MEKANISME PASAR

ASURANSI & REASURANSI:

POLIS ASURANSI
PERTAMINA

HANINDIO W. HADI, SE, MA, MBA, AMII, ACII

INSURANCE COURSES
Oktober 2013
 Maintenance

TOTAL RISK COST

Re-New Assets

Skilled
Employees
(training,w.shop,etc)

Updated SOP
(communicate to all)

Insurance
Premium

Deductible
 INSURANCE NEEDS
+
SPECIAL RISKS

• capacity
LIMITED CAPACITY “Selling THE RISK” WORLD MARKET
MARKET DN • limited u/w
 OIL COMPANIES
INSURANCE
OFFSHORE :  EQUIPMENT ALL RISKS :
Activities on
Charter Vessel For geological survey eq.
Seismic and
ONSHORE :  LIABILITY :
Geology
Seismic/Trucks TPL, EL, PERSONAL ACCIDENT

The use of Drilling Rig

 RIGS & WELL CONTROL INS :
Exploration and OFFSHORE :
COC, Redrill & Seepage Poll
Exploitation Drilling barge & ship
 MARINE CARGO & PROPERTY :
ONSHORE :
In store & In hole
Land Rig

OIL & GAS DISCOVERED


The use of Drilling Rig
More drilling on OFFSHORE : Drilling barge,
Drilling ship
new wells
ONSHORE : Land Rig
INSURANCE
 RIG INS, WELL CONTROL INS :
COC, Redrill & Seepage Poll
 MARINE CARGO & PROPERTY :
In store & In hole
 LIABILITY, PA/WCI

Plan to build
Sign contract with contractor
production
for ‘works’
facilities

 Build the Platforms OFFSHORE :

(offshore)
 Pipelines installment
(offshore/onshore)
 Build the Storages Tanker
(offshore)
 OBR (Inc. Liability)
ONSHORE :
 CAR / EAR (Inc. Liability)
 PA / WCI/ EL
Production facilities are used for operational
activities

INSURANCE
• Onshore Production facilities  Property:
• Platform (Offshore) Offshore/Onshore
• Pipelines (Offshore/Onshore)  Marine Hull
• Storage Tanker

 Rigs & Well Control:

COC, Redrill,
seepage polution.
Production Wells’ Drilling Rig  Marine Cargo
drilling Rent/Buy

Oil/Gas has been produced & sold or stored (in • Marine Cargo
storage) • Property: for oil in
storage
Insurance Market Mechanism

direct direct
LLOYD’S MARKET

8
PROPERTY INSURANCE RENEWAL 2013/2014
RISK PLACING

Pertamina/Arun/Badak Tugu/Insurer Pertamina/Arun/Badak

Independent - Market Review

Tugu/Insurer Surveyor - R/I Broker Beauty
contest
- Risk Survey
- ReValuation Survey
Selected R/I
Brokers
Consolidated Valuation TOR & For R/I
Risk Survey Updated Insurance Broker
Report Report Requirement Tender
R/I Brokers
Tender
Obtain Quotation
Recanvas from Market
Pertamina/Arun/Badak to the market & meet Winning R/I
‘new’ Target Broker

Policy Sign R/I Review &

Issued Confirmation Broker’s Negotiation
Performance T/C
Target
TAHAP PERSIAPAN
• Risk Surveys (with Independent Consultant)

• Valuation (with Independent Consultant)

•Revaluation Surveys (Desktop & Visit)
•Pertamina MA melakukan rekonsiliasi atas nilai aset pada unit terkait
•Deklarasi Insured Value ke Penanggung

• Consolidated Risk & Valuation Updated Report

• Asset Holder (Pertamina, Arun & Badak) & Tugu:
•Menetapkan kriteria dan bobot penilaian untuk pemilihan
Broker Reasuransi Internasional
•Menyusun TOR dan Insurance Requirements yg berisikan
Terms & Conditions sesuai kebutuhan PERTAMINA, ARUN &
BADAK
TAHAP SELEKSI REINSURANCE (R/I) BROKERS

•Proses Tender for R/I Brokers Int’l:

• undang 3-4 dari TOP 10 R/I Brokers Biz Energy
• Financial Strength & hasil beauty contest
• berpengalaman di Pertamina/Indonesian account
• London/International Market & Regional Market

• ‘menjual’ risiko pada underwriters:

•Technical presentation oleh Team
• R/I Brokers > TOR & Insurance Requirements + Consolidated Risk &
Value Updated Report

• Proses Broker Tender:

berdasarkan TOR, R/I Brokers terpilih ke selected market sesuai
yang ditetapkan atau dipilih; bersaing:
• harga terbaik, wajar & T/C terbaik di International market
• program/service terbaik ke Tertanggung
TAHAP AKHIR

•Review & Negotiation:

• Sign Broker’s Performance Target:
• target reinsurance support
• target harga
• target waktu

•Proses re-canvassing dan Final Placing/Penempatan

Risiko di market
• Decision/Confirmation
• Finalisasi Polis
 OTORISASI PENUNJUKAN LANGSUNG
PERUSAHAAN ASURANSI PENANGGUNG
Penunjukan langsung bila penyedia

Surat Direktur Keuangan PT Pertamina (Persero) No.

