Combining global and local best practices, the core subsidiaries and affiliates of MSIG Holdings (Asia) Pte. Ltd. across ASEAN and Hong Kong ("MSIG") have been providing general insurance solutions for more than 100 years. As an established leading insurer with a long-term perspective, MSIG aims to offer insurance solutions that are effective, efficient and simple to understand; delivered with active and sincere service. Across the region, our 3,500 employees go above and beyond to add value to the business and lifestyle of our customers and inspire confidence in them.
MSIG is backed by the solid foundation and rich heritage of Mitsui Sumitomo Insurance Company, Limited, an established insurer that has received strong financial ratings from leading rating agencies, including Standard & Poor's and Moody's. Today MSIG is one of the few foreign-based general insurers to have representation in every ASEAN country, a testament to its strength and reach. MSIG also benefits from being a member of MS&AD Insurance Group - one of the largest general insurance groups in the world.
Leveraging on the multi-channel distribution, strong partnerships with intermediaries and extensive geographical network, MSIG offers a wide range of insurance solutions across personal and commercial lines. MSIG builds and nurtures enduring relationships, forging close partnerships, through good times and bad.
About MSIG Indonesia
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.
Then, 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 statutory 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. Subsequently, on December 16, 1999 the statutory capital was increased to become IDR 40 billion with no change in the share composition.
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.
As of December 21, 2001 shareholding of PT. Asuransi Mitsui Marine Indonesia became 80% held by the Japanese party and 20% held by the Indonesian party.
Since 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.
PT. Asuransi Sumitomo Marine and Pool, was established on September 7, 1990 as a joint venture Company between The Sumitomo Marine and Fire Insurance Co., Ltd., Japan and PT. Pool Asuransi Indonesia.
By the merger of its parent company on October 1, 2001 where parent company's name became Mitsui Sumitomo Insurance Co., Ltd., Japan shareholding of PT. Asuransi Sumitomo Marine and Pool became 72% Mitsui Sumitomo Insurance Co., Ltd., Japan and 28% PT. Pool Asuransi Indonesia.
As from 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 employees to PT. Asuransi Mitsui Marine Indonesia.
On April 1, 2003, 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, 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.
Since 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, following the integration between MSIG 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 its efforts to always give the best services to the customers, the Company has further strengthened its corporate structure through continuous efforts to develop its manpower as well as to improve efficiency of the operational system and administrative procedure.
Since 1983 the Company has been running computerized, followed by some enhancements in 1994 for higher capacity and more effective processing. Even then the Company continuously improves its computer system in order to give better services to its customers.
Moreover, in order to smoothen relationship with our customers outside Jakarta, we have established 4 Branch Offices and 3 Representative Offices, namely:
1. Surabaya Branch, since June 24, 1992
2. Medan Branch, since June 24, 1992
3. Bandung Branch, since October 27, 1992
4. Batam Branch, since February 24,1995
5. Semarang Representative, since April 1, 2003
6. Denpasar Representative, since July 1, 2004
7. Palembang Representative, since March 1, 2005
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.
About MSIG Holdings (Asia) Pte. Ltd. ("MSIG Asia")
Located in Singapore, MSIG Asia is the regional holding company and a subsidiary of Mitsui Sumitomo Insurance Company, Limited within the MS&AD Insurance Group. MSIG Asia is helmed by Chairman, Mr Noriaki Hamanaka, and Regional Chief Executive Officer, Mr Alan J. Wilson.
About Mitsui Sumitomo Insurance Company, Limited ("MSI")
MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd ("Mitsui Marine") and the former The Sumitomo Marine & Fire Insurance Co., Ltd. ("Sumitomo Marine"). Mitsui Marine and Sumitomo Marine were leading non-life insurance companies boasting long histories, having been established in 1918 and 1893, respectively.
MS&AD Insurance Group Holdings, Inc ("MS&AD Holdings")
Awarded 'General Insurance Company of the Year' by the Asia Insurance Review in 2011, MS&AD was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co. Ltd., and Nissay Dowa General Insurance Company Co., Ltd. Today MS&AD is one of the largest general insurance groups in the world with presence in 39 countries and regions, 14 of which are in Asia. Based in Japan, MS&AD is active in five business domains, namely domestic (Japanese) non-life insurance, domestic (Japanese) life insurance, overseas business, financial services business and risk-related business.