As industry bodies warn that surging motor insurance fraud could result in higher premiums, consumer advocates are demanding stronger scrutiny of claims data.
Insurers see prediction markets as a source of data and a possible hedging tool rather than a rival, but regulation, settlement and data integrity remain obstacles in APAC.
The insurer has voluntarily stopped writing new business since February, but the FSA is planning a formal order after employees improperly obtained JPY3.1bn (US$19.7m) from about 500 customers.
