Steve Simchak, department vice president and head of international at the American Property Casualty Insurance Association (APCIA), has recently commended the Office of the U.S. Trade Representative (USTR) as it successfully concludes a review of the Indonesia’s Generalised System of Preferences (GSP) eligibility.
The agreement allows US reinsurers to offer reinsurance to insurers in Indonesia, as well as creating more reinsurance choices for insurers in Indonesia, including the Indonesian subsidiaries of US insurers.
This will result in a healthier, more developed insurance sector in Indonesia, along with helping Indonesian businesses and consumers by facilitating the geographic diversification of Indonesian risks. This includes risks that emanate from natural catastrophes to which Indonesia is prone to.
Simchak commented: “APCIA welcomes today’s announcement of the successful conclusion of the review of Indonesia’s GSP eligibility, conducted by USTR. The GSP review has led to a commitment by Indonesia to remove severe barriers to cross-border reinsurance in Indonesia for U.S. reinsurers.”
“APCIA looks forward to the Indonesian Government’s expeditious implementation of this commitment, and we are ready to help in any way we can. We commend USTR for the immense work their negotiators put into this successful process.”
