Insurance Firms Set Up Arbitration Body

Indonesian insurance companies inaugurated Friday an arbitration body to settle disputes with policy-holders and bypass the country's slow and questionable legal system.

The Indonesian Insurance Mediation Body (BMAI) set up by the federation of the associations of life and general insurance companies will begin operations next week.

"The BMAI is a kind of arbitration body for handling insurance-related disputes, which is established as a reaction to unsatisfactory legal verdicts that usually place companies at the losing end," said the chairman of the newly established body, Arizal ER. "The decisions made by the body will be legally binding," he said.

To give the best services, Arizal said he had consulted with insurance mediation bodies in Malaysia and Thailand and conducted numerous studies with them.

"In terms of services, we are prepared with the best standard operating produces, skilled professionals and a high standard of information technology," he said.

One of the services provided by the body is a 24-hour customer complaints procedure, which can be made through the Internet.

"In the past, there were many insurance claim disputes that were not handled properly. I hope that the BMAI can provide fair settlements to claims disputes and give more security to all stakeholders in the insurance industry," Capital Market Supervisory Agency (Bapepam) chairman Fuad Rachmani said.

Faud officially launched the body on the behalf of the government.

He said the country's legal system had not provided fair verdicts in claim disputes.

"Our judicial system has been very weak. People tend to feel unsafe starting up a business. They are scared because everything is unclear and this could cause them huge losses later on," Fuad said.

Indonesian Insurance Association chairman Ahmad Subianto said the establishment of the body was a milestone for the industry in Indonesia.

"Insurance disputes must be settled under the customs of the insurance industry," he said.

Customer trust drove the industry and although the body was funded by insurance companies, Fuad said would be independent, just and fair.

A monitoring body, the supervisory board of the arbitration body (BPBMAI) has also been established, headed by five association officials and four academics.

"The (BMAI) has to be monitored so that it will not be conterproductive to the growth of the industry," BPBMAI chairman Isa Rachmatarwata said.

Isa said his team of nine would not "interfere" with cases being handled by the body. However, it would ensure all activities were carried out under standard operating procedures, he said.

Teacher Plan Information

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Indonesia Medical Insurance News

Indonesia is a developing nation which, despite the large gains made in the economy, still has some major concerns in terms of the social services that are provided to Indonesian citizens. In major cities, such as Jakarta , healthcare services are readily available, and usually of an extremely high standard, however, this is not true everywhere in the country. The Indonesian healthcare system is complex and hugely varied, and on first glance, seems to be a mess. Since 1968 access to healthcare services around the country has improved, and most Indonesians are able to receive some form of care or treatment in the event of an emergency. In truth however, this care is often lacking in the quality and depth of the treatment options, and most medical facilities outside of major tourist destinations and urban centers will not be able to afford patients with comprehensive care.

Healthcare in Indonesia is provided, and funded, through a number of channels; Public, Private, Individual payment, Social security, and external/overseas funding. Traditionally, the system closely mirrored the conventional Dutch style of healthcare provision, a more minimalist approach than is familiar to many European cultures. As Indonesia attempted to revitalize its image during the 1970's and 1980's, the country failed to modernize the way in which it provided healthcare to its citizens, one of the reasons that until 1990 the average Indonesian life expectancy was only 52.75 years. Life expectancy has gone up, and even though there has been dramatic improvement in this area, it does not reflect the inequality in the Indonesian healthcare system.

One of the major problems with healthcare in Indonesia is that poor or rural citizens simply aren't able to obtain the healthcare that they need. A lack of government funding, coupled with a need for the medical facilities to realize a profit, no matter how slight, means that lower class Indonesians are unable to afford the cost of treatment. This is not to say that healthcare in Indonesia is expensive

Indonesia Health Insurance

Before entering Indonesia it is advisable to obtain a quality international health insurance policy, and due to the dispersed nature of the country a plan with an emergency evacuation benefit will ensure that you and your loved ones receive the high quality care and treatment that you deserve in the event of an unfortunate situation.

Feeling comfortable in the knowledge that if something was to happen to a family member their medical costs will be taken care of, is important to us all. Our expert consultants can advise on the most suitable level of coverage for families, individuals, groups, travelers, and teachers expatriate health insurance.

