ICMIF member the Japan Cooperative Insurance Association Incorporated (JCIA) has recently published the English version of its 2024 Kyosai in Japan Fact Book.
JCIA is a general incorporated association in Japan, which was established for the purpose of promoting coordination among member societies and contributing to the development of cooperatives and cooperative insurers. The main activities of JCIA are research and studies relating to cooperatives/cooperative insurers, human resources development and training for member societies and also public relations. JCIA also publishes a monthly journal “Cooperative and Commercial Insurance” which it is published for over 50 years. They provide consultations to help with enquiries and complaints from policyholders and/or their related persons.
JCIA says its purpose is to promote sound development of the kyosai* businesses operated by cooperatives in Japan, thereby contributing to stabilising the lives and improving 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.
JCIA joined the International Cooperative and Mutual Insurance Federation (ICMIF) in 1994 and is an associate member of the Federation.
The Kyosai in Japan Fact Book (formerly known as the Cooperative Insurance in Japan Fact Book) is compiled each year in order to share the business results of the major cooperative insurers in Japan for the previous fiscal year (in this case, 2023) in addition to the various activities of JCIA and its member societies.
Kyosai insurance products offered by the JCIA member cooperatives include life and non-life products to help their member policyholders ensure they are covered for a variety of risks. 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 the fiscal year for 2023. The overall trends show an increase in premium income, claims paid and total assets. There were decreases in the number of members of the kyosai businesses, number of policies issued and the total amount insured.
At present, JCIA consists of 12 full members, one first-class supporting member and four second-class supporting members. The full list of member names and details about each organisation can be found in the Fact Book. There are six ICMIF full members which are also members of JCIA, these are: Zenkyoren, Kyosuiren, Kokumin Kyosai co-op, CO-OP Kyosairen (JCIF), Nikkaren and The Kyoei Fire & Marine Insurance Company.
Please download the Kyosai in Japan Fact Book 2024 here.
*About Kyosai
In the Fact Book, JCIA explains that Kyosai is a mutual aid system in Japan where the members share their premium to establish mutual assets, and the funds are paid out at times of unexpected contingencies, to compensate for the financial deficit and stabilise the lives of the members and their families in preparation for various risks that jeopardise daily life such as death, hospitalisation, house damage or traffic accidents.
