A.M. BestTV: Indonesian Reinsurance Markets Brace for Impact of Rules Changes

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode from the 22nd Annual Indonesia Rendez-vous (AIR) in Bali, insurers said recent rule changes that direct a large share of Indonesia's reinsurance premium inside the country mean local reinsurers must underwrite prudently and be able to handle claims in a crisis. Click on http://www.ambest.com/v.asp?v=aprvs1016nc to view the entire program.

Regulation repositioning in the Indonesian insurance business is the hot topic at this year’s conference.

“The impact on regulation in Indonesia is really needed,” said Pieter Daniel Van Zyl, president director, PT Asuransi Allianz Utama Indonesia. “The Financial Services Authority of Indonesia, Otoritas Jasa Keuangan (OJK), has its rules that insurers need to comply with for the protection of the customer. Consequently, the regulators and insurers both play a big part and collectively all need to approach the market together.”

Jasmine Miow, senior vice president, global markets, Peak Reinsurance Company Limited, focused on the domestic reinsurer.

“Basically the regulations have changed the behavior of the insurance company to purchase reinsurance protection,” said Miow. “However, in the near term, there are other challenges that need to be overcome by the domestic reinsurer, since many do not fulfill the rating requirements as many professional players in this market do.”

Other people that appear in this episode:

• Josef Gunawan Setyo, president and director, Tokio Marine Indonesia;
• Frans Sahusilawane, president and director, Indonesia Re;
• Till Boehmer, chief executive officer, Munich Reinsurance Southern Asia;
• Julian Noor, executive director, General Insurance Association of Indonesia;
• Christian Wanandi, president director, Asuransi Wahana Tata; and
• Ishak Sidjabat, senior manager, technology lines & energy, PT Chubb General Insurance Indonesia.

^A.M.BestTV will be covering the entire 2016 AIR convention. Visit http://www.ambest.tv/aprvs16 for full coverage and exclusive interviews with key executives.

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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A.M. Best

Lee McDonald, +1 908 439 2200, ext. 5561

Group Vice President, Publication and News Services

[email protected]

Source: A.M. Best