Expatriate Health Insurance Indonesia

Pacific Prime is an expatriate insurance broker specialising in providing overseas medical insurance for Indonesia nationals living, working or holidaying abroad. If you are a non Indonesia national and moving to Indonesia we can also provide plans that meet your specific requirements.

The policies that we can provide are guaranteed renewable for life and globally portable, so even if you should relocate away from the country your plan will continue to cover you. With a number of extra benefits including maternity coverage, emergency evacuation and repatriation, dental treatment, out-patient consultations, alternative medicines, complimentary therapies, and specialist consultations, you can be assured that an international health insurance Indonesia plan will give you the coverage that you need. For more information about the products and services that we can offer, or to receive a free quote, please contact us today.

Professional Service you can trust

Pacific Prime Insurance will be with you for the duration of your policy. We offer additional customer services that include claims advice and medical advice lines. We also maintain a comprehensive list of Indonesia hospitals/doctors. Most of our clients are expatriates we maintain a list of Embassies in Indonesia. As a leading broker of medical insurance in Indonesia we keep up on the latest insurance trends and Indonesia Insurance News.

We can offer expatriates in Indonesia dedicated international health insurance plans that will provide comprehensive coverage in the East and around the world. Plans that we can offer will usually have a number of benefits that a policyholder is able to tailor to suit their specific requirements. With coverage options including out-patient, dental, maternity, and emergency evacuation, you will be assured of receiving the highest levels of quality treatment anywhere in the world.

Indonesia Travel Tips

Indonesia is one of the world’s favorite tourist destinations with millions of visitors arriving in the country each year from all over the world. When traveling in a new country it is important to understand, and be aware of, any local laws and customs that may be different from the ones that you are used to. To help you better enjoy your time in Indonesia we have provided some information about various local laws and customs that you should be aware of during your time in the country.

Please be advised that the information below is not comprehensive and that the status of this information may change without warning. For the most up to date travel advice please contact a professional prior to departing on your trip.

At present there is a high global threat of terrorism. All travel to Aceh Province is strongly discouraged due to the high tensions in the region. Terrorist attacks in Indonesia are likely to be indiscriminate and target areas with large numbers of expatriates and tourists. In the event of a terrorist attack please follow all official announcements and take all due care.

There is a high incidence of crime throughout Indonesia, especially in areas frequented by tourists and expatriates. The main type of incidents for which foreign nationals require consular assistance is in regards to petty theft and cases of lost or stolen passports.

Indonesia is a predominately Muslim country; as such many of the local laws and customs will reflect this. When visiting religious areas such as mosques and temples you should act with respect.

Do not get involved with illegal drugs during your time in Indonesia. Possession, distribution and manufacture of narcotic substances are illegal, and if caught you could face a lengthy prison sentence.

Do not gamble while in Indonesia. Gambling is illegal throughout the country, and is usually controlled by organized crime syndicates.

You must carry some form of identification on your person at all times. If asked by the Indonesian police you must display identification, failure to do so can result in a fine or custodial jail time. Photocopied passports are acceptable as a valid form of identification.

Most nationalities must have a visa to enter Indonesia. Visa’s are typically available on arrival, but will be time specific. If you plan on staying in the country for a period longer than three months you should obtain a work or residence permit before your arrival.

Healthcare in Indonesia, outside of the major urban centers, tends to be extremely poor in the quality of care that is available. It is recommended that you obtain travel insurance with an emergency evacuation benefit before visiting the country.

There are a number of disease risks throughout the country including Malaria, Dengue fever, Anthrax, and hepatitis. These diseases are spread through a number of factors, however their prevalence in the country can primarily be attributed to poor hygiene. Avoid eating foods from roadside stalls and make sure that all your drinks are sealed when brought to you.

There have been reports of polio outbreaks in Java and Sumatra. It is advisable that you obtain a polio vaccine before visiting these areas.

Due to Indonesia’s location in South-East Asia on the continental shelf the country is prone to a number of natural disasters including earthquakes, volcanic eruptions, and tsunamis. In the event of a natural disaster please follow all government directions and act accordingly.

