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Tugure Holds a Liability Insurance Sharing Session

28 Jul 2023
Tugure Holds a Liability Insurance Sharing Session

BANYUWANGI - PT Tugu Reasuransi Indonesia (Tugure) held a Sharing Session titled "Historical Background and Underwriting Practice of General Liability Insurance" in Banyuwangi, East Java on Thursday (27/7/2023).

The agenda of the Sharing Session included bringing in Richardus Yohanes Adrianto Dino Ary, Director of PT Sedana Proteksi Sinergi Pialang Reasuransi (SedanaRe), as a speaker in the training attended by 20 participants from 18 ceding or partner insurance companies of Tugure.

Erwin Basri, Director of Operations at Tugure, who opened the Sharing Session, revealed that Tugure is currently striving to balance its business portfolio by developing potential products. This is done by considering factors such as the expected continuation of the hardening market condition and the anticipation of relatively high volatility in some business classes.

One of the potential products, according to Erwin, is liability insurance. Therefore, Tugure organized the Sharing Session to enhance literacy among its business partners regarding this insurance line.

"Tugure always maintains its commitment to continually improve literacy, especially for business partners, through Tugure Academy programs," he explained during the opening of the Sharing Session.

Erwin stated that they invited RY Adrianto Dino Ary as a competent speaker in the field of liability insurance. Dino, who is well-known in the industry, has extensive experience and specialization in the liability insurance business line.

"We bring in the expert. Thank you, Mr. Dino, for being willing to share knowledge and experiences with us," said Erwin.

Erwin emphasized that Tugure will continue to carry out literacy agendas and even enhance them to support the development of its business partners' portfolios.

During the Sharing Session, Farid Susilo, Casualty & Energy Group Head of Tugure, explained that Tugure's management is focused on developing the liability insurance business due to its potential. He detailed that the premium from liability insurance has been continuously growing over the past five years.

"And the data from AAUI also shows that the premiums keep increasing," he said.

To realize this potential, Farid stated that Tugure has diversified its product lines into several business classes, particularly from the non-marine group to casualty energy and property engineering.

"The aim is to focus more on developing and serving business partners with potential products, one of which is liability insurance," he explained.

Farid added that Tugure has sufficient capacity to develop the liability insurance business line and maintains a healthy financial position with a Risk-Based Capital (RBC) level well above 200%, far above the minimum requirement in the industry, which is 120%.

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