MAIPARK

MAIPARK is an abbreviation for Maskapai Asuransi Indonesia (MAI) and Perusahan Asuransi Risiko Khusus (PARK). MAI was the oldest General Insurance Company in Indonesia and its license was purchased by 32 founding shareholders on 23rd December 2003 at a General Shareholder Meeting... Deregulation of the financial sector in the late 1980's led to a drop of premium rates in Indonesia to levels similar to countries without catastrophe risk exposure. Due to excessive competition it became market practice to provide earthquake insurance without charging risk adequate premiums. There was increasing concern whether insurers could meet their obligations towards policyholders in the event of a large earthquake impacting one of the major metropolitan or economically and industrially vital provincial areas... In response to the above situation and via a succession of administrative and regulatory directives, the government required all licensed general insurance and reinsurance companies..

Primary location: Jakarta Indonesia