Hotline Call Centre: 1500 674 (MSI)MSIG Indonesia’s long history can be traced back to 1970 when PT. Maskapai Asuransi Indonesia started to act as a general agent for Taisho Marine and Fire Insurance Co., Ltd., Japan. Through the years, while Indonesia’s economic growth stimulated the development of the local insurance industry, the support from government regulations gave rise to a conducive business environment in the country. This proved to be an opportunity that prompted the establishment of the joint venture general insurance company we have today.
Explore the timeline below to discover more about our company’s journey.
Change in Company Ownership
On 27 March 2023, the 80% shares of the company held by MSIG Holdings (Asia) Pte., Ltd., Singapore was transferred to Mitsui Sumitomo Insurance Co., Ltd., Japan.
Increment of company’s capital
In 2014, the capital of the company increased from IDR 40.000.000.000 to IDR 100.000.000.000 without any changes to the percentage of shares which comprise 80% by MSIG Holdings (Asia) Pte. Ltd. and 20% by Mr. Rudy Wanandi.
The increase in capital of PT Asuransi MSI Indonesia was effective as of 30 May 2014.
It is in line with Government Regulation No. 81 Year 2008 Article 6B that the insurance company shall have a minimum capital of IDR 100.000.000.000 by 31 December 2014
Completion of business integration to PT Asuransi MSIG Indonesia
On 1 October, 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.
Change in company’s name to PT Asuransi MSIG Indonesia
On 1 April 2008 the company's name was changed from PT Asuransi Mitsui Sumitomo Indonesia to PT Asuransi MSIG Indonesia.
On 30 September 2008, the 80% shares of the company held by Mitsui Sumitomo Insurance Co., Ltd., Japan was transferred to MSIG Holdings (Asia) Pte., Ltd., Singapore; a wholly subsidiary of Mitsui Sumitomo Insurance Co., Ltd., Japan.
Business integration with PT Aviva Insurance Indonesia
On 30 June 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.
Business portfolio transference and company name change
On 31 March 2003, PT Asuransi Sumitomo Marine and Pool transferred its business portfolio including its employees to PT Asuransi Mitsui Marine Indonesia.
On 1 April 2003, the company's name was changed from PT Asuransi Mitsui Marine Indonesia to PT Asuransi Mitsui Sumitomo Indonesia, following the parent company's new name of 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.
At the same time, PT Asuransi Sumitomo Marine and Pool was dissolved by its parent company.
On 16 September 2003, 20% of the company’s shares held by PT Maskapai Asuransi Indonesia was transferred to Mr. Rudy Wanandi.
Mitsui Sumitomo Co.,Ltd., Japan fully owned the company’s shares
As of 22 November 2002, composition of shares was changed to become 100% owned by Mitsui Sumitomo Insurance Co., Ltd., Japan.
Merger of Mitsui Marine and Fire Insurance Co., Ltd and Sumitomo Marine and Fire Insurance Co., Ltd.
On 1 October 2001, the name of the parent company in Japan was changed to Mitsui Sumitomo Insurance Co., Ltd as a result of a merger between Mitsui Marine and Fire Insurance Co., Ltd and Sumitomo Marine and Fire Insurance Co., Ltd.
Since then, the majority shareholder became Mitsui Sumitomo Insurance Co., Ltd. with the composition remaining the same.
As of 21 December 2001, shareholding composition of PT Asuransi Mitsui Marine Indonesia became 80% held by the Japanese party and 20% held by the Indonesian party.
The increment of paid-up capital
Subsequently, on 16 December 1999, the paid-up capital was increased to IDR 40 billion with no change in the share composition.
Change in company’s name to PT Asuransi Mitsui Marine Indonesia
On 1 April 1996, the company's name was changed from PT Asuransi Insindo Taisho to 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.
Paid-up capital affects share composition
Since December 1990, as the paid-up capital was increased to IDR 15 billion, the share composition became 79.60% held by the Japanese party, with the remaining 20.40% by the Indonesian party.
Regulations altering composition of shares
Due to the changes in 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.
Establishment of joint venture company
On 22 October 1975, PT Asuransi Insido Taisho with business license in general insurance industry No. Kep-588/MD/1987 on 2 February1987 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 a statutory capital of IDR 750 million.
