Dodgy Japanese Insurance Companies
Japan’s Finacial Services Agency, which oversees good business practices in Japan has issued business improvement orders to 26 non-life insurance companies here in Japan. The orders were issued following the failure by the 26 nonlife insurance companies to pay promised insurance benefits in some 320,000 cases. Caveat emptor. Chooch got a payout from AIU (no English) with their travel insurance, but that was a long time ago now. Anyone with some recent experience? Who would you recommend for insurance in Japan?
Nonlife insurers’ nonpayment cases rise to 320,000
Kyodo News
Failure to pay promised insurance benefits by 26 nonlife insurance companies have been found in some 320,000 cases worth a combined 18.6 billion yen in value, according to the latest data.
The total includes 262,158 cases valued at more than 16 billion yen on the part of Japan’s top six property and casualty insurance companies, including industry leader Tokio Marine & Nichido Fire Insurance Co.
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