Tugu denies report

JAKARTA (JP): Private insurance company PT Tugu Pratama Indonesia denied on Thursday that it still dominated the country's insurance market.

A recent report which said that Tugu Pratama monopolized the indemnity insurance market in the oil and gas sector, which comprises about 70 percent of the total indemnity insurance market in the country, was baseless, the company said in a statement.

In a hearing with members of the House of Representatives early this week, president of state insurance company PT Jasa Asuransi Indonesia (Jasindo), Amir Imam Poero, said that Tugu Pratama both dominated insurance cover in the oil and gas sector and also held a 16 percent market sector in other areas.

Tugu Pratama said that its share in the indemnity insurance market was only 14.8 percent in 1997, slightly below the 15.1 percent of the previous year.

In the statement, the company said Amir's information could mislead the public, especially House members and could also damage its image. (29)