Indonesia and Singapore: Hot Spots for Latest Insurance Developments

The Asian insurance markets continue to witness positive changes in the insurance industry in the form of Swiss giants Ace finalizing agreements for an Indonesian acquisition and the Aetna group expanding its products within the Singaporean market.
Zurich based Ace Group was established in 1985 when it was created by its policyholders to provide excess liability and directors and officers coverage. It has constantly evolved and expanded since then and now offers global public insurance to all corners of the globe.
Ace prides itself on the numerous insurance products it has on offer and, in 2009, the Ace Life sector of the group first opened up its wide range of life insurance products to the Indonesian market.
This week, Ace Life continues its Indonesian expansion and has agreed to acquire Jakarta based PT Asuransi Jaya Proteksi (JaPro) in a cash transaction of approximately USD $130 million which is expected to be completed within the third quarter of this year
Teaming up with local insurers is always considered beneficial to both local and international groups and as JaPro is amongst Indonesia’s top 10 general insurers, it seems only natural that such an acquisition would take place.
Established in 1963, JaPro already has an extensive distribution system throughout all of Indonesia and will undoubtedly assist Ace to further its expansion in the region.
The regional president of Ace Asia Pacific Damien Sullivan reported that “there is a good strategic fit between our companies” and it is thought that the acquisition will enable both groups to complement each other’s performance and allow Ace to diversify its current business by applying JaPro’s local expertise and strong customer service record to its current strategies.
Ace’s first quarterly reports have almost quadrupled compared to this time last year and it is hoped that this acquisition will continue to result in such positive reports for the future.
Meanwhile, in Singapore, American insurance giants Aetna have been granted a license to sell indonesian health insurance products for both group and individual coverage throughout the country.
Committing itself to creating a stronger global community, Aetna is one of the industry’s largest providers of international health benefits, and with Singapore growing from strength to strength and attracting increasing amounts of expatriates the approval of AETNA to provide Indonesia health insurance products comes as no surprise.
Aetna’s flagship International healthcare Plan (IHP) was developed with the expatriate in mind, and the group plans to introduce this line of products to the Singapore market with hopes of targeting customers who are working or frequently traveling outside their country of origin.
Aetna also chose Singapore as the place where it would debut its latest product – Aetna Healthy Aessentials – ahead of a worldwide release. There appears to be a gap in the Singapore market between the existing local and high-end global plans so Aetna created its latest product with hopes of bridging this gap and targeting those customers that require regional coverage.
Aetna has a solid 158 years of health care experience under its belt and can definitely offer a great deal of advantages to the Southeast Asian markets. General Manager of Aetna’s Asia-Pacific region Michael Elliot reported “Aetna aims to be the global leader in empowering people to live healthier lives” and this latest development in Singapore clearly demonstrates such a commitment.
Both Indonesia and Singapore are showing great promise in the financial world and with such opportunities for expansion; it is likely that we will continue to see such acquisitions and developments occurring in the future.

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