Sompo, Tokio Marine Fall on Insurer Price Fixing Probe Reports

Japanese insurers including Sompo Holdings Inc. fell in Tokyo trading after local media reported that their units are under a probe into suspected collusion over setting premiums.

The Financial Services Agency ordered units of Sompo, Tokio Marine Holdings Inc. and MS&AD Insurance Group Holdings Inc. to submit reports related to premiums on fire insurance coverage for corporate clients including railway operator Tokyu Corp., the Nikkei reported on Monday.

Shares of Sompo dropped as much as 5.1% in Tokyo on Tuesday morning, the biggest intraday decline in three months. Tokio Marine and MS&AD both fell more than 4%. All three ...