CIU Takes Responsibility for Indonesia Air Transport
Bisnis Indonesia, page B4 (18-July-2006)
PT Citra International Underwriter (CIU) is known to have covered all the risk costs for its plane armada and crew owned by PT Indonesia Air Transport worth US$ 52.82 billion. CIU is responsible for funding 15 Air Transport planes with a budget of US$ 37.95 million with a premium value of US$ 1.33 million from April 1 2006 up to March 31 2007. Meanwhile, CIU also protects chartered air transportation pilots from losing their license worth US$ 4.9 million with a US$ 80,474.60 premium from February 1 2006 – January 31 2007. In addition, CIU also covers accidental insurance for all the pilots, mechanics and pilot with a fund of US$ 9.97 million with a premium of US$ 38.622 for a time period of December 31 2005 to December 2006. The total premium received by CIU from air Transport is US$ 2.51 million. That is 85 percent from the total premium that is derived from its aviation donation premiums, the rest is derived from broadcasting, telecommunications, and non-motor transport retail. CIU has targeted an income growth of 30 percent by the end of this year derived from the corporation segment. Up to 2005, CIU has booked a gross premium income of Rp.118.5 billion, or up 51.19 percent compared to the previous year’s Rp.76.85 billion. In other news, the company’s reassurance premium rose 72.62 percent from Rp.60.85 billion to Rp.105.03 billion because the reassurance premium paid swelled up from Rp.65.45 billion to Rp.113.41 billion.