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Tokio Marine admits to more insurance nonpayment cases

JIJI

Tokio Marine & Nichido Fire Insurance Co. said Monday it may have failed to pay up to 25,000 additional cases of unclaimed auto insurance benefits.

The benefits in question were due to be paid under two accessory policies covering, respectively, up to ¥100,000 of extra expenses related to the hospitalization of the policyholder and ¥10,000 of extra expenses related to accidents that cause damage to property.

An internal survey found that between April 2002 and June 2003, the company had paid benefits only when customers filed claims, the unit of Tokio Marine Holdings Inc. said.

The latest findings came after the revelation last week that the company may have failed to give payouts in up to 120,000 cases of unclaimed auto insurance benefits to cover extra costs related to fatal or injury accidents. Tsuyoshi Nagano, president of the company, apologized for the failure to pay on Friday.