Deregulation of the financial sector in the late 1980’s led to a drop of premium rates in Indonesia to levels similar to countries without catastrophe risk exposure. Due to excessive competition it became market practice to provide earthquake insurance without charging risk adequate premiums. There was increasing concern whether insurers could meet their obligations towards policyholders in the event of a large earthquake impacting one of the major metropolitan or economically and industrially vital provincial areas.
PT. Reasuransi MAIPARK Indonesia
Multivision Tower 8th Floor
Jl. Kuningan Mulia Blok 9 B
Jakarta 12960, Indonesia