SECP represents Pakistan at Tokyo life insurance seminar

TOKYO: Securities and Exchange Commission of Pakistan (SECP) Commissioner Insurance Mujtaba Ahmad Lodhi led Pakistan delegation to represent the country at the Oriental Life Insurance Seminar in Tokyo, Japan.

The event, organised by the Oriental Life Insurance Cultural Development Center (OLICD), brought together regional stakeholders to deliberate on emerging trends, challenges, and opportunities within the life insurance sector.

Lodhi appreciated OLICD President Yonekura Tsukasa for his efforts in organising the seminar.

The seminar, hosted by the International Insurance Society (IIS) in collaboration with Japan’s Financial Services Agency (FSA), revolved around the theme: "The Future of Life Insurance: Digital Transformation & Global Risk Management." It saw participation from over 1,000 executives, regulators, and fintech leaders from more than 40 countries.

Key highlights of seminar

• Digital & AI-Driven Insurance Solutions: Major insurers including AIA, Prudential, and Zurich showcased cutting-edge AI-powered underwriting tools and blockchain-based policy management systems. The integration of ChatGPT-6 for instant customer service and claims processing was a significant discussion point.

• Expansion of Parametric Insurance: Panelists discussed climate-linked life insurance products that dynamically adjust premiums using real-time data from IoT devices.

• Regulatory Shifts in Asia: Japan’s FSA announced plans to expedite digital insurance licenses to foster competition, while Singapore’s MAS shared insights on cross-border insurance sandbox programs.

• Longevity & Retirement Challenges: Discussions focused on new annuity and pension-linked products to address ageing populations in Japan and Europe. Ethical debates also arose concerning genetic testing and personalized premiums.

• Cybersecurity & Fraud Prevention: Swiss re-presented a quantum-resistant encryption framework designed to protect policyholder data.

Notable speakers at the event included Asian Development Bank President Masatsugu Asakawa, who spoke on 'Sustainable Insurance in Emerging Markets'; Swiss Re Japan CEO Sarah Hofstetter, who discussed 'AI’s Role in Claims Efficiency'; and Kenji Fujimori, Chairman of Nippon Life, who provided insights into 'Japan’s Insurance Market in 2030'.

The 2026 summit is confirmed to be held in Singapore, with a focus on DeFi insurance and crypto-backed policies, signalling the industry's forward-looking trajectory.