Tugu denies report

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)