For more information about traveling in Indonesia, expatriate health insurance plans that we can offer in the country, or to receive a free Indonesia health insurance quote, please contact one of our expert advisers today.

Bancassurance Product Provides Solution for Customers’ Financial Needs

PT Sun Life Financial Indonesia sees the potential for significant growth in the bancassurance business in the upcoming years. The bancassurance market is predicted to grow 30 percent per year. Not only banks with asset above Rp 10 trillion, but banks with asset between Rp 1 trillion to Rp 10 trillion see the potential for bancassurance to increase their fee-based income. The 40 million to 45 million bank customers in Indonesia provides the bancassurance business with a huge potential market .

Insurance penetration in Indonesia has reached 0.8 percent of total premiums compared to the 2006 Gross Domestic Product. In other countries such as Malaysia, Singapore, and Thailand, insurance penetration is much higher, reaching 3.2 percent, 5.4 percent, and 1.9 percent respectively. One of the main factors supporting insurance premiums in 2007 is the expanded bancassurance penetration, complemented by public awareness of insurance and increases in the working population needing life insurance protection. This was noted by PT Sun Life Financial Indonesia President Director Barry Halpern at the bancassurance seminar “Maximize Customers’ Choice – Wealth and Protection”.

“Currently, the life insurance products offered through bancassurance are education insurance, term insurance, hospitalization, and unit-linked. For Sun Life Financial Indonesia, bancassurance is a prospective distribution channel to increase premium income and people’s awareness of the importance of life insurance,” continued Barry.

Sun Life Financial Asia Vice President Business Development Lingde Hong in his presentation Consumers Driving Product Innovation explained that each individual has different protection and investment needs for each of their life stage. The high demand from bank customers for financial products on protection and wealth management has encouraged insurance companies and banks to synergize and develop innovative products based on customers’ financial needs and objectives. “Risk of living too long or dying too soon are two important things that customers should note when choosing the right life insurance products to fulfill their protection and investment needs,” said Lingde.

Sun Life Financial Indonesia has been aggressively expanding its non-agency distribution channels through bancassurance. In less than two years, Sun Life Financial Indonesia has partnered Standard Chartered Bank, Bank Central Asia, Bank Negara Indonesia, Citibank and GE Money. The bancassurance seminar held today by Sun Life Financial Indonesia is to foster the further expansion of its bancassurance distribution channel as one of company’s premium income contributors, ensuring Sun Life a spot amongst the top five life insurance companies in Indonesia.

Sun Life Financial Indonesia and BNI Sign Agreement

PT Sun Life Financial Indonesia recently signed a Memorandum of Understanding (MoU) with PT Bank Negara Indonesia Tbk (BNI) to market its unit-linked product Optima Principal Value to BNI private banking customers.

PT Sun Life Financial Indonesia President Director Barry Halpern said, “Optima Principal Value is especially designed to fulfill private banking customers’ needs for protection and investment. This product provides life insurance protection for five years with a single premium payment, and provides customer with optimal investment potential.”

“Private banking customers have different needs to manage and expand their investment portfolios,” added Barry. Optima Principal Value provides protection with insurance benefits, such as death and accident benefits of up to 200 percent.

This partnership is one of Sun Life Financial Indonesia’s strategies to increase its bancassurance market penetration in Indonesia. “Moreover, Sun Life Financial Indonesia sees bancassurance not only as a prospective distribution channel to increase its premium income, but also as a means of increasing people’s awareness of the importance of insurance,” said Barry.

Meanwhile, BNI Head of Private Division Gatot Siswoyo said, “Our partnership with Sun Life Financial Indonesia will increase our ability to offer additional value to our customers with comprehensive products featuring protection and investment benefits.”

The ceremony was also attended by Sun Life Financial Indonesia Vice President of Marketing & Business Development Vivien Kusumowardhani and BNI Vice Head of Business Development Division Bety N Alwi. Sun Life Financial Indonesia and BNI also partnered in mid-2007 to offer an education insurance product, Academy Cash, to BNI credit cardholders through direct mail.

