Sompo CEO to step down over Bigmotor insurance fraud scandal

Economy

Major Japanese insurance firm Sompo Holdings Inc. CEO Kengo Sakurada said Friday he will step down at the end of March to take responsibility for the company’s involvement in used car dealer Bigmotor Co.'s insurance fraud scandal.

The announcement comes after Japan’s financial watchdog ordered Sompo on Thursday to improve its operations. In the scandal, Bigmotor was found to have been charging excessive repair fees by intentionally damaging customers’ cars and padding insurance claims.

Sompo, one of Japan’s biggest nonlife insurers, sold a large portion of its auto insurance through Bigmotor, ...

Kyodo News

Kyodo News