Two reinsurance brokerages approved to operate in Indonesia

Two new firms have been granted their operational licenses, bringing the total number of brokerages in the market to 42

Two reinsurance brokerages approved to operate in Indonesia

Insurance News

By Gabriel Olano

Indonesia’s financial regulator has granted operational licences to two reinsurance brokerages, bringing the total number of such companies in the country to 42.
The Financial Services Authority (OJK) awarded the operational licenses to JLT Reinsurance Brokers and Inare Proteksi International in early March, with both companies commencing operations last week.

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“The two companies are required to always conduct healthy business practices and abide by the law,” Tattys Miranti Hedyana, OJK director for non-bank financial industry supporting services, said in an official statement.
The number of insurance brokerages in Indonesia has been growing steadily. In December 2015, the OJK had 37 companies registered under its wing, and it rose to 40 by December 2016. With the addition of these two firms, a total of 42 companies are already operating in the market.

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