Sun Life Financial Indonesia Launches Two New Funds for Unit Linked Product "Brilliance"

PT. Sun Life Financial Indonesia today launches two new funds for unit-linked product Brilliance to maximize its multiple fund investment system features. It provides customers flexibility to choose the invested funds composition to suit their needs and the risk profile of their personal investment. The two new funds are called Brilliance Xtra Aggressive and Brilliance Xtra Dynamic, which is based on equity and balanced mutual funds products, respectively.

With the addition of two funds, Sun Life Financial Indonesia customers will have more options in determining their invested funds allocation. In addition to obtaining life insurance protection until the age of 88 years, customers now have more flexibility in designing their personal investment objectives as they can choose a new variety of investment funds that can provide investment return based on investment risk level and their personal risk profile.

“The level of public knowledge towards investment funds, instruments and risks has improved tremendously in the recent time. This has made equity and balanced fund became one of the most attractive funds for customers,” said PT. Sun Life Financial Indonesia President Director Barry Halpern.

“The soul of Brilliance is its flexibility. The arrival of the new funds supports Brilliance to become more competitive in the market as it provides more options for customers in choosing and determining their investment fund composition,” added Barry.

The first investment fund, Brilliance Xtra Aggressive is an investment fund that allocates most of its investment in both equity (80%-100%) and money market (0%-20%). Using Composite Index (JCI) as a benchmark, Brilliance Xtra Aggressive is the right choice for customers expecting a high return in accordance with their risk profile.

The second investment fund, Brilliance Xtra Dynamic allocates its funds in both bonds and equity (5%-75%) and money market (2%-90%). Brilliance Xtra Dynamic offers relatively higher return compared to other balanced funds, which is very suitable for customers with moderate to aggressive risk profile. The benchmark of this investment fund is the average of Rupiah one month time deposit interest rate and the average of Composite Index (JCI).

“Brilliance is designed to fulfill the needs and the demands of Indonesian market, to have life protection and investment simultaneously through unit-linked by offering an affordable premium that starts from Rp 1,500,000 or US$300,” said Barry.

The launch of Brilliance’s new investment funds is a part of PT. Sun Life Financial Indonesia’s strategies to increase its unit-linked premium income in 2008. “With Brilliance’s 80 percent contribution to the company’s total premium income in Q3 2007, we are very optimistic that we can increase our unit-linked premium growth by 40 percent in 2008,” said Senior Vice President, Agency, Harjanto Tanuwidjaja.

The Business Strategies of Sun Life Financial Indonesia in 2008
Sun Life Financial has a long-term commitment in Indonesia. Therefore, Sun Life Financial Indonesia will keep developing its business through a number of business strategies that will strengthen and expand its presence in Indonesian market.

Having been successful in retaining its position as the top five joint venture life insurance companies in Indonesia in terms of total new business premium income, Sun Life Financial Indonesia plans to focus on growing its business, both organically and non-organically in 2008.

Sun Life Financial Indonesia has three main focuses in developing its business in 2008 and beyond. Firstly, by strengthening its distribution channels organically. We plan to expand our agency distribution channel in 2-3 cities in Indonesia, as well as increase our sales agent number by targeting to reach 4,000 agents in 2008. For non-agency distribution channel, we aim to add more business partners for bancassurance and direct marketing/telemarketing by offering both traditional and unit-linked products which suit to customers’ trends in lifestyle and financial needs.

Secondly, we are also considering opening new business units such as asset management and shariah insurance considering these markets have grown significantly in the past few years.

Lastly, focusing not only on organic growth, we also seek opportunity to acquire other life insurance companies which own business strategies to support the growth of Sun Life Financial Indonesia. “These three business strategies are in line with our regional strategy to be the top five players anywhere we operate by 2012,” closed Barry Halpern.

The Indonesia Insurance Report

• Independent 5-year insurance industry forecast for Indonesia.
  Original insurance market research and insurance sector trend analysis for Indonesia’s insurance industry.
  Competitive intelligence, regional insurance company rankings and SWOT analyses on international and domestic insurance companies in Indonesia.

The Indonesia Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for Indonesia through end-2011; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in Indonesia; and analysis of the latest insurance industry developments, trends and regulatory changes in Indonesia.

Business Monitor International's Indonesia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Indonesian insurance industry.

