Several insurance companies are busy processing claims for losses suffered in floods that occurred at the beginning of this year.
FWD Group ("FWD") announced that it has completed its investment in a significant minority stake in PT Asuransi BRI Life ("BRI Life"), the life insurance arm of PT Bank Rakyat Indonesia (Persero) Tbk ("BRI"). As part of this investment, BRI Life has entered into a long-term life insurance distribution agreement with BRI.
Reasuransi MAIPARK Indonesia was profitable with a return on equity of 15% in 2020 (unaudited) (three-year average: 12%) due to prudent underwriting practices, satisfactory investment results and a strong retrocession programme, notes Fitch Ratings Indonesia.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
ASABRI, the state-owned insurance company that serves members of the Indonesian military and police, has suffered investment losses estimated at IDR23tn ($1.65bn).
Public awareness of natural disaster insurance has improved but the increase in penetration was marginal only over the past year, according to the chairman of the Indonesian General Insurance Association (AAUI), Mr Hastanto SM Widodo.
Around 10 general insurance companies are ready to market unit-linked insurance products (PAYDI), as they intensify preparations to meet requirements outlined in draft regulations that would allow them to sell such plans, according to the chairman of the Indonesian General Insurance Association (AAUI), Mr Hastanto Sri Margi Widodo.
The Indonesian general insurance industry is expected to obtain approval shortly to market investment-linked insurance products (PAYDI), when it would pose competition to the life insurance sector which currently is the only segment selling the plans.
The International Finance Corporation (IFC), a part of the World Bank Group that focuses on accelerating financial inclusion and literacy in various developing countries, has officially become an investor in PasarPolis, according to a statement issued by the Indonesian InsurTech company yesterday. PasarPolis raised $5m in equity finance from IFC.
The life insurance industry has paid claims totalling IDR642.9bn ($45.9m) due to COVID-19 as of October 2020, according to data from the Indonesian Life Insurance Association (AAJI).