Aussie, British insurers enter RI<\/p>\n
JAKARTA (JP): Australian and British insurance companies have
\nentered the Indonesian market by teaming up domestic partners to
\nset up joint ventures.<\/p>\n
The QBE Insurance Group of Australia has teamed up with PT
\nPool Asuransi Indonesia to establish a joint venture here with a
\npaid-up capital of Rp 15 billion (US$6.8 million).<\/p>\n
The new venture, called PT Asuransi QBE Pool Indonesia, is 70
\npercent owned by QBE Insurance and the remaining 30 percent by
\nthe Indonesian partner.<\/p>\n
In a statement made available yesterday, the chairman of QBE
\nInsurance, J.D.O. Burns, said the new venture will concentrate on
\nmeeting the insurance needs of small and medium sized Indonesian
\nbusinesses, private individuals and Australian companies
\noperating in or trading with Indonesia.<\/p>\n
Commercial Union Assurance Company Plc. of Britain has joined
\nPT Asuransi Tifa International by injecting a fresh fund of Rp 15
\nbillion to get a 80 percent stake.<\/p>\n
A spokesman for Asuransi Tifa said yesterday that the company,
\nafter the equity participation of the British firm, has now
\nchanged its name into PT Asuransi Commercial Union Indonesia.<\/p>\n
The Ministry of Finance said Indonesia's insurance companies
\nhave reported their total assets standing at nearly Rp 7.36
\ntrillion as of the end of September, of which Rp 3.24 trillion
\nwas held by loss insurers, Rp 3.37 trillion by life insurers and
\nRp 736.68 billion by reinsurance firms.<\/p>\n
The total equities of all insurance companies were reported at
\nRp 2.39 trillion as of the end of September, including Rp 1.71
\ntrillion held by loss insurers and Rp 727.31 billion by life
\ninsurers. Reinsurance companies had a negative net worth of Rp
\n44.55 billion as of September.(riz)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/aussie-british-insurers-enter-ri-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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