Asean Connect, Indonesia Re's Strategy to Explore the Asean Market

Jakarta (Antara) – Indonesia’s leading reinsurance company, Indonesia Re, is ready to expand to the regional level to realize its vision to become a world-class reinsurance company. One of the strategies is Asean Connect, a work visit to a number of countries in Southeast Asia that took place from 16-20 May 2017.

This state-owned company visited four countries in Southeast Asia, namely Malaysia, Thailand, Vietnam and the Philippines. During the visits, Indonesia Re met and built business cooperation with a number of companies.

President Director of Indonesia Re, Frans Y. Sahusilawane, said one of the main tasks of Indonesia Re is to reduce the flow of premiums abroad. Therefore, efforts are needed to build Indonesia Re's market positioning in the international market, particularly at the regional level.

"This is one of our ways to expand to the regional level in the context of realizing our vision to become a world class reinsurer," said Frans in his remarks at the open fasting together event at the Indonesia Re office in Jakarta some time ago.

Portfolio Management & Claim Division Head, Amir Muda L. Tobing, added that Asean Connect is a strategic step in Indonesia Re's efforts to expand into the international market, especially the regional level, after this company succeeded in becoming a reinsurance company with the largest market share in Indonesia.

To work on the reinsurance business abroad, Amir continued, his party has collaborated with a number of local reinsurance companies in the four countries.
During his visit, Indonesia Re successfully sealed business cooperation with a number of leading insurance and reinsurance companies in each country, such as Labuan Re and Malaysian Re (Malaysia); Vietin Bank Insurance and Vina Re (Vietnam); Thai Re (Thailand); and Malayan Insurance (Philippines). One of the collaborations built is reciprocal business or two-way cooperation in terms of premium investment.

Endlessly exploring business cooperation, Indonesia Re's meeting with a number of companies is the right momentum to exchange information and the latest trends about the insurance and reinsurance industry in each country. "This helps us to study the conditions of these countries so that in the future, we can explore greater business opportunities," continued Amir.
Although Indonesia Re today is preparing to go international, Amir emphasized that Indonesia Re will continue to strengthen their position in the domestic market by continuing to innovate and provide reliable and qualified services to ceding companies.

For the record, in 2016, Indonesia Re managed to record IDR 65.9 billion from international businesses. Meanwhile, in 2017, Indonesia Re targets to bring in a total premium of IDR 100 billion.