Insurance Losses of the Bank of Economic and ACE Insurance

JAKARTA, PT Bank Ekonomi Rahardja Tbk (Bank Economics) and PT ACE INA Insurance (ACE Insurance) insurance product launch collateral AssetProtect, yesterday, Friday (11/11/2011), in Jakarta. This product is intended to protect the assets and business continuity for customers of small and medium business sector.

"This insurance product is the latest innovation cooperation (bancassurance) Bank Ekonomi and ACE Insurance as two financial institutions that have a focus on small and medium enterprises," said Tony Turner, CEO of Bank Ekonomi.

Generally, insurance companies sell their products through banks for the customers of small and medium business sector only to protect the interests of the bank and the collateral for the loan. However, these products provide a more comprehensive protection.

This product provides additional benefits in the form of cash to the insured. The funds can be used for payment of wages or loans or other emergency funds at the time the business is being restored.

"The added benefit of this cash will allow customers to be able to perform the recovery effort (business recovery) more quickly," added Jopie Joseph, Head of Business Banking Bank Economics.

Based on data from the General Insurance Association of Indonesia, currently only about 20 percent of total assets in Indonesia are covered by insurance. Given the scale of market penetration opportunities, expected attendance AssetProtect will get a positive response. For the initial stage, this product will be disseminated in the Greater Jakarta area.