- Home
- News & Media
- Detail
JAKARTA - The global and national reinsurance industry is expected to continue facing challenges in the form of a hardening market in 2024.
To address this situation, PT Tugu Reasuransi Indonesia (Tugure) has prepared a strategy.
Andriansyah, Group Head of Technical Analytics & Development at Tugure, explained that they are currently in the process of preparing for the renewal or retrocession renewal for contracts in 2024. The current conditions, he noted, are still similar to those of the previous year when they prepared for the retrocession renewal for the 2023 period.
"The conditions we are experiencing now are still the same as at the end of 2022. It's a challenging atmosphere," he stated during the Reinsurance Market Update Webinar organized by the Indonesian General Insurance Association (AAUI) on Thursday, September 14, 2023.
According to him, there will still be price increases set by the global reinsurance/retrocession market. Additionally, Andriansyah emphasized that there are significant changes in risk assessment conducted by global reinsurance companies, particularly in terms of pricing.
"They [retrocessionaires] consider many factors, which may have previously been loaded with lower values before the pandemic," he revealed.
On the other hand, Andriansyah believed that other factors, especially catastrophic events or inflation, would drive up retrocession prices.
He estimated that the increase in protection prices from global reinsurance in the coming year would still be around 30%, similar to the previous year. In the 2023 renewal, he stated that the average retrocession rates for global players to domestic reinsurance increased by about that range.
He also noted that this increase was still smaller compared to the surge in retrocession prices in some other countries like the United States and Malaysia, where it reached around 100%.
"Our expectation is that the increase will remain the same in the 2024 renewal," he clarified.
Therefore, Andriansyah said that Tugure has prepared itself to face these extraordinary conditions. Tugure will implement a fundamental strategy with an emphasis on transparency when dealing with the retrocession market.
"As for the reinsurance strategy in facing the retrocession market, we're going back to basics, providing transparency to the retrocessionaires regarding our business plan and policies. Hopefully, this will reduce the unknown loading factor on the part of the global reinsurance companies. That's what we will do now," he asserted.
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) has been honored with the Best Reinsurance Award at the Insurance Awa... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) is proud to announce that its CEO has been awarded the Best CEO 2020 ... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) has successfully maintained its IFS rating of A+(idn) with a Stable O... Read More
To our esteemed Tugure Business Partners,
In commemorating the 34th Anniversary of PT Tugu... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) is delighted to announce that it has received an award in the Indones... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) remains optimistic in facing the insurance and reinsurance market in ... Read More
Link Berita > Read More
Tugure meraih penghargaan Gold Award (excellent) pada “Indonesia Finance Award-IV-2021 (IFA-IV-2021), category ... Read More
Jakarta (ANTARA) – PT Tugu Reasuransi Indonesia (TuguRe) menjalankan sejumlah strategi jitu sehingga mampu memp... Read More
Gelar Kelas Diskusi, Tugure Bahas statistik poperty dan engineering
Read More
Jakarta (ANTARA) – PT Tugu Reasuransi Indonesia (Tugure) menyelenggarakan webinar ... Read More
Dear Business Partner,
In connection with Eid al-Fitr 1 Syawal 1443 H, we hereby notify th... Read More
Fitch Ratings - Jakarta - 30 Nov 2022: Fitch Ratings Indonesia has affirmed PT Tugu Reasuransi Indonesia's (Tugur... Read More
Jakarta – PT Tugu Reasuransi Indonesia (Tugure) posted positive performance throughout 2022 with growing premiu... Read More
Jakarta — Closing 2022, Tugure managed to record positive performance by maintaining Tugure's National Insu... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) scored a brilliant performance throughout 2022 with a significant inc... Read More
The 2018 Insurance Award, which took place at the Le Meridien Hotel, is a prestigious event in the insurance world or... Read More
Jakarta - The national insurance industry is believed to still have the potential to grow supported by capital c... Read More
PT Tugu Reasuransi Indonesia (Tugure) held a Sharing Session event specifically discussing data center security amid ... Read More
Tangerang — PT Tugu Reasuransi Indonesia (Tugure) distributed Corporate Social Responsibility (CSR) assistance ... Read More
PT Tugu Reasuransi Indonesia (TuguRe) has commenced the transition to implement new reporting standards, namely Inter... Read More
Bali, October 17, 2019 – Tugure took the golden opportunity at the 25th Indonesia Rendezvous event, not only as... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) achieved impressive performance throughout 2022 with a significantly ... Read More
Jakarta (Men's Obsession) - When Erwin Basri was appointed as the Director of Operations, he immediately faced a ... Read More
Jakarta (Obsession News) - Erwin Basri's name is well-known in the insurance business world. His career journey i... Read More
BANYUWANGI - Several business classes of liability insurance are predicted to still have potential growth in 2023. Th... Read More
JAKARTA - The reinsurance industry, both globally and nationally, is expected to remain quite challenging in 2024. Read More
JAKARTA - The global and national reinsurance industry is expected to continue facing challenges in the form of a har... Read More
Bali – PT Tugu Reasuransi Indonesia (Tugure) has reaffirmed its support for the 27th Indonesia Rendezvous ... Read More
Bali - PT Tugu Reasuransi Indonesia (Tugure) is committed to integrating sustainable practices into all of its operat... Read More
JAKARTA – PT Tugu Reasuransi Indonesia (Tugure) has achieved impressive performance throughout 2023. These posi... Read More
Jakarta - PT Tugu Reasuransi Indonesia (Tugure) has been awarded The Best Performing Reinsurance 2023 Based on Financ... Read More
Jakarta - Reinsurance company PT Tugu Reasuransi Indonesia (Tugure) has successfully maintained its national rating o... Read More
Hong Kong – In an effort to improve employee competencies in both soft and hard skills, PT Tugu Reasuransi Indo... Read More
Jakarta — The insurance business lines, both in energy and casualty globally, are still facing the trend o... Read More
Jakarta — The increase or inflation of medical costs in Indonesia is considered a challenge for health insuranc... Read More
Mitra Usaha yang terhormat,
Sehubungan dengan Hari Raya Idul Fitri 1 Syawal 1445 H, dengan ini diberit... Read More
