, Japan
Photo by Markus Winkler from Unsplash

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.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.