• Benchmark BMI’s Independent 5-Year Insurance Industry Forecast on Indonesia
  to test other views - a key input for successful budgeting and planning in this strategic insurance market.
• Target Business Opportunities & Risks in Indonesia's Insurance Sector
  through our reviews of latest insurance industry trends, regulatory changes, and major deals, projects and investments in Indonesia.
• Exploit The Latest Competitive Insurance Intelligence & Company SWOTS
  on your competitors and peers in Indonesia through our insurance company rankings by assets, premiums, income, market share, investments and leading products and services.

The Indonesia Insurance Report

The Indonesia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Indonesian insurance industry.

The Indonesia Insurance Report has been researched at source and features the latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for Indonesia through end-2011; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in Indonesia; and analysis of the latest insurance industry developments, trends and regulatory changes in Indonesia.

Key Insights into the Insurance Sector of China

The Government's plans to promote the industry are laudable. Nevertheless, we doubt that tax incentives or spectacular natural disasters will, by themselves, spur development of non-life insurance. The main constraints on the development of non-life insurance in Indonesia have been the low income levels of most of the population and the fragmentation of the industry

Indonesia will have to go through a reasonably long period of stability in its capital markets before commentators will begin seriously to consider the opportunities in the life segment.

Indeed, it would seem that many of the world's largest insurers are prepared to overlook the deficiencies of Indonesia's legal system in general and bankruptcy laws in particular, which gave rise to many problems for Manulife in previous years. One obvious conclusion is that the large cross-border groups often see Indonesia as a market that, at some stage in the future, could be too large to ignore.

As is the case in Thailand, the Philippines and Malaysia, local groups feature prominently in the non-life segment, although none appear to have particularly dominant positions.

Coverage includes:

Indonesia Insurance Sector at a Glance

Key insights into the insurance market, covering industry trends, key players and the regulatory environment, plus snapshots of life and non-life premium values in local currency and US$.

Evolution of the Indonesian Insurance Market

Analysis of recent developments in the local insurance market, including data on life and non-life premium values, density and penetration, dating from 1998.

5-Year Industry Forecasts for Indonesia

Analysis of market growth drivers, including 5-year projections (to end-2011) for premium values. Forecasts section also includes BMI risk ratings on local economy, politics and business environment. Industry indicators covered include:
Number of life and non-life insurance companies; total and per capita Property/Casualty premiums and claims; total and per capita Life/Health premiums and claims; total premium income; total claims/expenses; total operating expenses; total assets and investments; industry density (per capita premiums) and penetration (premiums as a portion of GDP)

5-Year Macroeconomic Forecast for Indonesia

Forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Insurance Company Rankings in Indonesia

Comparative company analyses and rankings by premium income (life and non-life). Scroll down to view a sample list of ranked insurance companies for Asia.

Insurance Industry Competitive Landscape in Asia

A cross-border overview of key players and their market share across the region. Tables and graphs show country presence of multinationals throughout the region.

Manulife Indonesia chosen as Life Insurer of the Year in Asia for 2002

Manulife Indonesia has been awarded the “Life Insurance Company of the Year” award for 2002 by Asian Insurance Review (AIR), the premiere insurance publication in Asia, together with The Review – Worldwide Reinsurance. This prestigious industry award was presented at the Gala Awards Dinner in Tokyo, Japan yesterday evening.

Manulife Indonesia is the only life insurance company in Indonesia to ever be recognized by AIR in this category. “We are very proud of this hard-earned achievement and accept it in honour of all our loyal customers, dedicated employees and 3,000-strong agency,” said John Harrison, President Director, Manulife Indonesia at the Awards Dinner. “We thank them for all their loyal support over the years, and in particular over the past two years when we have had to deal with issues outside our normal business operations. Throughout this difficult time, their dedication never wavered and we are happy today to reward their commitment with this recognition by Asia’s insurance industry that Manulife Indonesia truly is the best life insurance company, not only in this country but across the region.”

Demonstrated award-winning operations
The “Life Insurance Company of the Year” award is based on several criteria: demonstration of commitment to product innovation; research into and ability to respond to customers’ and society’s changing needs; consistently strong financial performance; strong management and a consistently high standard of customer service. Based on these criteria, a distinguished panel of 16 judges from across Asia and worldwide, ultimately selected Manulife Indonesia as the winner of this category for 2002.

