TOKYO — The head of Japan’s Financial Services Agency has pledged a long, wide-ranging investigation into the nation’s leading property insurers after evidence has emerged that they colluded on setting prices for corporate customers.
The FSA has ordered Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance to report on internal investigations into alleged price-fixing on insurance premiums.