State-owned reinsurer, Indonesia Re, is preparing a roadmap to realise its plan to become Southeast Asia’s largest reinsurance company in terms of equity.
The president director of Indonesia Re, Mr Kocu A Hutagalung, said that to realise this vision, one of the steps the company has prepared is to inject additional capital of IDR1.5tn-IDR2tn ($107m-$143m), reported Bisnis.com .
In addition, the company will update its service-oriented information technology system. This is because the speed and accuracy in providing services is something that cannot be compromised.
“With a large capital commitment and supported by high-quality human resources and a sophisticated information technology system, Indonesia Re is ready to provide reliable protection and reinsurance solutions of international quality,” said Mr Kocu in a statement.
Previously, in 2016, Indonesia Re succeeded in issuing mandatory convertible bonds of IDR900bn. The move was taken to strengthen the company’s capacity and help reduce the high reinsurance premiums.
Mr Kocu added that another step to be taken is to obtain an A- rating from AM Best, an international insurance industry rating agency.