,094 billion.
These cooperative insurers in Japan also play a significant role in supplementing the Japanese social security system through the provision of cover for members and also in their activities in local communities throughout Japan. Many of these activities are prevention activities but some are in response to catastrophes such as earthquakes. Some examples of these include:
Zenkyoren provides free tarpaulins to its policyholders whose houses have been damaged by a natural disaster. It also provides temporary housing to its policyholders free of charge for a period of up to eight months, in cases where their houses have become uninhabitable due to natural disaster or fire.
Kyosuiren has carried out a fishing villages supporting campaign since fiscal 2011. Aiming to put the fisheries industry and fishing villages devastated by the Great East Japan Earthquake back in order as quickly as possible and not to let the memory of the earthquake disaster that did tremendous damage to Japan’s fisheries industry fade away, the campaign supports disaster-hit areas.
Zenrosai has been conducting story-telling sessions for children since November 2012. The sessions were originally aimed at fostering psychological care and sound development of the children affected by the Great East Japan Earthquake.
JCIA is keen to highlight the way in which cooperative insurers are constantly endeavouring to carry out their social responsibilities to meet members’ expectations through products that satisfy their needs and also through prompt claim payments. In 2016 the member cooperatives of the JCIA saw claims paid increase by 0.4% (JPY 19 billion) up to JPY 4,432 billion.
JCIA says its purpose is to promote the sound development of its member cooperative insurance companies, thereby helping to stabilize the lives and improve the welfare of people engaged in the agriculture, forestry and fisheries industries as well as other employees and workers in local communities or small and medium-sized business owners.
At present, JCIA consists of 13 full members, one first-class supporting member and three second-class supporting members. The full list of member names and details about each company can be found in the Fact Book. There are eight ICMIF full members of ICMIF which are also members of JCIA, these are: Zenkyoren, Kyosuiren, Zenrosai, Nihon Saikyosairen, CO-OP Kyosairen (JCIF), Daigaku Seikyo Kyosairen, Nikkaren, and Kyoei Fire.
The JCIA is chaired by Mr Hiroshi Nakaseko, pictured above (seen at the ICMIF Biennial Conference in 2015). Mr Nakaseko is also President of Zenrosai and a member of the ICMIF Board of Directors.
Please download the Cooperative Insurance in Japan Fact Book 2017 here.
