JAKARTA: PT Asuransi Ekspor Indonesia, Indonesia-based insurance company, plans to decline the portion for industrial property insurance to 60% of total premium revenue from general insurance business line by 2012.The measure is supposed to balance the contribution of insurance products for vessels hull and construction against the companys premium revenue as the company starts to develop such insurance products this year by preparing infrastructure and information technology.Meanwhile, the insurance product of industrial all risk covering risks for factory, office building, apartment, and shopping center contributed 80% of total premium revenue of general insurance in 2010 by IDR406.47 billion, as confirmed by ASEI Head of General Insurance Division Badruz Zaman.In the meantime, business line of general insurance dominates to 60% of total premium revenue in 2010 by IDR503.73 billion.In addition, ASEI also takes eyes on a travel insurance product to enhance premium contribution from retail market which will be realized by next year.Corporate market dominates to 85% as the company targets state-owned enterprises and companies having export activity. Meanwhile, the new retail market contributes 10%-15% and is expected to keep growing to 20%-25%, he said, last week.The higher contribution of retail market is a business strategy to reach the premium target of general insurance by IDR800 billion in 2012, while this years target is IDR600 billion.The higher contribution was along with other ASEIs plans to have IDR1 trillion asset, higher income than IDR100 billion, and IDR1 trillion premium revenue at the end of 2012.In the meantime, the general insurance business line booked a premium revenue by IDR238 billion in the first quarter of 2011 or achieved 40% of premium target.Gross income jumps near to 100% to IDR12.6 billion in the first quarter 2011 from IDR6.7 billion in the same period of last year, he said.ASEI President Director Zaafril Razief Amir revealed the premium contribution from the general insurance business line was the largest among others, while the remaining contribution came from business line of export, credit and suretyship insurance.ASEI targets this years premium revenue to stand at IDR744 billion and IDR59.01 billion for net income.Previously, Zaafril mentioned that the company is ready to develop its insurance products to be more diverse, to increase the amount of marketing offices, and to engage with foreign credit providers due to achieve 2011s target of income and premium revenue. (19)(t01/msw)

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