PT Jasindo to insure four new RI satellites
PT Jasindo to insure four new RI satellites
JAKARTA (JP): The state-owned loss insurance company, PT
Jasindo, will lead a consortium of local and foreign insurance
firms to insure four new Indonesian-operated satellites for about
US$350 million each.
Jasindo's president Amir Imam Poero said here yesterday the
satellites, to be launched within the next two years, would be
operated by state-owned PT Telkom and two subsidiaries of PT
Pacific Satelit Nusantara.
He said that PT Pacific Satelit Nusantara and PT Telkom had
appointed Jasindo to lead the consortium, but they had yet to
sign the in-orbit-satellite insurance deals.
"We'll decide the premium later," he said. "We're currently
inviting local insurance firms to insure the satellites."
He said that the local consortium might carry about 20 percent
of the underwriting risk while the remaining 80 percent would be
reinsured to foreign companies.
"But we'll see after we have the consortium," he said.
The first two satellites, Garuda-1 and Garuda-2, will be
launched next year and operated by PT ACes (ASEAN Cellular
Satellites), a subsidiary of PT Pacific Satelit Nusantara.
The two other satellites will be launched in 1999.
One will be operated by state-owned PT Telkom, and the other
by PT Multi Media Asia, a subsidiary of PT Pacific Satelit
Nusantara.
Jasindo, in cooperation with Citra International Underwriter
and 17 other domestic and foreign insurance companies, insured
Indonesia's Palapa-C1 satellite for $164.88 million, which
included the launch.
Amir was speaking after the presentation of a BBB rating to
Jasindo by the international rating agency Standard and Poor's.
He said the BBB rating was needed by Jasindo to enable it to
enter the global insurance market.
"We can only participate in the global market if we are good
quality," he said.
He said the first claims-paying ability rating in Indonesia
reflected Jasindo's leading market position, good financial
structure, profitable earnings track record and the benefits of
ownership by the Indonesian government.
The rating is moderated by Jasindo's investment assets quality
and perceived industry risk associated with the Indonesian
insurance industry's current stage of evolution and planned
deregulation.
Jasindo is a leader in Indonesian insurance with a 19 percent
market share. (bnt)