“In the insurance industry, this award is widely recognized in Asia and across the world. Manulife Financial is thrilled that its high-performing operations in Indonesia is being acknowledged for their ‘contribution to the pursuit of excellence,’ which was the basis by which the award submissions were reviewed,” said Victor Apps, Executive Vice President and General Manager, Asia. “I have no doubt that Manulife Indonesia was up against some stellar competition in this category, but in the end this award demonstrates that Manulife Indonesia is truly the best in the industry in Asia.”

Creating the unbeatable gap
Manulife Indonesia differentiates itself from the competition and is well on its way to “creating the unbeatable gap” in the following ways:

• In July 2002, Manulife Indonesia was awarded the title of ‘best life insurance company in Indonesia’ by respected business magazine – Pilar Bisnis – in an annual insurance company rating competition.
• Manulife Indonesia was established as the number one foreign pension provider, serving more than 55,000 employees as pension participants from 420 companies in Indonesia, following its acquisition of Principal Indonesia in August 2001.
• A key member of the Manulife Indonesia group of companies, Manulife Aset Manajemen Indonesia (MAMI) at only three years of age is already one of the largest asset management companies in the country. MAMI has an industry leading number of agents – 600 – qualified to sell mutual funds.
• Manulife Indonesia recently launched its Customer Relationship Management program designed specifically to develop and maintain strong relationships between our customers and agents via specially designed tools and services.
• Manulife Indonesia is strongly committed to helping the Indonesia community through the Manulife Care Foundation. Manulife’s charitable organization brings together our agents, clients and employees as a team to help fight poverty in Indonesia. The Foundation’s philanthropic efforts have funded many programs, including: financial assistance to victims of natural disasters, financing dental care for the poor; renovating and building local schools; and, donating uniforms and tuition to needy school children.

The 2002 Asia Insurance Industry Awards
The Asia Insurance Industry Awards were first introduced five years ago by the Asia Insurance Review and The Review – Worldwide Reinsurance, to promote the industry’s move towards higher standards and greater professionalism. The Awards recognize the top performer in the Asia-Pacific region in a number of select categories, including: general insurance, reinsurance, most innovative product on the market, best Web site and personality of the year. The judges are international distinguished members of insurance and reinsurance companies as well as industry regulators.

About Manulife Indonesia
Manulife Indonesia, established in 1985, is one of the largest joint venture insurance companies in the country. The company offers the most comprehensive products and services in life insurance industry in Indonesia. Headquartered in Jakarta, Manulife Indonesia operates through a network of 72 branches in 33 cities throughout Indonesia with the support of almost 4,000 staff and full-time agents, who serve more than 400,000 customers.

With total assets exceeding IDR 76 trillion, Manulife ranks fourth in the Indonesia insurance industry. Total premium income for the company increased to IDR 580 billion in 2001, an increase of 28 per cent over the year earlier. Net income increased to IDR 76 billion in 2001, an increase of 61 per cent over 2000, bringing the accumulated profit to more than IDR 280 billion after 10 consecutive years of profitable growth.

About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection product and wealth management services. Funds under management by Manulife Financial were CAD $139.8 billion as at June 30, 2002.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Further information about Manulife Financial can be found on the Internet at www.manulife.com.

Marine Cargo Insurance

Such types of Insurance cover the damage or loss of goods transported from one place to another by using of land transportation (truck, train, trailer), sea (ship), air (aircraft).

Insurance provided in these types include all risks condition. This includes fire, transport vehicle accident (stranded, sink, inversed, collision), loading and unloading in the emergency port, earthquake, volcano eruption, jettison etc.

Oil and Gas Insurance covers the damage or loss for exploration equipment and oil production.

Aviation Insurance covers the aircraft damage or loss during the flight, mooring, or on the ground. It also covers the damage or loss on hull, spares, passenger legal liability, and third party liability.

