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Finance

Japan insurer Sompo steers into self-driving with Tier IV stake

Group intends to leverage its accident data as era of autonomous cars takes off

Sompo Holdings takes a stake in a developer of software for self-driving cars that it expects to use as a stepping stone into the field of autonomous driving.

TOKYO -- Sompo Holdings will invest 9.8 billion yen ($92 million) for an 18% stake in Japan's largest self-driving systems company, Nagoya-based Tier IV, a deal that the company expects to help it navigate a shrinking domestic auto insurance market and expand into autonomous driving services.

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