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JAKARTA - The reinsurance industry, both globally and nationally, is expected to remain quite challenging in 2024.
This projection was revealed during the Reinsurance Market Update Webinar organized by the Indonesian General Insurance Association (AAUI) on Thursday, September 14, 2023.
Fadlil Iswahyudi, Vice Chairman of AAUI for Technical Affairs 4, explained that the webinar was held to address questions from the insurance and reinsurance industries regarding the current conditions of the financial services sector, both on a global and national level.
"We've received many inquiries about the current state of the insurance and reinsurance industries, both globally and locally," he stated in his opening remarks during the webinar.
To answer these questions, AAUI is fulfilling one of its functions as a communication and information-sharing forum among its members, especially concerning up-to-date information on the reinsurance market.
Fadlil, who is also the Technical Director of PT Tugu Reasuransi Indonesia (Tugure), believes that these questions can be comprehensively addressed in the webinar because it features several industry practitioners, including representatives from regulatory bodies.
The webinar featured speakers from all reinsurance companies in Indonesia, experts from PT Asia Reinsurance Brokers Indonesia, Munawar Kasan, the Director of General Insurance and Reinsurance Supervision at the Financial Services Authority (OJK), and was moderated by an experienced figure in the reinsurance sector, Adi Pramana.
Fadlil added that AAUI hopes the webinar can provide the latest developments in the reinsurance market, as well as the challenges and trends that will be faced in the future.
"Thus, together in the future, we, including insurers, reinsurers, regulators, and various stakeholders in the industry, can mutually safeguard and ensure the health, strength, and well-being of our industry and ecosystem," he emphasized.
In the opening session, Munawar Kasan, the Director of General Insurance and Reinsurance Supervision at OJK, stated that the hardening market conditions in the global insurance and reinsurance industry are expected to continue into the next year.
"The global cycle will still be a hardening market. So, 2024 will remain challenging," he noted.
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