Board of Directors of Indonesia Re celebrated 34th Anniversary in Bandung, West Java (Indonesia Re)

Bandung (ANTARA) -- Reinsurance BUMN, Indonesia Re, celebrated its 34th anniversary on November 30th, 2019. As a frontliner in supporting national economy through reinsurance sector, this red-plate company declared to fulfill the company’s three main vision, which are to reduce the dependence on the need for retrocession/ import reinsurance capacity, become the biggest reinsurance company in South East Asia in 2021/2022, and provide reinsurance solutions with a world-class innovation capabilities.

President Director of Indonesia Re, Kocu A. Hutagalung explained that Indonesia Re was established to protect the national economy through the reinsurance sector, where 5-10 years ago, reinsurance premium imported rate was very high.

“With all of the employees’ hard work and the government support, Indonesia Re has succeeded to reduce up to 70 percent deficit caused by reinsurance transactions abroad,” in his remarks during the 34th anniversary celebration on Saturday, November 30, 2020 in Bandung, West Java.

Indonesia Re is focusing on realizing the National Reinsurance Company in the Ministry of State Owned Enterprises. To envision that, Indonesia Re has specified its Risk-Based Capital (RBC) up to 200 percent - above 120 percent as the rate prescribed by the Financial Services Authority (OJK).

Kocu added that the company has enriched company equity to Rp. 2.9 billion, second biggest in South East Asian after ACR, Singapore Reinsurance Company.

Inline with the company jargon, 'Indonesia Re for Reinsurance Solutions', Kocu confirmed that he is committed not just to provide reinsurance solutions with world-class innovation capabilities, he will also become a credible partner that allows all insurance industry players to develop valuable and beneficial insurance products for Indonesia.

“We aim to achieve the three missions. We will work hard and smart,” he affirmed.

With a total of only 240 employees, Indonesia Re’s scope of operation and financial effect has reached world-wide. He stated that it is achieved by strong relationships and togetherness amongst all employees.

"As a true B2B corporation, we hold on to our idealism and common vision to strive together,” he said.