Japan insurers fixed prices for over 100 clients, probes find

Companies to report findings to financial watchdog by Friday

Sales representatives from Japan's insurance companies are often in contact with each other -- a practice that has come under fire amid the growing scandal. (Source photos by Nikkei)

Nikkei staff writers

September 28, 2023 01:30 JST

TOKYO -- Four leading Japanese casualty insurers likely violated the spirit of antitrust law in dealings with over 100 clients, Nikkei has learned, as internal probes by the companies uncover widespread price-fixing in the industry.

Japan's Financial Services Agency had ordered Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance to look into their business practices following accusations that they colluded on premiums for corporate clients.