03 December 2012
Fitch Ratings-Jakarta/Seoul/Singapore-21 November 2012: Fitch Ratings has affirmed PT Asuransi MAIPARK Indonesia's (MAIPARK) National Insurer Financial Strength (IFS) Rating at 'BBB+(idn)'. The Outlook is Stable.
The rating reflects MAIPARK's steady premium growth, conservative investment mix and strong statutory regulatory risk-based capitalisation (RBC). The Stable Outlook primarily reflects Fitch's expectation that MAIPARK will continue to maintain sufficient capital buffer and prudent retrocession coverage given its status as a specialist national reinsurer for catastrophe risks in Indonesia.
MAIPARK's premium growth is likely to be underpinned by mandatory cession of property earthquake risk coverage written by Indonesian insurance companies and by initiatives to broaden its product lines. Premiums from mandatory cession accounted for about 96% of its total business at end-August 2012. Total gross premiums grew 31.6% yoy to IDR77.6bn as of end-August 2012.
Its investment portfolio has remained highly liquid and conservative, with cash and time deposits making up around 95% of MAIPARK's invested assets at end-August 2012. Equity portfolio was kept to a minimum, at around 0.68% of invested assets. The company's profile is also supported by robust statutory regulatory RBC of 749.81% at end-September 2012, compared with the minimum regulation of 120%.
MAIPARK's rating remains constrained by its high business concentration risk with almost 100% of its premiums sourced from the Indonesian earthquake insurance market. Reliance on retrocession coverage to mitigate its catastrophe exposure also leaves it susceptible to changes to terms and conditions of the retrocession market.

Key rating triggers for an upgrade include an ability to sustain its underwriting margin with a combined ratio consistently lower than 70% and further enhancement of risk management capabilities such as reserving techniques and catastrophe modelling. Key rating triggers for a downgrade are a sharp increase in net probable maximum loss relative to capital position and a significant decline in its capital buffer with the RBC ratio falling below 250% on a consistent basis due to rapid growth or claims from catastrophe losses.'

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Sudah saatnya pemerintah memiliki skema asuransi gempa bumi untuk rumah tinggal penduduk Indonesia
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