EXTENT OF JAPAN’S UNPAID CLAIMS TO BE KNOWN IN EARLY 2007

Japan’s six leading non-life insurers have now all given the dates by which they expect their investigations into non-payments in motor and other sectors to be concluded. Investigations into alleged non-payments and mispayments in the non-life sector were instituted in February last year. By the end of September 2006 a total of 320,000 cases had been uncovered, worth a combined ¥18.8bn. The Financial Services Agency then ordered 26 insurers in Japan to report by last Friday when they expected to complete internal investigations. Mitsui Sumitomo said that it would have the numbers ready by February 15 2007, while Sompo and Nipponkoa said that they would be ready to supply details by next April. Other insurers said that they would have their figures ready between those dates.