Palu earthquake and tsunami: the cost for insurers

The earthquake and tsunami that hit on September 28 the town of Palu, located on the island of Sulawesi, generated nearly 680 billion IDR (44.8 million USD) of losses for non-life insurance according to the Financial Services Authority (OJK). Some 30 life insurers reported, for their part, losses reaching 99.67 billion IDR (6.5 million USD), still according to the OJK.

As at 22 October 2018, Indonesian insurers paid 591 million IDR (38,870,000 USD) in compensations.

Fitch Ratings states that this catastrophe will not affect the financial status of Indonesian insurers given their low geographical exposure and the establishment of an adequate reinsurance program.

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