Insurers in Indonesia can expect more changes in the pipeline as the regulator works tirelessly to boost the country's insurance market and its governing framework. In this exclusive interview, Dr Firdaus Djaelani, CEO of Non-Bank Financial Industry Supervision, Otoritas Jasa Keuangan (OJK) tells us more.
By Dawn Sit
The OJK's introduction of the cession rules did not necessarily come as a surprise as the plan had been touted in the past, say some industry players. Yet there are challenges faced by the market in complying with the rules as they await the final draft before the year-end.
By Dawn Sit
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Like most developing countries in Asia, Indonesia's middle-class and affluent population is growing but the penetration rate for life insurance remains low. AXA Financial Indonesia gives a quick overview of the life insurance sector there and its aim to protect the population.
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With the introduction of compulsory cession rules and a mega reinsurer in the pipeline, Indonesia means business as it steps up its reinsurance game, and aims to recapture some 70% of the premium outflow -IDR19 trillion (US$1.33 billion) in 2013 - by 2020.
By Dawn Sit
The 2015 Regulation imposes stricter requirements on all Indonesian companies - including insurers and reinsurers - intending to hire expatriates to work in Indonesia. The key changes follow.
By Ms Susandarini, a Partner at Susandarini & Partners in association with Norton Rose Fulbright Australia