Space Insurance covers the damage or loss of satellite, including third party liability. Such Insurance covers the following types of insurances:

• Construction Insurance
• Pre-Launch Insurance
• Launch Insurance
• Satelit In-Orbit Insurance
• Liability Insurance

Personal Accident Insurance covers the loss caused by Insured personal accident or persons that are being insured includes persons relating to the insured such as the insured's employees the insured's family, etc.

Liability Insurancecovers third party liability either on bodily injury or property damage during the time of business activity run by the Insured persons.

Money Insurance covers the money loss owned by the Insured person.

Money Insurance is of following types

(1) Cash In Safe (CIS) Insurance
It covers the money loss owned by the insured in safe box.

(2) Cash In Transit (CIT) Insurance
It covers money loss owned by the insured during delivery from one place to another.

(3) Cash In cashier's Box (CICB) Insurance
It covers money loss owned by the insured safe in the cashier or places where transactions are done.

Fidelity Guarantee (FG) Insurance
It covers money loss owned by the insured caused by employee's dishonesty handling in cash management

Burglary Insurance covers insured's property loss caused by theft/burglary with break and enter to the property's place.

Insurance In Indonesia

The health status of people in Indonesia is improving slowly over the last two decades. Factors like low education, low income, difficult geographical access, cultural problems and health care financing are responsible for the low improvement of health status in Indonesia. World Health Report 2000 has clearly suggested that health care financing is the most important element in achieving health improvement. The level of health care financing affects the availability of human resources, medical supplies, distribution of healthcare facilities, quality of health services, and other important processes. The main hypothesis of this study is that health care financing is the key component to sustainable and significant health improvement.

Government in its study has reported that health care financing has progressed in Indonesia in the last two decades. The study emphasized on following points:

(1) To identify health care financing from various sources in the last two decades;

(2) To identify gaps in health care financing in relation to health care needs;

(3) To assess philosophy and regulations that may affect health care financing, and

(4) To identify various feasible options to improve equity in health care financing.

Data from Susenas 1992 to Susenas 2001 (ten year annual survey) has revealed that access to hospital care is very poor for the bottom 60% of the total population. On an average, each household must spend more than 100% of the household income for one admission, regardless of public or private hospitals.

Health care hospital data shows that the proportion of poor and nearly- poor patients to the total patients served by public and private hospitals was far below than the proportion of poor to the population. In many public hospitals the proportions of the poor patients admitted was less than 1% of the total patients. In contrast, the proportion of the poor to the community is far above 20% of the total population. The gaps in access to hospital services between the poor and the rich continue to be very high.

The social safety net programming funded by a loan from the Asian Development Bank, has improved access to the poor.

Property Insurance In Indonesia

It covers property's damage and loss caused by fire, natural disasters or other type damages with sudden mishappenings.

Property Insurance is of following types:

Polis Standar Kebakaran Indonesia (PSKI) covers the house, building, shops etc
Industrial All Risks (IAR) or Property All Risks (PAR) is broader than PSKI's insurance. This policy gives indemnification for any property damage or loss caused by sudden occurrences and unexpected. The insurance covered includes loss from natural disaster such as flood, landslide, storm, etc.

Role Of Insurance Is becoming Claimed in Developing Economics

In this time, pension fund and insurance is monetary service institute which not yet got place [in] liver many people [in] this country. That thing is proved by still the so small penetration of insurance in Indonesia. Even if observed the [by] role of to development of economics, possible [of] role of insurance a long way off below/under role of banking. mustered [by] a success Data [of] Association Life Insurance Indonesia ( AAJI) show only [about/around] 2% from totalizing Indonesia population equal to 220 million [soul/ head] which follow insurance program. Association Insurance Social Security Indonesia ( AAJSI) also lay open similar fact. Till in this time, totalize fund of kelolaan entire/all member of AAJSI, covering Jamsostek, ASABRI, ASKES, Taspen, and Service of Raharja only Rp 150 triliun. Comparing with neighbouring state for example a success Malaysia [of] Rp meraup 800 triliun full scalely populations only 24 million [soul/ head]. Singapore even more awful again. They earn to muster fund of society equal to Rp 500 triliun, full scale though the populations of only 4 million [soul/ head]. Looking into the mirror of above fact, hence entire/all insurance association in Indonesia that is, [Common/ Public] Association Insurance [of] Indonesia ( AAUI), AAJI and of AAJSI together with Council Insurance Indonesia ( DAI) mutually agree to to canvass for government [so that/ to be] concentrating larger ones to insurance industry in Indonesia.

