FM Global, one of the world's largest commercial property insurer, has announced that it will translate its fire and sprinkler-related property loss prevention data sheets into Bahasa Indonesia for distribution by the Indonesian Fire & Rescue Foundation (IFRF) across Indonesia's national fire services network. The data sheets include the company's property loss prevention engineering guidelines.
Indonesia's state health insurer is raising its premiums by at least 65% to plug a deficit expected to reach IDR32tn ($2.25bnn), reported Reuters.
As FinTech OneConnect expands its footprint in Southeast Asia, it has signed an agreement to collaborate with traditional life insurer Asuransi Sinarmas to help the latter utilise InsurTech solutions for its business.
The World Bank has stated that while the financial system in Indonesia in general is resistant to shocks, there are two areas that need immediate attention, namely, the supervision of financial conglomerates and the illiquid situations of two insurers, AJB Bumiputera 1912 and Asurani Jiwasraya.
The Ministry of State-Owned Enterprises (BUMN) has officially appointed Bahana Indonesian Business Development (BPUI) as the holding company of state owned insurers.
Reinsurance company Reasuransi Maipark Indonesia is gathering data on earthquake risks so as to help insurance companies determine disaster insurance premiums.
BPJS Health, the Social Insurance Administration Organisation for Health, has said that there has not been any decision made yet regarding an offer of cooperation extended by Chinese insurance giant, Ping An.
Indonesian non-life insurers' expansion into credit insurance is unlikely to erode their credit profiles in the near term, in light of strong capitalisation, healthy underwriting performance and solid market positions, Fitch Ratings says. Sound management of risk accumulation will be crucial for these insurers as they expand their businesses.
A curation of the latest and most important developments in the insurance industry to keep you up to date.