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Tugure Supports Indonesia Rendezvous 2024, Promoting Stability and Collaboration in the Industry

News
10 Oct 2024
 Tugure Supports Indonesia Rendezvous 2024, Promoting Stability and Collaboration in the Industry

BALI – The 28th edition of Indonesia Rendezvous, initiated by the Indonesian General Insurance Association (AAUI), once again became a key event for international insurance industry players. With the theme "Securing Stability & Unravelling Risk Impacting the Insurance Landscape," this annual event is expected to serve as a platform for exchanging ideas and best practices to drive the future development of the insurance industry.

Held in Nusa Dua, Bali, the event was attended by over 700 participants, including practitioners from 15 countries such as Indonesia, India, Malaysia, South Korea, Hong Kong, the United Kingdom, China, and the United States. The international participation highlights the significance of Indonesia Rendezvous as a global discussion platform.

Aligned with PT Tugu Reasuransi Indonesia's (Tugure) vision of supporting sustainable business, Tugure once again served as the main sponsor of Indonesia Rendezvous 2024. This support is part of Tugure’s commitment to strengthening the Indonesian insurance industry through active involvement in key initiatives.

"Tugure is always striving to contribute to the advancement of the insurance industry, which is why we fully support events like Indonesia Rendezvous," said Teguh Budiman, President Director of Tugure, on Thursday (10/10/2024).

During this year’s Indonesia Rendezvous, Tugure also hosted an exclusive meeting with business partners through Tugure Lounge, a space for strengthening collaboration and building strategic partnerships. Additionally, Tugure held the Tugure Jagaddhita Balinese Culture event, as a form of appreciation for Balinese culture and a venue to strengthen networking among insurance industry players.

Teguh Budiman emphasized that these initiatives were strategic steps to gather innovative ideas and create opportunities that add value for all stakeholders in the industry.

"The insurance industry today faces many challenges, both external and internal. Events like Indonesia Rendezvous provide an opportunity to explore various collaborative opportunities that can benefit the industry," he added.

As part of the event, Tugure's Operations Director, Erwin Basri, participated as a speaker in one of the discussion forums addressing Compulsory Motor Third Party Liability (MTPL): Gaining Competitive Advantage.

Erwin shared insights on the current hot topic in Indonesia—MTPL. He noted that the reinsurance portfolio for this type of coverage remains relatively low, averaging only around 0.36% over the last seven years. This indicates that most MTPL risks are still borne by insurance companies themselves.

In response to OJK's plan to mandate third-party liability insurance (MTPL), Erwin highlighted the potential risk accumulation that could occur when multiple claims arise within a short period.

"This aggregation of risks can lead to volatility on an insurer’s balance sheet, where claims payments may exceed the expected loss ratio for that period," explained Erwin.

Furthermore, Erwin added that in such situations, reinsurance plays a crucial role in stabilizing the market by absorbing the risk aggregation. This ensures that insurance companies can still meet their financial obligations and capital requirements, even during high-claims periods.

It is hoped that strong collaboration between insurance and reinsurance companies will foster a more stable and sustainable business environment, while delivering better solutions for public protection.

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