Japan insurers suspected of price-fixing for corporate contracts


Japan’s major property insurers are suspected of having colluded over insurance premiums for corporate customers such as oil refiners, steel companies and public transportation operators, sources close to the matter said Wednesday.

The Financial Services Agency is expected to order Japan’s four major insurers, including Tokio Marine & Nichido Fire Insurance Co., to submit records of contracts for which they allegedly arranged premium levels to avoid competition, according to the sources.

The agency suspects that alleged cartel activities took place when the insurers jointly underwrote coverage...

Kyodo News

Kyodo News