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Please let me take this opportunity to wish you a Happy New Year.
In 2009, we saw a wave of global changes bringing us towards a new era, with the inauguration of U.S. President Barack Obama, a new start for the EU with the Lisbon Treaty coming into effect and the onset of a new Japanese government, for example. Furthermore, it was a year in which nations globally sought to create new international frameworks for all aspects of political, social and economic life, in particular, measures for the stabilization of the global economy after the financial crisis and for global warming.
Reflecting these social changes, in “Kotoshi-no-Kanji” (The Chinese characters created to symbolize the events of the year), which is now a seasonal tradition in the last days of each year, “(New)” was selected as the best character to express the year of 2009. I feel that the transition from “(Change)”, the Chinese character for 2008, to “(New)” in 2009 appears to represent the public’s strong resolution to move forward and embrace this new era.
At present, the Japanese economy is still in moderate deflation and it is generally considered that the Japanese stock market continues to be slower in recovery when compared with other major markets worldwide. This is largely due to the public’s anxiety for the future affecting the real economy and stock market. This indefinite anxiety – namely, the public’s concern over whether their current standard of living, which is fairly affluent and stable, can be maintained even in the forthcoming highly-aging society associated with the rapidly declining total population – Japan now needs to sweep away this unease and anxiety in order to embark on a new Japanese era.
In order to do this, it is imperative to review the social security system from both a mid and long-term perspective as well as assisting with the public’s independent efforts to ensure a stable and secure future. Accordingly, we believe the roles and responsibilities of life insurers, as providers of private protection, will become more and more important, and life insurers can continue to help people enjoy stable lives without anxiety for the future and look forward to the new era.
In this environment, the Government decided to increase the tax deduction limits for insurance premiums in its “Outline of Tax Revision” for the FY 2010. This, we consider, proves and reaffirms the importance of life insurance in supplementing the social security system. Therefore it is our duty to make the utmost efforts to help sweep away the public’s anxiety over pension, long-term care and healthcare by supporting the public’s own efforts to ensure the stability and enhancement of their lives. Furthermore, we life insurers will endeavour to create a more user-friendly environment, where consumers feel supported by and more comfortable with life insurance, and alongside this we shall increase the public’s understanding of the social role of life insurance and continue to enhance the social protection system.
Last year, an essay contest for Junior High School students was organised by the Japan Institute of Life Insurance. The essay which won the All Japan Junior High School Headmasters’ Association award included the statement, “life insurance provides the important role of protecting my and my family’s lives and giving us a sense of security. It is a strong support in our daily and future lives.” This phrase clearly exemplifies the mission of life insurance which I referred to when I took over as Chairman of the LIAJ – “progressing forward with customers in guaranteeing whole life protection”. As the public’s anxiety for the future is now heightening, I would like to reaffirm my determination for life insurance to fully meet the expectations of the public and to help create an affluent and long-living society, by fulfilling our duty to change the public’s anxiety for the future into peace and secureness.
To close, according to the Chinese zodiac, 2010 is the year of the Tiger, which symbolizes peace, prosperity and blessing. I truly hope this year turns out to deserve this symbol and mark the start of a bright and promising future.
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