Indonesia News

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, …

Aon Hewitt Opens New Office in Indonesia

Aon Hewitt, the global human resource solutions business of Aon plc, has opened a new office in Jakarta, Indonesia, as part of its regional expansion strategy. “The fast growing economy of Indonesia offers Aon Hewitt an important business opportunity as …

Best Sees Indonesia P&C Sector Growth; Capital, Regulatory Challenges

A new report from A.M. Best Co. concludes that “Indonesia’s solid economy is fueling growth for a developing non-life insurance market, well supported by domestic consumption and investment offsetting a weaker international environment.” Best said there had been “stable growth …

ACE to Acquire Indonesian General Insurer Asuransi Jaya Proteksi

ACE Limited announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia for approximately $130 million in cash. JaPro was established in 1963 and is headquartered in Jakarta. …

Wreckage of Russian Sukhoi Plane Strewn on Indonesian Mountain

The wreckage of a Russian Sukhoi aircraft with about 50 people on board was found on Thursday strewn on a steep ridge on a mountain south of the Indonesian capital where it crashed during a demonstration flight. There were no …

IMB Report Notes Piracy Increasing in W. Africa; Somalia Still Main Threat

The latest global piracy report from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) cites 102 “incidents of piracy and armed robbery” for the first quarter of 2012, “with dangerously increasing numbers in West African waters.” According to …

Recent Indonesia Quake Added Pressure to Key Fault

Seismologists say last week’s powerful earthquake off western Indonesia increased pressure on the source of the devastating 2004 tsunami: a fault that could unleash another monster wave sometime in the next few decades. The director of the Earth Observatory of …

U.S. Justice Dept. Closes Allianz Indonesia Bribery Probe w/o Charges

The U.S. Justice Department has closed its investigation into whether Allianz SE violated a foreign bribery law through its insurance business in Indonesia and does not plan to bring charges, according to a letter reviewed on Tuesday by Reuters. “Based …

U.S. SEC to Limit Charges Against Allianz

The U.S. Securities and Exchange Commission does not plan to charge Allianz SE for illegal activity at its private equity investments, according to two people familiar with the matter, in a case that could have tested the agency’s reach. Europe’s …