Insurance premium in oil sector totals $250 million
Wednesday, May 28 2003 - 03:12 AM WIB
"We estimate that the premium income to be raised from the oil and gas sector will reach about US$250 million," he was quoted as saying by Bisnis Indonesia on Wednesday. According to him, the country?s insurance market in the oil and gas sector is still largely controlled by Pertamina?s insurance subsidiary PT Tugu Pratama Indonesia.
He said that Jasindo had booked about Rp 90 billion (US$=Rp8,200) in premium income from the oil and gas sector during the first three months of this year. "The insurance coverage are provided in cooperation with Asuransi Central Asia with underwriting participation of four percent and Wahana Tata with seven percent," he said, adding that Jasindo provided 20 percent of the underwriting contracts, while the remainders were held by Tugu Pratama.
Meanwhile the president director of PT Tugu Pratama Indonesia, Munir Sjamsunddin, estimated that the total premium from the oil and gas sector would not be higher than US$80 million, which would comprise of about US$50 million from offshore oil and gas operations and US$30 million from on-shore oil and gas activities.
"Our total premium income is expected to reach Rp 1.6 trillion this year, about 80 percent of which will come from oil and gas sector," Munir said. (*)