8,000 Policyholders Discontent with Japan Post Insurance Contracts

Economy Politics

Tokyo, March 31 (Jiji Press)--Japan Post Holdings Co. <6178> said Tuesday that 7,000 to 8,000 policyholders of subsidiary Japan Post Insurance Co.'s <7181> insurance contracts concluded in the past five years have complained that the contracts did not meet their needs.

Of them, contracts for 2,206 policyholders may have violated law or in-house rules, according to a survey by the Japan Post group, which covered 30 million contracts involving 19 million policyholders.

The group aims to get to the bottom of its improper sales practices for Kampo insurance products of Japan Post Insurance and eliminate disadvantages of customers caused by the irregularities, by fully conducting investigations into insurance sales personnel at post offices.

A probe into cases in which policyholders are suspected to have suffered disadvantages through switching to new insurance products found that 3,033 contracts violated law or in-house rules as of last Wednesday and that 2,210 employees, including sales personnel at post offices, were involved in the misconduct. The figures increased by 863 and 485, respectively, from the end of February.

The investigation covered 183,000 contracts involving 156,000 policyholders. The group will examine the remaining some 2,000 contracts.

[Copyright The Jiji Press, Ltd.]

Jiji Press