Tamahome, a major Japanese homebuilder, may have been filing fraudulent fire insurance claims with insurers for at least five years, according to reports, with the improper claims thought to total at least tens of millions of yen.
The company is investigating whether similar cases occurred at all of its branches, working with nonlife insurers. Employees are suspected of involvement in more than 300 fraudulent insurance claims.
Insurers have flagged suspicious cases at other branches as well, according to reports.
Oversight Questions
The case puts a spotlight on oversight of Japan's housing industry, where builders often act as intermediaries between homeowners and insurers. A practice running for years across multiple outlets raises questions about how closely insurers and company management monitored claims.
Tamahome has not publicly detailed the scope of the suspected fraud. The company's investigation is continuing.