The Great East Japan Earthquake that occurred on 11 March 2011 was a disaster on a scale never previously experienced. Precious lives and properties of so many people were lost in an instant. Furthermore, widespread aftershocks and the continued situation surrounding the Fukushima Daiichi nuclear power plant prevents many rebuilding their day-to-day lives.
I would like to offer my heartfelt thoughts and prayers to those affected. At this difficult time, I believe it is more important than ever for cooperatives to act on our basic principle i.e. “One for all, all for one”. We must continue to perform our individual roles to bring security and assurance for the members of each cooperative. Together with our members, we, Saikyosairen, always have this in mind when we carry out our roles as a “Reinsurance Center” ensuring prompt and steady payment of reinsurance claims.
Whilst a moderate recovery was expected for the Japanese economy in the 2010 fiscal year, the earthquake and subsequent nuclear power plant accident affected the whole Japanese economy directly and indirectly. This resulted in a slump in business activity and a loss in expected business opportunity. What is now expected is a quick implementation of effective policies towards the recovery of the Japanese economy.
In the insurance sector, the market continues to shrink, putting increasing strain on company management. With a decreasing number of new policies and a reduction in premium income, companies have had to take various measures to improve their profitability. These have included reducing expenses, market reorganization, business alliances between life and non-life insurers and overseas investment.
All cooperative contracts in Japan are now subject to the Revised Insurance Law. This was introduced to address the issues surrounding the necessary protection of members / policyholders. In 2012, the United Nations International Year of Cooperatives, special effort is required to raise the awareness of the role of cooperatives and their contribution to modern society.
We, Saikyosairen, made continuous efforts to complete our four year plan, started in 2007, entitled “Management Strategy Plan” and “Business Development Strategy Mid-term Plan”. This was successfully concluded in 2010, including achieving various objectives such as ‘sound management’, ‘enhancement of organizational strength’ and ‘incorporation of new members’. We have already started our new challenges based on our “Mid-term Management Strategy (2011-2015)” to tackle various objectives, and we really appreciate your continuous support.