Amid increasing motor vehicle sales and growing demand for coverage against natural catastrophes, Japan's P&C industry is forecast to surpass US$116 billion by 2027,
In the aftermath of fraud accusations against Bigmotor, President Giichi Shirakawa of Sompo Japan steps down — acknowledging hasty decision to resume transactions with the car dealer.
Bigmotor and Sompo face imminent inspection by Japan's financial watchdog, as part of an investigation into fraudulent claims made by the user-car dealership.
Sources allege that executives at Sompo, including the President, encouraged a continuation of transactions despite concerns surrounding the used car dealer's practices.
Local media reports show that over the past five years, Korean insurance companies have experienced a tripling of claims payouts and a more than fourfold rise in the number of claims.
