To become internationally recognized leader in catastrophe reinsurance in ASEAN, a “Center of Excellence and Competence” with a name synonymous with professionalism of the highest standard.
Mission
To develop national and regional database of catastrophe risks ready to provide information and knowledge for industry to insure them appropriately.
To build competences necessary for the application of sound underwriting in insurance of catastrophe risks.
To actively promote and take part in network of studies and research in catastrophe risks relating to insurance.
To actively promote awareness of catastrophe risks and the role of insurance in managing the risks.
To build sound national reinsurance capacities for earthquake insurance for Indonesia insurance industry.
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.
