Japan’s major insurance companies are selling over $56 billion in shares after being caught colluding with each other to hike prices for a corporate client following costly natural disasters like typhoons. In 2022, insurers gathered at a private karaoke bar to coordinate the price increase, which would have otherwise been handled individually due to market dynamics. The series of costly storms resulted in billions of dollars in payouts and damaged balance sheets for the insurers, leading them to seek a unified solution.
Source: https://www.bloomberg.com/news/features/2024-12-25/crime-climate-force-japan-s-insurance-industry-to-sell-stocks