Four major property and casualty insurers in Japan recently admitted to sharing contract information of auto insurance customers with their competitors, amid a series of scandals revealing industry-wide compliance issues. The companies involved are Tokio Marine & Nichido Fire Insurance Co, Sompo Japan Insurance Inc, Mitsui Sumitomo Insurance Co, and Aioi Nissay Dowa Insurance Co.
The shared information included customer names, policy numbers, types of insurance, maturity dates, and premium amounts. The data leak originated from insurance agencies handling products from multiple firms, inadvertently including competitors’ employees in email communications.
Despite acknowledging the leak, the insurers did not initially address the issue, leading to Thursday’s admissions of wrongdoing. This comes after the firms had previously pledged to enhance compliance measures following earlier scandals.
In December, Japan’s financial watchdog mandated improvements in business operations after uncovering collusion among insurers over premiums for corporate clients. Additionally, Sompo Japan faced scrutiny in January for maintaining ties with a used car chain involved in insurance fraud.
These revelations underscore the ongoing challenges in the insurance sector and the necessity for stricter compliance measures.
© KYODO