OJK: Indonesia Re Owns the Capability to Become the Largest Reinsurance Company in Indonesia

Jakarta - Chief Executive of the Non-Bank Financial Industry Supervisor (IKNB) of the Financial Services Authority (OJK), Firdaus Djaelani, said that IndonesiaRe has the capability and excellence to become the largest reinsurance company in Indonesia. Plus, the high support and confidence of insurance companies towards this state-owned reinsurance.

"With that, it will emerge a spirit of togetherness in building the insurance industry in the country. Especially since the Financial Services Authority (OJK) issued regulations regarding the optimization of domestic placements," he said when delivering a speech at the Indonesia Re relations event in Jakarta, Thursday (9/6).

Firdaus added that this state-owned company that is conducting the reinsurance business itself, so that its credibility is not in doubt. As for the matter of service to ceding companies, it is getting better from time to time. "Indonesia Re's performance is getting better over time. This can be seen from the growth of reinsurance premiums every year," he said.

To remain leading in the reinsurance industry, Indonesia Re must continue to increase its capacity so that it can become the leading sector in the insurance industry. Therefore there are three things that must be done.

"First, Indonesia Re must have a good capacity, secondly, it must provide good service to ceding companies, and thirdly, it must be at the forefront of insurance knowledge capacity. If these three things are met, Indonesia Re will become the leading insurance in Indonesia," he said.

Met on the same occasion, Chief Actuary Cigna Insurance, Bukit Raharjo, also admitted that Indonesia Re has currently become one of the best reinsurance providers owned by the government.

"They are credible and have good relationships with many clients. The hope is that in the future they can continue to improve their capacity to be trusted by the community," he said.
In line with Bukit, Jasindo's Head of Reinsurance Division, Romi Mahendra, said Indonesia Re is one of the best of the four reinsurance companies in Indonesia. "With the capacity of Indonesia Re as a state-owned company, it will certainly be more optimal in providing services including making various synergies to maximize domestic capacity," he said.

In the future, Romi hopes that Indonesia Re can increase its capital capacity which aims to absorb risks that occur in the country. "For now, this capacity is sufficient but it still needs to be added," he said.
 
Highlighting the capacity of Indonesia Re, Operations Director of Panin Daichi Life, Andrew Bain, said in terms of business, Indonesia Re's capacity is already very good. It's just that Indonesia Re needs to expand its capacity. "Moreover, currently there is an OJK regulation that must maximize domestic revenue," he concluded.