Indonesian government signs reciprocal agreement with UAE insurance group to participate in global markets.
Jakarta: State-owned PT Reasuransi Indonesia Utama, through its subsidiary Asuransi ASEI Indonesia, has signed a reciprocal facultative agreement with Etihad Credit Insurance to explore expertise-sharing including commercial underwriting, claims and recovery.
In a statement, Benny Waworuntu, president director and CEO of PT Reasuransi Indonesia, said through this agreement, both parties will seek business opportunities in insurance, reinsurance and co-insurance services and help Asuransi ASEI participate in the global insurance market.
Co-operation with Etihad Credit Insurance is considered the first step.
“The aim is to promote Asuransi ASEI to take part in the global area or international exposure through a co-operation programme with Etihad Credit Insurance by forming a collaborative task force in six areas of co-operation,” he said.
On 4 November 2021 Indonesia Re Group and Etihad Credit Insurance signed a memorandum of understanding (MoU) covering co-operation small and medium enterprise (SME) programmes, insurance and reinsurance collection, exchange information, halal industry, trade promotion and international trade and promotion.
The co-operation also forms part of the Indonesia-UAE Comprehensive Economic Partnership Agreement negotiations under which both sides committed to reinforcing trade and economic co-operation by helping their respective domestic companies grow internationally. In the past five years, the net worth of non-oil trade between the UAE and Indonesia has surpassed $11 billion. In 2020 alone, despite the challenges of the COVID-19 pandemic, the total value of the UAE’s non-oil trade with Indonesia stood at $1.9 billion.
Meanwhile, the UAE will be one of the chief guests at the 17th Group of 20 (G20) Heads of State and Government Summit happening in Bali in November under the theme “Recover Together, Recover Stronger”.
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