Indonesia - Government seeks to inject capital into new reinsurer
Wednesday, 05 27 2015, Category: Insurance and Reinsurance, Country: Asia
The government is seeking to boost the capacity of newly established state insurer Indonesia Re through a state capital injection (PMN) program next year, an official at the State-Owned Enterprises (SOE) Ministry is saying.
According to Wahyu Kuncoro, the assistant deputy for banking and insurance at the ministry, the plan will be included in the upcoming talks over the 2016 State Budget.
“The ministry plans to inject around Rp 1 trillion [US$76.13 million] worth of capital into Indonesia Re. The higher capital will give it leverage to handle domestic reinsurance needs,” he said on Friday.
As reported earlier, the government decided to establish Indonesia Re to manage domestic reinsurance needs.
Source: The Jakarta Post