In a significant development in Japan's insurance sector, executives at four major property and casualty insurers will take pay cuts of up to 50 percent due to their involvement in a price-fixing scandal. This decision affects approximately 132 executives across these companies. Additionally, in response to government pressure to end a longstanding practice, Japan's largest property-and-casualty insurers have announced they will sell cross-shareholdings and clients' shares. The scandal involved insurance contracts for corporate clients, leading to a collective move to address the issue through executive pay cuts and changes in shareholding practices.