Indonesia: Reinsurer adds up 2018 Nat CAT claims
Source: Asia Insurance Review | Feb 2019
Reasuransi Indonesia Utama (Indonesia Re) has said that the total general reinsurance claims received due to the many natural disasters that hit Indonesia during 2018 reached more than IDR284bn ($20m).
Claims totalled IDR87.6bn from the Lombok Earthquake in August and IDR196.7bn from the Palu and Donggala Earthquake in September, reported Bisnis.
Indonesia Re head of portfolio management and claim division Amir Muda Lumban Tobing said that the recent natural disasters that have occurred throughout Indonesia are a warning to the insurance and reinsurance industries to review capacity for catastrophic risks.
Hotels, power plants and shopping centres are the most affected infrastructure of earthquakes in Lombok and Palu.
Mr Amir added that the amount of risk managed by Indonesia Re in Banten and Lampung was around IDR6tn. The region was hit by a tsunami on 22 December 2018.
“At present, we have not received notifications from the ceding company for general reinsurance claims due to the tsunami in Banten and Lampung, but expect to share the claim even though it is not as big as the Palu and Lombok earthquakes,” he said.
Based on earthquake-risk data from Maipark, the total national insurance exposure in Banten and Lampung amounted to IDR307tn. Risks located on the shoreline are estimated at IDR15.9tn. A