They assess, in this time support of good government [of] circle of regulator and of nonregulator minim still. This matter become one of [the] cause still the so small role of insurance industry and pension fund in national development and economics. Like known, in this time governmental**government******* is emboldening development of infrastructure. Level of fund which required in development of infrastructure project, according to Raden Pardede, team chief defrayal of development of infrastructure ( Tired TPPI) [of] US$ 140 milliard in 5 year forwards. expected Banking circle can assist to defray the project of the infrastructure unable to do much. Many banking practitioner circleses worry of the happening of mismatch if banking forced to defray development of infrastructure is long-range project, though almost 90% banking third party fund are fund short-range. On the other side, insurance industry which generally have long-range fund, justeru not yet shown the role of which was very isn't it. Therefore, Raden Pardede expect to insurance industry can share bigger to defray development of infrastructure remember fund kelolaan of pension fund and insurance are long-range fund.

Insurance Summit

Will do not willing to fail with pamour of Infrastructure Summit is which is just carried out by government hence industrial circle [of] insurance even also [do/conduct] similar activity. Activity network 2 the day started by visit to Palace Vice President of Jusuf Kalla. [At] opportunity, they ask instruction to government to improve growth and role of insurance industry as national economy pillar. Insurance circle even also promise to immediately to deliver proposal recommend to government so that government earn immediately [do/conduct] positive stages;steps to push acceleration of growth of role of financial institution of nonbank the including pension fund and insurance. In Insurance Summit which is have theme “ Do step early going to prosperity of nation” with subtema “ Insurance national mobilization for the security [of] finance and prosperity of society” have been studied some important topics which related to acceleration of growth of insurance industry in Indonesia. Some speakers, like Ken Boag representing World Bank, Yves Guerard as Secretary General Association of Aktuaria International, Raden Pardede as Chief of TPPI, and David Richardson representative of Price Waterhouse Coopers have given clear explanation and totally concerning how to improve growth of insurance industry in Indonesia. Minister Coordinator Economics of Aburizal Bakrie in greeting opening of Insurance Summit also greet positively [of] insurance association plan with DAI utilize acceleration of growth and role of parallel to insurance industry so that domicile him with other monetary industry like capital market and banking. Even, he expects during the near by industrial circle [of] insurance give the recommendation of concerning stages;steps which need to be [done/conducted] [by] government specially which related to policy of taxation.

Events of Insurance Summit closed by Insurance Gala Dinner which isn't it Minister For Finance of Jusuf Anwar. In his greeting, Jusuf explain role of insurance industry still not yet equal to banking in managing society fund. Data Treasury Department show total***totalize**totalized*totalizing*** [of] asset company of insurance in Indonesia ( including guarantee and social) till 2004 then reached Rp 118 triliun. Total [of] this asset mount 25,5% compared to similar asset [at] 2003. Forwards, he expects society fund mustered by company of insurance besides it is of course pension fund and banking, can more exploit especially for the defrayal of infrastructure project. Proposal recommend In fact, recommend any kind of which included in proposal the the readyness of will be delivered to government? According To Evelina F. the Pietruschka recommendation for example, improvement of socialization concerning insurance benefit which is important also for monetary planning [of] family. Insurance circle expect the the socialization entangle student circle and student in all Indonesia. Even, hitting important [of] this insurance him can be packed into [by] separate curriculum for middle student. Besides, government is also expected isn't it special day for insurance. On, insurance circle can [do/conduct] with refer to seminar [regarding/ hit] importantly [of] insurance him at the same time introduce and market insurance product had. With existence of socialization concerning insurance benefit and insurance day cymbal, expected [by] awareness of society for have insurance [to] to become higherly. Besides above matter, government also is compiling Architecture Insurance Indonesia ( API) relating [at] Indonesia financial sector architecture, so that position and role company of insurance in Indonesia become directional and clearer. Some the recommendations expected will push growth and reinforcement of insurance industry in Indonesia at the same time improve the role of in national development and economics. Hopefully.