News From Law.com
Japan's financial regulator penalized the country's largest property and casualty insurers, including core units of Tokio Marine Holdings Inc., MS&AD Insurance Group Holdings Inc. and Sompo Holdings Inc., for colluding to fix prices in contracts with corporate clients. The investigation has rocked Japan's casualty insurance sector, which has also been under fire for failing to detect fraudulent auto insurance claims. The three groups command about 90% of the entire market worth roughly 9 trillion yen ($63 billion) in annual net premium revenue, according to data by the industry association and companies.
December 26, 2023, 7:09 AM