Zurich Life expects 40% income increase
Zurich Life expects 40% income increase
JAKARTA (JP): PT Zurich Life Insurance Indonesia and its
sister company PT Zurich Insurance Indonesia predict a 40 percent
increase in premium income from their latest life insurance
product launched here on Monday.
Chief executive of Zurich Insurance Hans Martin Graf told a
news conference that the group expected to increase its premium
income this year to more than Rp 100 billion (about US$15
million) from about Rp 75 billion last year.
Zurich Life president Ronald A. Cheyne explained that the new
product, ZuRICH LINK, was an investment vehicle for life
protection which allows customers to set their own investment
choice and determine the level of their life insurance
protection.
The product offers options for customers to invest in
investment funds set in four currencies of the rupiah, pound
sterling, U.S dollar and Australian dollar.
Cheyne said customers could spread their investment in several
currencies or invest in a single currency, and could withdraw
either part or all of the investment at any time.
Graf said his company was optimistic about the performance of
the new product considering the budding economic recovery.
"We foresee robust growth in our business this year as the
first half already posted a 50 percent rise in our life
insurance's premium income and 30 percent increase in nonlife
premiums."
Zurich Life marketing head Handojo G. Kusuma said the product
would give his company a leading position in the market and
contribute greatly to the company's business portfolio.
Kusuma estimated that the product, targeted at married
professionals, would be able to attract 2,000 policy holders by
the end of the year.
He said Zurich at present had about 30,000 life and nonlife
policy holders in the country.
Zurich Life, established in 1994, is a joint venture of Zurich
Financial Services Group of Switzerland (ZFSG) and local company
PT Putra Surya Perkasa.
Its sister company Zurich Insurance Indonesia, established in
1991, provides general insurance products such as for motor
vehicles, fire and other nonlife solutions.
Graf said Zurich Life held between 3 percent and 4 percent of
Indonesia's life insurance market, ranking in the top five of the
61 life insurers in the country. (01)