JAKARTA: PT Pan Pacific Insurance, a general insurance company, will expand network to support its business outside Java Island especially in Borneo and Sulawesi in 2012.
The insurance company planned to open 5 new branch offices this year, targeting to have 12 branches at end of the year. It invests about IDR300 million for each branch.
Pan Pacific Insurance will open a branch in Jambi next month and some branches in Sulawesi and Borneo next year, said President Director Marcel Colondam.
In line with higher income per capita, he added, demand for insurance protection would increase in Indonesia. The company has 11 branches in several cities, including Cirebon, Bogor, Bekasi, Tangerang, and Surabaya.
“Market outside Java is big. Since we have not reached there, we will expand by opening branches outside Java, mainly in Sulawesi and Borneo. We are optimistic that the insurance business in Indonesia generally has good prospect,” he said after the launching of the 11th branch in Jakarta Monday.
Working area in Java gave the largest contribution to the company’s premium income, said Vice President Junaidi. Greater Jakarta, which includes Bogor, Depok, Tangerang, and Bekasi, contributed 70% of total portfolio.
In the next three months, the company is expected to generate IDR1.5 billion in premiums from the newest branch in Jakarta. “Next year, we expect bigger scale of income,” he boasted.
Pan Pacific expects to generate IDR200 billion in premiums this year, surging 177.78% from IDR72 billion last year. Through August, the company recorded premium income of IDR100 billion.
Last year, the company achieved profit of IDR12.5 billion. It aimed to get premium income of IDR350 billion next year, growing 75% from this year target.
“Automotive business line will stay the main focus, added with innovation. We make priority on better service; a faster, more responsible, and easier claim filing,” he said.
Pan Pacific focuses on automotive insurance through its product Pacific Auto Guard, which contributes 65% to total portfolio. Moreover, health insurance contributes 20%, fire 5%, cargo 5% and other 5%. (t04/ags)