Postal life insurance benefits were not likely paid out to policyholders in around 490,000 cases before the privatization of Japan's postal services began in October 2007, Japan Post Insurance Co. said Friday.
Of the number of cases, 80,231 cases have been confirmed as nonpayment involving the "kampo" postal life insurance, while benefits were not likely paid in another 406,858 cases, according to the insurance arm of Japan Post Holdings Co.
According to Japan Post Insurance, it has not yet contacted the policyholders in about 250,000 cases but will expedite sending notices to them, as well as paying the benefits due to policyholders, currently estimated to be around ¥8 billion.
Most of the confirmed cases, in which insurance payments should have been made by the then state-run postal company, involve hospitalization and operation insurance benefits, Japan Post Insurance said.
Meanwhile, of the approximately ¥189.7 billion in unpaid postal insurance benefits for reasons such as absence of claims from policyholders as of the end of July, around ¥62 billion had been paid by the end of November, it said.