Six Japanese nonlife insurance companies reported Friday more than 200,000 cases of failure to pay out legitimate claims to policyholders, up from a previously reported 140,000, following a second round of internal checks ordered by the Financial Services Agency.
The six insurers, including Tokio Marine & Nichido Fire Insurance Co., last year reported the 140,000 cases but the FSA took the exceptional step of ordering a recount as more cases of malfeasance surfaced.
Of the six, Sompo Japan Insurance Inc. and Mitsui Sumitomo Insurance Co. were ordered earlier this year by the FSA to suspend business after it found they had underreported the number of insurance claims they had failed to pay. Other insurers are also likely to be similarly punished as a result of the second probes, sources said.
The three other insurers are Nipponkoa Insurance Co., Aioi Insurance Co. and Nissay Dowa General Insurance Co.