Sign up | Log in



Home  >>   Daily News  >>   Indonesia  >>Insurance  >> Insurers prepare $70 million for AirAsia, families
NEW UPDATES Asean Affairs    12 January 2015  

Insurers prepare $70 million for AirAsia, families

The insurers of budget airline PT Indonesia AirAsia have prepared Rp 300 billion (US$23.61 million) as a standby fund to be paid to the families of 155 passengers on board AirAsia flight QZ8501 and an additional $46 million for the aircraft.

State-owned PT Asuransi Jasa Indonesia (Jasindo) and private insurer PT Asuransi Sinar Mas, the insurance companies that cover AirAsia flights, allocated the funds based on a 2011 Transportation Ministry regulation that requires insurers to pay claims of up to
Rp 1.25 billion to the next of kin of each passenger.

“We have appointed a solicitor to manage the funds. Both Jasindo and Sinar Mas are currently collaborating with the Surabaya administration and the Financial Services Authority [OJK] to ensure that the funds are given to the right beneficiaries,” Jasindo executive director Albertus Patarru said Friday.

Search and rescue efforts, led by Indonesia’s National Search and Rescue Agency (Basarnas), are currently underway to retrieve the victims’ bodies, the black box and the debris of AirAsia flight QZ8501, which went missing over the Karimata Strait en route to Singapore from Surabaya. On board were 155 passengers and seven crew.

Insurance payments would still be made to the next of kin of victims that had not yet been recovered, according to Albertus.

Victim identification and cross-checking of documents with surviving family members was also being conducted thoroughly to avoid disputes after fund disbursement, he said. “We are trying our best to avoid situations where another beneficiary suddenly comes to us and claims they are the one that should be paid,” he noted.

The insurers will shortly disburse funds to beneficiaries who have submitted the required documents and data, with insurance regulator OJK urging the insurers to complete payments no later than this month.

Jasindo is also preparing a claims payment for AirAsia’s aircraft.

“We have partnerships with several reinsurance and insurance companies, with Allianz acting as the lead underwriter,” Albertus said. Allianz SE is the lead reinsurance firm, which provides financial protection for insurance companies that handle risks that are too large for them.

Apart from the two insurance companies, 25 passengers had travel insurance policies from PT Asu-ransi Dayin Mitra — a company that partnered with AirAsia — said OJK chief executive for non-bank financial industry supervision Firdaus Djaelani. Dayin Mitra travel insurance was available for passengers to voluntarily take out and was not included in the AirAsia ticket price.

Dayin Mitra would pay one-way insurance claims of Rp 750 million each to the families of 10 AirAsia victims, while the families of 15 passengers who bought return tickets would receive Rp 315 million each, according to Firdaus.

Some passengers had life insurance policies provided by various companies, such as PT Jiwasraya (Persero). “We are calculating the insurance payments, which will amount to more than Rp 100 million per beneficiary,” Jiwasraya president director Hendrisman Rahim had said previously.

The OJK and the Surabaya administration would work to ensure that the insurance claims were fully paid to the correct beneficiaries, Firdaus and Surabaya Mayor Tri Rismaharini said Friday during a press conference with executives from the insurance firms. - See more at:

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           January 12, 2015 Subsribe Now !
• Yingluck says impeachment process against law Subcribe: Asean Affairs Global Magazine
• Insurers prepare $70 million for AirAsia, families
• Government tightens oil and gas trade regulation
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Thais call for ASEAN driver’s licence
• Investors withdraw from parking lots
Asean Analysis                    January 7, 2015

• Asean Analysis January 7, 2015
Laos Commits to Realizing the AEC
Advertise Your Brand

Asean Stock Watch    January  9,  2015
• Asean Stock Watch-January 9 , 2015
The Biweekly Update
• The Biweekly Update  November 28, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand