Ten insurance companies were named on Wednesday the country’s best in their sectors by Investor Magazine, after an assessment of 14 performance criteria.
“We decided which insurance companies were the best based on data from published financial reports,” Herris Simandjuntak, the chairman of the jury, said when the awards were presented at the Four Seasons Hotel in Jakarta.
The financial reports referred to the period from 2007 to 2010.
Asset growth, average growth of investment, equity growth average, premium increase and companies’ profits were among the criteria the jury looked at.
The magazine rated a total of 74 companies. These included 48 general insurance companies (out of 87 general insurance companies in the country), 22 life insurance companies (out of 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 best in the life insurance category.
Of the general insurance companies that were rated, the jury deemed Asuransi Adira Dinamika, Asuransi Jaya Proteksi, Asuransi Indrapura and Asuransi Harta Aman Pratama the best.
Maskapai Reasuransi Indonesia topped the re-insurance category.
To be rated, companies had to meet requirements like having had their financial reports audited without any disclaimers of opinion. Also, they had to have at least Rp 50 billion ($5.9 million) in capital and be profitable.
The government has stipulated that all general insurance companies increase their capital from at least Rp 40 billion in 2010 to Rp 75 billion in 2012 and Rp 100 billion by 2014.
According to data from the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), 46 out of 87 general insurance companies still have less than Rp 100 billion in capital.
During the ceremony at the Four Seasons, Investor Magazine discussed some of the hot issues in the insurance sector, like regulations stating that all insurance agents need to be certified.
Investor Magazine is a sister publication of the Jakarta Globe.
“We decided which insurance companies were the best based on data from published financial reports,” Herris Simandjuntak, the chairman of the jury, said when the awards were presented at the Four Seasons Hotel in Jakarta.
The financial reports referred to the period from 2007 to 2010.
Asset growth, average growth of investment, equity growth average, premium increase and companies’ profits were among the criteria the jury looked at.
The magazine rated a total of 74 companies. These included 48 general insurance companies (out of 87 general insurance companies in the country), 22 life insurance companies (out of 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 best in the life insurance category.
Of the general insurance companies that were rated, the jury deemed Asuransi Adira Dinamika, Asuransi Jaya Proteksi, Asuransi Indrapura and Asuransi Harta Aman Pratama the best.
Maskapai Reasuransi Indonesia topped the re-insurance category.
To be rated, companies had to meet requirements like having had their financial reports audited without any disclaimers of opinion. Also, they had to have at least Rp 50 billion ($5.9 million) in capital and be profitable.
The government has stipulated that all general insurance companies increase their capital from at least Rp 40 billion in 2010 to Rp 75 billion in 2012 and Rp 100 billion by 2014.
According to data from the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), 46 out of 87 general insurance companies still have less than Rp 100 billion in capital.
During the ceremony at the Four Seasons, Investor Magazine discussed some of the hot issues in the insurance sector, like regulations stating that all insurance agents need to be certified.
Investor Magazine is a sister publication of the Jakarta Globe.
SOURCE
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