PARIMA Tokyo 2023 Conference Highlights Press Release

Tokyo, Japan - The Pan-Asia Risk and Insurance Management Association (PARIMA) concluded the final leg of its 2023 Regional Conferences at the Akasaka Intercity Conference Center on 19 October 2023, with the theme 'Adapting to Permacrisis.' Approximately 350 delegates joined the PARIMA Tokyo 2023 Conference and enjoyed a day filled with insightful discussions on risk management trends in Japan.

Risk professionals coming from companies such as INPEX Corporation, Toyota Tsusho Corporation, Mitsubishi Heavy Industries, Nissan Motor Co. Ltd., Sony Group Corporation, Suntory Holdings Limited, Hitachi Ltd., Kirin Holdings Company, Asahi Kasei Corporation, Olympus Corporation and more joined the conference. Other delegates are senior leaders and experts from the risk and insurance industry.?

?The welcome address was given by PARIMA Japan Board Members Yosuke Happo, Tsutomu Yamanishi, and Kei Masuyama. They briefly discussed PARIMA's return to Tokyo since the 2018 Conference and the growth of the risk management community in Japan. PARIMA Outgoing Chairman, Franck Baron delivered the opening remarks, highlighting the association's remarkable 10-year journey in the region. PARIMA Executive Director, Samantha Teo, joined him on stage to shed light on PARIMA's initiatives throughout the year, including the launch of the Climate Risk Management School in collaboration with Airmic and AXA Climate, as well as hosting of risk manager-exclusive events in Singapore, Hong Kong, Bangkok, Bengaluru, Delhi, and Beijing early this year. RIMS CEO, Gary LaBranche, took the stage to announce the collaboration of the PARIMA and RIMS to deliver the RIMS-CRMP Certification in Asia, emphasising the importance of this collaboration, PARIMA's expansion, and continued dedication to providing educational opportunities for risk professionals in the Asia-Pacific region.

?The morning keynote was centered on 'Challenges Towards the Future of Risk Management: Transforming Values We Provide in Response to Evolving Risks.' Tomoyuki Motoyama, Managing Executive Officer at Mitsui Sumitomo Insurance Co., Ltd., and Executive Officer, CDO at MS&AD Insurance Group Holdings, Inc., presented MSI's innovation strategy, highlighting the increasing diversity of risks surrounding businesses and the rising scale of damage, which underscores the need for loss prevention and reduction support services utilising digital technologies. Following this, the plenary discussion on 'Adapting to the Era of "Permacrisis" with Shin Hosaka, Vice-Minister for International Affairs at METI Ministry of Economy, Trade and Industry, Takashi Kubo, Representative Director, President at INPEX Solutions, Ltd., and moderator Yoshihiro Suchi, Senior Vice President, Credit Specialty at Marsh Broker Japan Inc., discussed the significant impact of geopolitical risks on business operations, including geo-economic conflicts and geopolitical strife over the rising price of strategic resources – one of the biggest concerns for business leaders in Japan, both in the public and private sectors.

Risk manager delegates voiced how relevant the Conference is for them. “It’s exciting to see my peers again, this time in Tokyo. Risk management remains a niche field in Japan, with limited understanding, but PARIMA reassures me that I’m not alone. I have fellow peers who share my passion for spreading risk management awareness.”

PARIMA Co-Founder and General Secretary Steve Tunstall shares insights on PARIMA’s return in Japan after 5 years. “I’m amazed by the lessons learned in Japan that can be applied globally. We’re connecting with people from various countries, learning from each other, and sharing success stories. It’s wonderful to be back here. We are well over the 300 attendees from Japan and overseas, it further reinforces that this is the best place to host our conference in Asia, and we’ll be back.”

The day was filled with educational sessions on Disaster Recovery, Captives, Cyber Risks, People Risks, Climate Change, Data Analytics, Business Continuity Planning, Parametric Solutions, Insurance Linked Services, and ESG.

The afternoon plenary, centered on ‘Navigating the Corporate Asset Class Shift,’ featured Aon’s Harry Edwards, Regional Director, Intellectual Property Solutions, Asia, and Tatsuya Jake Yamamoto, CEO, Japan. They discussed how intangible assets are becoming increasingly relevant and valuable for companies globally, and companies and their Chief Risk Officers/Risk Managers need to recognise and understand their potential Intellectual Property risks, urging risk managers to explore other effective ways of risk mitigation through insurance solutions.

This was followed by a C-Suite Conversation featuring James Addington-Smith, President of Marsh Asia, Clemens Philippi, Chief Executive Officer of MSIG Asia, Jane Drummond, Chief Commercial Officer, Asia Pacific of Aon, and Annacel Natividad, CFO of Pilmico Foods Corporation and CRO, Aboitiz Food Group, and incoming Chairperson of PARIMA. They addressed the amplified interconnectedness and complexity of risks, the rising insurance costs that need to be explained to the board, challenges in modelling certain risks, and the impact of the Israel-Hamas war on the supply chain. They emphasised the importance of flexibility, intuition about risk, stress testing, creative problem-solving, understanding business priorities, and breaking down internal and external silos to navigate these challenges effectively.

The PARIMA Tokyo 2023 Conference concluded with a closing address from Yosuke Happo, PARIMA's Japan Board Member. Franck Baron then joined the stage to pass on the baton to the incoming Chairperson, Annacel Natividad, as she shared her vision for PARIMA moving forward.

This Conference is supported by our Platinum Partners Aon, Sompo Japan, MS&AD, and MSIG, Knowledge Partner Marsh, Gold Partners BELFOR, Descartes Underwriting, HDI Global SE, and Kroll, and Silver Partners AIA, AIG, Allianz Commercial, FIS, Gallagher, International SOS, QBE Asia, Swiss Re Corporate Solutions, and Zurich Insurance.

The next PARIMA Regional Conferences will be held in Manila, Philippines, and Taipei, Taiwan, on 30 May 2024 and 22 November 2024, respectively.

For photos from the conference, please visit the PARIMA Tokyo 2023 website: www.parima.org/tokyo-conference-2023-highlights/

?About PARIMA???

The Pan-Asia Risk and Insurance Management Association (PARIMA) is a non-profit professional association dedicated to advancing the risk management profession and facilitating connections among risk and insurance managers. Our mission is to foster a culture of risk management by promoting education and dialogue within the community. With over 2,700 members representing more than 1,300 companies across the Asia-Pacific region, PARIMA continues to drive progress in the industry. For more information about PARIMA and its initiatives, please visit https://parima.org/ or contact [email protected].?