Insurance consortium diminishes monopoly, reduces risk

Anggi Oktarinda

October 05, 2011 10:27

JAKARTA: Insurance companies view that sharing responsibility in a consortium for protecting air transportation will resist business monopoly and will reduce risk of big claims.

Indonesian insurance companies may face the potential damage in capital if they work alone outside a consortium when there is claim on air transportation accident, said GMS Poetiray, Director at general insurance company PT Asuransi Tri Pakarta.

“Claims from airlines are generally big. With a consortium, insurance companies can share their risk on big claims,” he told Bisnis Tuesday.

At least seven local insurance companies have formed a consortium for sharing responsibility in air transportation protection. The consortium received a license from the capital market watchdog (Bapepam-LK) last year.

In the meantime, the consortium could not start its operation before Transportation Minister’s Decree No.77/201 on Responsible Insurance of Air Transportation takes effective.

“We and the other six general insurance companies have created a consortium and have received a license from the regulation but we have not started the operation,” said Poetiray.

The regulation states that transporter must be insured by insurance companies joined in an insurance consortium.

Open for all

The consortium is open for all insurance companies meeting the requirements and having the license to participate in responsibility insurance of air transportation.

The regulation also states that for the sake of air transportation companies as the police holders or the insured, any closing of insurance and claim payment needs an insurance broker to intermediate the situation.

In the meantime, Head Bureau of Insurance at Bapepam-LK Isa Rachmatarwata could not give comment on the regulation.

Indonesian Association of National Airlines shows its objection on the obligation to insure responsibility to the insurance consortium.

L & G Risk Services Commissioner Irvan Raharjo in an article in Bisnis Tuesday said that the validity of insurance consortium for airline passengers triggered some questions related to the existing insurance provided by Jasa Raharja, which is included in the air transportation tariff. (T04/msw)

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Discuss: Insurance consortium diminishes monopoly, reduces risk

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