Japan casualty insurers under suspicion for policy price-fixing

This suspected price-fixing practice is now under investigation.

Multiple sources familiar with the situation have revealed that Japanese casualty insurers, Nikkei Asia reported.

Insurers such as Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance, are suspected of colluding to set premiums for various corporate customers, such as oil and steel companies. 

READ MORE: Japan casualty insurers suspected of widespread policy price-fixing

This suspected price-fixing practice is now under investigation, suggesting a potentially widespread issue within the industry.

The Financial Services Agency has already instructed these insurers to conduct internal investigations into alleged price-fixing for policies sold to railway operator Tokyu and submit their findings. 

ALSO READ: Japanese auto dealer allegedly forged insurance contracts: report

As part of these probes, the insurers have uncovered further contracts related to companies like Eneos, Narita International Airport, East Japan Railway, Metropolitan Intercity Railway, and some entities in the steel industry. 

The investigation is still ongoing, and more details may emerge as it progresses.