In purpose of driving the improvement on non-oil export, in 1985 the Government of Indonesia established PT. (Persero) ASURANSI ESKPOR INDONESIA (Asuransi ASEI) which operates in the insurance and guarantee sector to support the development of national non-oil export based on the Government Regulation No. 20 Year 1983.
Different from other commercial insurance institution, Asuransi ASEI has special product that covers the risk of exporter and bank, which is the risk of export payment failure, either export credit repayment distributed by bank to the exporter (export credit insurance) or payment of export transaction from foreign importer to the exporter (Export Insurance).
The effort to develop Export Insurance program is based on the consideration that the development and increase in exports can be further encouraged with the use of various means of payment (terms of payment) which are prevalent in the world international trade, so not only to focus on the use of Sight L/C only.
On the other hand, the export activities carried out by the middle and small exporters for non-traditional goods to the high risk countries, as well as the increasing competition in world markets which has changed from sellers market to a buyers market so that the sales by way of credit payments become increasingly important in winning the sales transaction.
The role of Asuransi ASEI is expected to encourage an increase in non-oil exports through the provision of facilities for Export Insurance for the Exporters to address the risk of export payment as well as to encourage exporters in Indonesia to penetrate into new international markets, as well as Credit Insurance facility for banks to encourage banking to increase credit to real sector including the exporters .
Along with the development and changes of business environment in an effort to better support the customers to conduct business, especially in the field of domestic and international trade which is highly competitive, Asuransi ASEI conducts modification and diversification of its products in a class of business Export Insurance, Credit Insurance and General Insurance which are expected to support the business operation of customers of Asuransi ASEI.
The financial products offered by Asuransi ASEI are as follows:
Export Credit Insurance
Provides protection to exporters against possible losses due to non-acceptance of full payment from the importer or the L/C issuing bank.
Financing Insurance for Export Bill
With the guarantee of ASEI, it will encourage the banks to be more willing to provide post-shipment financing to the exporter, though the exports are carried out by the Non L/C media. Through this product exporters can meet their working capital and cash flow requirements.
Credit Insurance and Credit Guarantee
It is the protection provided ASEI (as underwriter) to the Bank (as the insured) for the risk of debtor failure to pay credit facility or cash loan as working capital credit, trade credits and others provided by the Bank.
Suretyship is a form of Guarantee in which the ASEI (Surety Company) warrants that the Principal (contractor/vendor/supplier/consultant/company) will carry out the obligations on an accomplishment/benefit to the Obligee (Bouwheer/Beneficiary) in accordance with the contract/agreement between the Principal and Obligee and or provision of applicable legislation.
Asuransi ASEI runs a business in the General Insurance such as property insurance, engineering, transportation, ship frame or personal accident insurance. With the purpose of continuously serving all customers in protecting their business from every possible risk.