Zurich Insurance Group has announced the plans to establish a Shariah general insurance company in Indonesia by converting PT Zurich Insurance Indonesia (ZII).
The conversion is expected to enable Zurich to offer a range of products and solutions that meet the growing needs of customers in the Indonesian market.
The move follows the acquisition of 80% of PT Asuransi Adira Dinamika (Adira Insurance) by the company last year in November.
The acquisition of Adira Insurance demonstrates Zurich’s commitment to grow its scale and presence in Indonesia for the long term, it noted in a press release.
ZII CEO Hilman Simanjuntak said: “Indonesia is an important market for Zurich. We have strong ambitions to expand and grow our Syariah, general and life insurance businesses.
“As a top multinational player, Zurich is continually looking at ways to innovate and connect with customers so that they have a seamless and great experience with us.”
The Syariah general insurance company is expected to be operational next year under the name of PT Zurich General Takaful Indonesia (ZGTI).
The company said that the customers of ZII will have the choice to renew their conventional policy contracts with Adira Insurance or change to a syariah policy with ZGTI, after the conversion.
At present, ZII offers life insurance solutions through PT Zurich Topas Life (ZTL) and general insurance through Adira Insurance.