Indonesia Now Has 42 Reinsurance Brokerage Firms

OJK Reinsurance

The number of reinsurance brokerage companies in Indonesia now stands at 42 after the country’s financial services regulator granted operational licenses to two new reinsurance brokers.

The Financial Services Authority (OJK) issued the operational licenses to JLT Reinsurance Brokers and Inare Proteksi International early this month. The two reinsurance brokers were allowed to commence operations last week.

“The two companies are required to always conduct healthy business practices and abide by the law,” OJK director for non-bank financial industry supporting services Tattys Miranti Hedyana said in an official statement.

Non-bank financial industry support services refer to the business sector that provides services to support insurance businesses.

The sector includes brokerage services in reinsurance placement carried out by a brokerage firm.

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Indonesia’s insurance brokerage industry has been growing slowly. In December 2015, the financial regulator recorded 37 such firms. The number grew to 40 as of December 2016 and then 42 with the addition of the two new firms early this month. –