General insurance companies are ready to form a consortium to insure state assets not already covered by insurance, according to the General Insurance Association of Indonesia (AAUI).
AAUI Chairman Dadang Sukresna said that eventually, all non-life insurers will be members of the consortium, reported CNN Indonesia. Meanwhile, PT Reasuransi Maipark Indonesia said that the company is ready to join the consortium.
Further details on the consortium are unavailable because the industry still needs time to discuss the issue with the Directorate General of State Assets of the Ministry of Finance. In addition, the Ministry needs time to record all assets owned, and select the type and amount of insurance coverage for the assets.
The Ministry conducted a revaluation of some state property in 2017. Director General of State Assets at the Ministry of Finance, Isa Rachmatawarta, said that the revaluation exercise covered 32% of the total assets of the government, that are spread across more than 80 ministries and agencies.