Indonesia News

China’s Ant Financial to Offer Mobile Finance Services in Indonesia

Ant Financial, the finance affiliate of Alibaba Group Holding, and Indonesian media company Elang Mahkota Teknologi (Emtek) are to form a joint venture to offer payment and financial services in Indonesia. The Emtek tie-up is Ant’s fifth international payments deal …

Indonesia to Take Action Against Cruise Ship that Damaged Coral Reef

Indonesia’s government said this week it will take strong action after a cruise ship destroyed coral reefs in a popular tourist area known for its extensive marine biodiversity. The 4,200-ton cruise ship M.V. Caledonian Sky entered the waters of Radja …

Indonesia’s M6.5 Quake Kills Nearly 100 with Low Insurance Losses Expected: AIR

An M6.5 earthquake jolted the northernmost area of Sumatra, Indonesia, on Dec. 7 at 5:03 a.m. local time, with nearly 100 fatalities and more than 600 injuries reported. The epicenter was 19 kilometers (11.8 miles) southeast of Sigli and 92.3 …

Asian Regulatory Changes Could Hike Demand for Local Reinsurance: Fitch

Various regulatory initiatives in Asian markets could lead to greater demand for local reinsurance capacity as direct insurers rethink risk management strategies and appetite, according to a report published by Fitch Ratings. “Asian regulators have implemented – or are in …

Watsa’s Fairfax Plans to Buy Control of Indonesia Insurer’s Non-Life Unit: Sources

Fairfax Financial Holdings Ltd., the Canadian investment firm led by Prem Watsa, is in advanced talks to buy control of Indonesian financial group PT Paninvest’s non-life insurance unit, people with knowledge of the matter said. The transaction would value the …

Allianz, AXA & Sompo to Distribute Products Across Asia via CIMB Bank Branches

Allianz SE, AXA SA and Sompo Japan Nipponkoa Holdings Inc. made final bids for the rights to distribute their general insurance products through CIMB Group Holdings Bhd.’s branches across Asia, people with knowledge of the matter said. CIMB could fetch …

Best: Indonesia Insurers’ Reinsurance Buying Habits Could Affect Capital Ratios

The purchase of reinsurance by Indonesian non-life insurers is high, which could have a significant effect on capital requirements and magnify the capital impact of changes to reinsurance asset quality, according to an A.M. Best special report. The report, titled …

Indonesia, Malaysia, Thailand, Sri Lanka Hit by Heavy Rains, Floods: AIR

According to catastrophe modeling firm AIR Worldwide, the rains of the past week across Southeast Asia have been much higher than average, even for a period during which Southeast Asian countries normally experience heavy monsoon rains. AIR noted that “severe …

European Banks have $3.4 Trillion of Exposures to Emerging Markets

European banks have loaned in excess of $3 trillion to emerging markets, more than four times U.S. lenders and putting them at greater risk if financial market turmoil in countries such as Turkey, Brazil, India and South Africa intensifies. The …

ACE Acquires 80% of Indonesia Insurer Asuransi Jaya Proteksi

ACE Limited announced that it has acquired 80 percent of Indonesian insurer PT Asuransi Jaya Proteksi. The Jakarta-based company is “one of Indonesia’s top 10 general insurers and a leader in personal lines,” said the bulletin. “The company offers property, …