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.
A new report from the Actuaries Institute of Australia shows that rising premiums have plunged 1.24 million households into insurance affordability stress.
Despite advances in safety measures and culture, a repeat of the earthquake would cause economic loss of US$331bn and insurance losses around US$140bn, according to Moody's RMS and Swiss Re.
The global cyber insurance market is expected to reach $23bn by 2025, but will require a high degree of market collaboration to maintain healthy profit margins.
Sources allege that executives at Sompo, including the President, encouraged a continuation of transactions despite concerns surrounding the used car dealer's practices.
