Milestones

The Company’s history.

The Company’s long history can be traced back to 1970 when PT. Maskapai Asuransi Indonesia started acting as a General Agent for Taisho Marine and Fire Insurance Co., Ltd., Japan. The growth of Indonesia’s economy eventually stimulated the development of insurance business in the country. A conducive environment as supported by the Government regulations prompted the establishment of joint venture general insurance company.

  • On October 22, 1975 PT. Asuransi Insido Taisho with business license in general insurance industry No. Kep-588/MD/1987 on February 2, 1987 was officially established as a joint venture company between Taisho Marine and Fire Insurance Co., Ltd., Japan (70% shares) and PT. Maskapai Asuransi Indonesia (30% shares), with statutory capital of IDR 750 million.

  • Due to the changes in the Government regulations; in 1983 the composition of shares of the Company was altered to become 51% held by the Indonesian party and 49% by the Japanese party.

  • However, since December 1990, as the paid up capital was increased to become IDR 15 billion, the share composition became 79.60% held by the Japanese party while the remaining 20.40% by the Indonesian party.

  • On April 1, 1996 the Company's name was changed from PT. Asuransi Insindo Taisho to become PT. Asuransi Mitsui Marine Indonesia, following the change of parent company's name from Taisho Marine and Fire Insurance Co., Ltd. to become Mitsui Marine and Fire Insurance Co., Ltd.

  • Subsequently, on December 16, 1999 the paid up capital was increased to become IDR 40 billion with no change in the share composition.

  • On October 1, 2001 the name of parent company in Japan was changed to Mitsui Sumitomo Incurance Co., Ltd as a result of the merger between Mitsui Marine and Fire Insurance Co., Ltd and Sumitomo Marine and Fire Insurance Co., Ltd.

    Since then, the majority shareholder changed name became Mitsui Sumitomo Insurance Co., Ltd. with the composition remain the same.

    As of December 21, 2001 shareholding composition of PT. Asuransi Mitsui Marine Indonesia became 80% held by the Japanese party and 20% held by the Indonesian party.

  • As of November 22, 2002 composition of shares was changed to become 100% owned by Mitsui Sumitomo Insurance Co., Ltd., Japan.

  • On March 31, 2003 PT. Asuransi Sumitomo Marine and Pool transferred its business portfolio including its employees to PT. Asuransi Mitsui Marine Indonesia.

    On April 1, 2003 the Company's name was changed from PT. Asuransi Mitsui Marine Indonesia to become PT. Asuransi Mitsui Sumitomo Indonesia, following the parent company's new name Mitsui Sumitomo Insurance Co., Ltd., Japan and also by the transfer of business portfolio of PT. Asuransi Sumitomo Marine and Pool to PT. Asuransi Mitsui Marine Indonesia.

    On the same time PT Asuransi Sumitomo Marine and Pool was dissolved by its parent company.

    On September 16, 2003 the 20% shares of the company held by PT. Maskapai Asuransi Indonesia were transferred to Mr. Rudy Wanandi.

  • On June 30, 2007, PT. Aviva Insurance in Indonesia was integrated into PT. Asuransi Mitsui Sumitomo Indonesia following the acquisition of Aviva’s general insurance operations in Asia by Mitsui Sumitomo Insurance Co., Ltd., Japan.

  • On April 1, 2008 the Company's name was changed from PT. Asuransi Mitsui Sumitomo Indonesia to become PT. Asuransi MSIG Indonesia.

    On September 30, 2008 the 80% shares of the Company held by Mitsui Sumitomo Insurance Co., Ltd., Japan were transferred to MSIG Holdings (Asia) Pte., Ltd., Singapore; a wholly subsidiary of Mitsui Sumitomo Insurance Co., Ltd., Japan.

  • On October 1, 2010, in line with the integration between Mitsui Sumitomo Insurance, Aioi Insurance and Nissay Dowa Insurance in Japan, PT. Asuransi MSIG Indonesia and PT. Asuransi Aioi Indonesia have also completed its integration in Indonesia by way of business portfolio transfer from PT. Asuransi Aioi Indonesia to PT. Asuransi MSIG Indonesia.

  • In 2014, the Capital of the Company has increased from IDR 40.000.000.000 become IDR 100.000.000.000 with unchanged of the percentage of shares which are 80% shares of MSIG Holdings (Asia) Pte. Ltd. and 20% shares of Mr. Rudy Wanandi.

    The Increase Capital of PT. Asuransi MSI Indonesia effective as from 30th May 2014.

    It is in line with Government Regulation No. 81 Year 2008 Article 6B that the Insurance Company shall have minimum capital IDR 100.000.000.000 at the latest on 31st December 2014.