JAPANESE INSURERS OVERCHARGED CUSTOMERS YEN37.1BN

Overcharging by 26 Japanese non-life insurers reached Yen37.1bn, it has emerged. Reports released by the firms at the end of last week cited 1.53 million cases of charging, many where the insurers had failed to give discounts to holders of fire insurance policies and in others where the firms had overcharged for car insurance premiums. Of the total amount, six major non-life insurers accounted for Yen31bn — six times the sum estimated in an interim reported published in March last year. The overcharge situation came to light in 2006, prompting the Financial Services Agency to instruct non-life insurers to conduct in-house investigations.