Posts Tagged ‘Insurance bureau’
Property Insurance Rate War
The insurance industry has asked the government to realize its plan to use data prepared by the Central Management Board of the National Insurance Data (BPPDAN). BPPDAN data application can reduce the loss ratio reinsurance companies.
BPPDAN is an institution that manages the statistics of fire insurance. This body was established by the Decree of the Indonesian Insurance Council is now called the Federation of Indonesian Insurance Associations (FAPI).
The main function of this institution is to collect various statistical information. BPPDAN published data contains detailed information on the industry received a total coverage for every type of building, the claims ratio, until the development of the claim under the underwriting year.
Currently, the property insurance premium rates are considered not reflect a fair price. If the tariff calculation reflects a reasonable cost, large tariff could rise three times more than current rates. The applicable rate for the current building average of about 1.5 per mil. Actually, added Kocu, General Insurance Association of Indonesia (AAUI) once made a reference rate of the property in 2001 and 2002. However, these reference prices are also not utilized. Read the rest of this entry »
Posted in Property Insurance | 
Tags: Fire insurance, General insurance, General insurance association, Independent institution, Insurance associations, Insurance bureau, insurance companies, Insurance council, Insurance data, insurance premium, Minister of finance, Motor vehicle insurance, National insurance, property, property insurance, Property insurance rates, Reinsurance companies | 
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