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Condensed Insurance
Glossary |
Q: What is bancassurance?
A:
Bancassurance refers to the sale of insurance products in a
bank. The word is a combination of “bank” and “assurance”,
meaning both banking and insurance are provided by the same
corporate entity.
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Q: What is a claim?
A:
A claim is a demand by an insured policyholder for compensation
under an insurance contract.
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Q: What is insurance?
A:
Insurance refers to the equitable transfer of the risk of a
potential loss from one entity to another, in exchange for a
premium. It is a promise of reimbursement in the case of loss.
An insurer is the company that sells the insurance.
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Q: What is the
difference between general and life insurance?
A:
Life insurance provides
for the payment of a sum of money upon the death of the insured. It
may also be used as a means of investment or saving.
General insurance, or non-life insurance, provides for the payment
depending on the loss from a particular financial event. It
typically comprises any insurance that is not determined to be life
insurance such as motor, home, construction and cargo.
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Q: What is a premium?
A:
A premium is the payment or one of the periodical payments that a
policyholder makes for an insurance policy.
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Q: What is a
policyholder?
A:
A policyholder refers to an insured person in whose name the
insurance policy was written. A policyholder pays a premium to an
insurance company in exchange for insurance protection provided by
the policy of insurance.
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Q: What is reinsurance?
A:
Reinsurance refers to insurance that insurance companies take up to
spread the risk of the direct insurer.
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Q: What is risk
management?
A:
Risk management is a tool for comprehensive
identification and assessment of risks based on knowledge and
experience in the fields of natural sciences, technology, economics
and statistics.
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Q: What is underwriting?
A:
In insurance, an underwriter assesses the
risk and exposures of a prospective
policyholder. The underwriter decides how
much coverage the policyholder should
receive, how much the policyholder should
pay for it, or whether the insurer should
accept the risk to insure the policyholder.
Underwriting involves measuring risk
exposure and determining the premium
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Information on PT. Asuransi MSIG Indonesia
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Q: What happened to PT. Aviva Insurance and PT. Asuransi Mitsui Sumitomo Indonesia?
A: PT. Aviva Insurance has transferred its Business Portfolio on 30 June 2007, and with effect from 1
July 2007,
PT. Aviva Insurance has legally merged with PT. Asuransi Mitsui
Sumitomo Indonesia and “PT. Asuransi MSIG Indonesia” is now our new company brand name.
The registered company name is PT. Asuransi Mitsui Sumitomo Indonesia.”
PT. Asuransi Mitsui Sumitomo Indonesia takes all responsibilities and/or liabilities related to insurance policies issued by
PT. Aviva Insurance, which are still running on the Effective Date(30 June 2007).
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Q: What does MSIG stand for?
A: MSIG stands for “Mitsui Sumitomo Insurance Group”.
Our group’s aspiration is to be the world’s No. 1 International Insurance Group and
this brand name reflects the Group’s current network in over 40 countries and 24,000 employees worldwide.
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Q: You have gone through so many mergers and name changes. What is the main reason?
A: Yes, we have gone through a number of mergers/name changes and
each time the decision was made based on very solid business propositions.
This time it is a union of two very profitable companies becoming bigger, stronger and
allowing us to provide better products & services to our customers.
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Q: Who am I insured with now?
A: You are insured with PT. Asuransi MSIG Indonesia. You may call us “MSIG Indonesia” for short
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Q: How will this brand name change and merger affect me as a policyholder?
A: The brand name change and merger will not affect the interests of policyholders.
These will continue to be safeguarded.
You are insured now with the 7th largest (1st Largest Joint-Venture) General insurance in Indonesia,
belonging to one of the largest General Insurance Groups in Asia and
Japan with Group Standard & Poor’s rating of AA-
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Q: Will there be a need to make any changes to existing policies?
A: No. Please be assured the brand name change and merger does not affect existing policies.
It will not cause any variation in the period of insurance or the extent of coverage and
protection you have under your existing policy.
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Q: Will there be a change in the personnel servicing my account?
A: There might be slight changes in the personnel servicing your account but please
be assured that we are committed to ensuring that the level os
of service is maintained and
that our policyholders’ interests are always safeguarded.
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Information on Mitsui Sumitomo Insurance
Group (MSIG)
Parent Company of MSIG Holdings (Asia) Pte
Ltd
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Q: When did the formation of MSIG come
about?
A:
On 1 October 2001, Sumitomo Marine & Fire
Insurance merged with Mitsui Marine and Fire
Insurance Co., Ltd. to form Mitsui Sumitomo
Insurance Co. Ltd. The roots of Mitsui
Marine dates back to 1673 while Sumitomo
Marine’s origins can be traced back to the
17th century.
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Q: What is MSIG’s mission statement?
A:
Through its insurance and financial services
and businesses, MSIG is committed to making
a lasting contribution to the enrichment of
society by bringing security and safety to
businesses around the world, realizing
customer satisfaction through the provision
of insurance solutions and meeting
shareholders’ expectations and strengthening
their trust in MSIG through the continuous
improvement of its business.
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Q: Where can I find information about MSIG?
A:
Updated earnings releases, performance data,
stock and bond information, investor
relations, corporate governance data, and
key financial information on MSIG can be
found online at
http://www.ms-ins.com/english/ir/index.html
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Q: What is the nature of MSIG’s business?
A:
MSIG is involved in wide-ranging operations
in the domestic Japanese market and overseas
markets. These include domestic non-life
insurance, life insurance, financial
services, risk-related business, and
overseas business.
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Q: Is MSIG a listed company?
A:
MSIG’s common stocks are listed on the
Tokyo, Osaka and Nagoya stock exchanges
(securities code 8752).
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Q: When do MSIG’s accounts close?
A:
MSIG’s fiscal year ends on 31 March each
year
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Q: What are MSIG’s credit ratings like?
A:
MSIG has been awarded sterling financial
ratings from leading rating agencies as
follows:
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Standard & Poor's Financial Insurer Strength
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Standard & Poor's Short-term Issue Credit |
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Moody's Investor Service Insurance Financial
Strength |
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Moody's Investor Service Short-term Insurance
Financial Strength |
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Moody's Investor Service Commercial Paper |
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A.M. Best Company Financial Strength Rating |
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Q: What are the areas of financial growth
that MSIG has identified?
A:
MSIG’s group business strategy will focus on
its overseas business units in Asia, Europe,
the United States and other countries. In
particular, MSIG will focus on growing its
risk-related business in Asia by partnering
with Interisk Asia and Inter Partner
Assistance.
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