Strengthening Partnership, Tugure Invites Ceding to Visit South Korea

In order to strengthen partnerships with ceding, PT Tugu Reasuransi Indonesia (Tugure) held a Tugure Ladies Appreciation event which was held in Seoul, South Korea, on 2-7 September 2022.

Claim Group Head Tugure Larisa Marini said this activity was carried out to provide new insights for representatives from priority ceding.

"This activity aims to provide new experiences and insights for ceding companies by visiting South Korea as one of the leading countries in the world insurance industry," said Larisa in Jakarta, Thursday.

Based on data from Statista.com, South Korea is known as a country with insurance market penetration in 2021 reaching 5.2% or around 3.6 million of a total of 51.78 million people covered by insurance. Very far when compared to Indonesia which only reaches 3.18% of the total population, as reported by the General Insurance Association of Indonesia (AAUI).

"We invite ceding members to share an overview of the insurance market in Korea, from non-life insurance, life insurance, reinsurance, to market headlines there," he continued.

During this visit, Tugure also collaborated with a leading reinsurer in South Korea, namely Korean Re. The participants also visited the Korean Re office to discuss the insurance market in the Country of Ginseng.

On this occasion, the condition of the insurance market industry was also explained, which had experienced rising prices and tightening of terms (market hardening) due to various factors including the Covid-19 pandemic and natural disasters.

In addition, these priority cedings were also given new knowledge and implementation of IFRS 17, namely international financial reporting standards issued by the International Accounting Standards Board.

President Director of Asuransi Dayin Mitra Dewi Mandrawan said that this activity was very useful, especially during the sharing session with Korean Re.

"This sharing with Korean Re provides additional insight that is very useful, both in terms of the insurance market and the implementation of IFRS 17," said Dewi who is the President Director of PT Asuransi Dayin Mitra Tbk.