The regulator wants 100% of life and damage businesses to be reinsured locally

The Indonesian authority of financial services (OJK) has proposed a new provision for the management of businesses ceded to reinsurers.
The OJK would want the entire motor, life, health, accident, surety, credit and cargo insurance portofolios to be ceded to local reinsurers. The Indonesian regulator also recommends to locally reinsure 25% of every other businesses.

The OJK's proposal comes as a solution for the insurance industry financial situation, whose balance of payments has shown an annual deficit of 455 million USD over the last five years benefiting to foreign reinsurers.

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