Thursday, October 19, 2017

Indonesia approves two new reinsurance brokers

Two new reinsurers have been granted licence to operate in Indonesia, bringing the number of insurance players in the country to 42.

The Financial Services Authority (OJK) reported that it has issued operational licences to JLT Reinsurance Brokers and Inare Proteksi International early this month.

The two firms were given the green light to kick off operations last week.

In a statement, Tattys Miranti Hedyana, OJK director for non-bank financial industry supporting services, said that the two new players need to abide by the rules and conduct healthy business practices.

Reinsurers will complement Indonesia insurance sector which has seen modest growth over the last few years.

Data from the financial regulator showed that there are 37 insurance firms across the archipelago as of December 2015.

By December 2016, the number rose to 40 and now 42 with the two new entrants.

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