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Ten insurance companies were named on Wednesday the country’s best with their sectors by Investor Magazine, after an assessment of 14 performance criteria.
“We decided which insurance companies were the very best depending on data from published financial reports,” Herris Simandjuntak, the chairman from the jury, said once the awards were presented in the Four Seasons Hotel in Jakarta.
The financial reports mentioned the period from 2007 to 2010.
Asset growth, average development of investment, equity growth average, premium increase and companies’ profits were among the standards the jury checked out.
The magazine rated a total of 74 companies.
These included 48 general insurance companies (from 87 general insurance companies inside the country ), 22 life insurance companies (from 45 nationwide ) and all four re-insurance companies in Indonesia.
Five companies - Prudential Life Assurance, Axa Mandiri Financial Services, Indolife Pensiontama, Commonwealth Life and Asuransi Jiwa Adisarana Wanaartha - were named the very best inside the life insurance category.
From the general insurance companies that were rated, the jury deemed Asuransi Adira Dinamika, Asuransi Jaya Proteksi, Asuransi Indrapura and Asuransi Harta Aman Pratama the very best.
Maskapai Reasuransi Indonesia topped the re-insurance category.
To become rated, companies had to satisfy requirements like having had their financial reports audited with no disclaimers of opinion. Also, That They‘d to possess a minimum of Rp 50 billion ($5. 9 million ) in capital and become profitable.
The govt has stipulated that each one general insurance companies improve their capital from a minimum of Rp 40 billion in 2010 to Rp 75 billion in 2012 and Rp 100 billion by 2014.
Consistent with data coming from the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK ), 46 from 87 general insurance companies still have lower than Rp 100 billion in capital.
Throughout the ceremony in the Four Seasons, Investor Magazine discussed many of the hot issues inside the insurance sector, like regulations stating that each one insurance agents should be certified.
Investor Magazine is really a sister publication from the Jakarta Globe.