Japan’s property insurers penalised for price fixing

The Japan Fair Trade Commission is conducting its own investigation to determine whether the insurers breached the anti-monopoly law. — Bloomberg

TOKYO: Japan’s financial regulator penalises the country’s largest property and casualty insurers for colluding to fix prices in contracts with corporate clients.

The Financial Services Agency (FSA) issued business improvement orders on the core units of Tokio Marine Holdings Inc, MS&AD Insurance Group Holdings Inc and Sompo Holdings Inc, said Finance Minister Shunichi Suzuki yesterday.