Japan insurers to report inappropriate practices after internal probes -Nikkei

TOKYO : Japan’s four biggest casualty insurers found inappropriate business practices in dealings with more than 100 corporate clients combined after conducting internal probes on alleged price fixing, the Nikkei business daily reported on Thursday.

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, will report the findings to the Financial Services Agency by Friday, the Nikkei reported, without saying where it got the information.

The FSA had ordered them to look into their business practices following allegations they colluded on premiums for some corporate clients.

It will consider imposing administrative penalties on the insurers if they are found to have violated industry regulations to ensure fairness and customer protections, the Nikkei said.