A logo of Sompo Japan Insurance Inc.
10:55 JST, June 17, 2024
TOKYO (Jiji Press) – Sompo Japan Insurance Inc. improperly agreed premiums with other non-life insurers for contracts with a total of 385 business customers, in possible violation of the anti-monopoly law, according to a report by an external investigative committee.
The malpractice was found to have occurred at approximately 80% of the company’s sales offices.
The committee also found cases where Sompo Japan management was involved in the misconduct, and warned that a similar scandal could occur unless the company makes drastic structural reforms.
It concluded that 96 of the company’s 125 sales offices had improperly agreed premiums with other insurers and said the practice was particularly common among sales staff.
Employees received the terms and conditions of insurance contracts from other companies and shared them internally, the committee said.