Barang/Jasa No. A-001/I00020/2010-S0:

barang dan jasa adalah Anak Perusahaan

melakukan penunjukan langsung untuk pekerjaan yg

perusahaan dan mengoptimalkan asset perusahaan
(AP), sepanjang yg dibutuhkan tersebut

695/H00000/2011-So tanggal 22 Desember 2011

merupakan produk/layanan AP dimaksud,
serta harus dapat dipertanggungjawabkan
SK 51/2010 Pedoman Pengadaan

serta portfolio bisnis anak perusahaan: dapat

dari sisi harga, kualitas dan ketersediaan

Bogor Agenda Kedua; memaksimalkan nilai

pasokan yg dibutuhkan.

dapat dilakukan oleh Anak Perusahaan.

Dalam keadaan tertentu untuk mencapai
tujuan, kepentingan dan keuntungan yang
diatur dalam pedoman ini sepanjang

perihal Sinergi Pertamina Group.

diyakini dapat memberikan nilai tambah
bagi Perusahaan, dapat dilakukan
berdasarkan ijin prinsip yang dikeluarkan
pejabat berwenang, atas dasar justifikasi
dan analisis secara teknis dan ekonomis
guna keperluan pelaksanaan. Ijin prinsip
diberikan oleh Pejabat 1 (satu) tingkat di
atas Pejabat sesuai batasan nilai otorisasi
penanda tanganan kontrak yg berlaku:
Pedoman Pelimpahan Otorisasi
Perusahaan No. A-004/H10300/2006-S0
revisi ke-3

Berdasarkan SK 51/2010 Pedoman Pengadaan Barang/Jasa No. A-

001/I00020/2010-S0:
Pedoman Pelimpahan Otorisasi Perusahaan No. A-
004/H10300/2006-S0 revisi ke-3 Penunjukan langsung/persetujuan
• Penunjukan langsung bila penyedia barang dan jasa adalah Anak Perusahaan (AP),
sepanjang yg dibutuhkan tersebut merupakan produk/layanan AP dimaksud, serta harus atas penawaran harga dan syarat-syarat polis:
dapat dipertanggungjawabkan dari sisi harga, kualitas dan ketersediaan pasokan yg
dibutuhkan.
- Dirut: s.d dan di atas USD 20 juta
• Dalam keadaan tertentu untuk mencapai tujuan, kepentingan dan keuntungan yang diatur - Dirkeu: s.d USD 20 juta
dalam pedoman ini sepanjang diyakini dapat memberikan nilai tambah bagi Perusahaan,
dapat dilakukan berdasarkan ijin prinsip yang dikeluarkan pejabat berwenang, atas dasar - SVP: s.d USD 10 juta
justifikasi dan analisis secara teknis dan ekonomis guna keperluan pelaksanaan. Ijin prinsip
diberikan oleh Pejabat 1 (satu) tingkat di atas Pejabat sesuai batasan nilai otorisasi - VP: s.d USD 5 juta
penanda tanganan kontrak yg berlaku
- Manager HO: s.d USD 500 ribu

+
Berdasarkan existing premi:
- Property (+/- USD 17 juta) dan S&T Penunjukan langsung
(USD 700 ribu) s.d. USD 20 juta:
- TPL (+/- USD 1,3 juta) Direktur Keuangan
- D&O (+/- USD 200 ribu)
13
PROPERTY INSURANCE RENEWAL 2013/2014
STAGES

Technical Presentation
Penunjukan Langsung to Tugu: 5 Feb ‘13 & Market Review:
10-12 Apr‘13

Aanwijzing Reinsurance Opening Bid

Broker Tender & Market Reinsurance Broker
Allocation: 8 Mar ‘13 Tender: 29 Apr ‘13
Quotation to
Pertamina &
Clarification
Meeting Pertamina
& Tugu: 6&7 May Pertamina’s
’13 confirmation: mid May
‘13

Re-Quotation to Pertamina: 8 May’13 Cover Notes/Insurance

policy issuance: week III
May’13

14
Renewal Schedule of Operational Insurance Policy 1 June 2013 - 31 May 2014
JAN FEB MARCH APRIL MAY
No. ACTIVITY week week week week week RESPONSIBILITY
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
1 Penunjukan Langsung Pertamina

2 Preparation:
- Risk survey & draft valuation report from Synergy Synergy & Tugu
- Send draft valuation report to units Pertamina
Pertamina Group, Arun,
- Consolidated Value Assets Badak, Tugu & Synergy
- Final EML from Synergy to Tugu/Pertamina Synergy
- Final Report for Value Assets from Synergy to Tugu/Pertamina Synergy
- Pertamina Declaration Pertamina
Pertamina, Badak, Tugu &
- Technical Presentation Preparation Synergy

3 Renewal Meeting Pertamina & Tugu

- TOR review Pertamina
- Clarification of Insurance Requirement Pertamina & Tugu
- Agreement of TOR & Finalize Insurance requirement Pertamina, Badak, Tugu

4 Bid/Tender Process (4 Bidders)

- Reinsurance Broker beauty contest Tugu
- Aanwijzing (TOR/IR Clarification)
- Confirmation on selected market allocation by Bidders Bidders & TUGU
Pertamina, Badak, Arun,
- Market Review & Technical Presentation Tugu & Synergy
- Receive quotation from Reinsurance Brokers Tugu
- Open & Review Quotations+appoint candidate winning R/I broker Pertamina, Badak, Tugu
- Quotation Clarification and Negotiation Pertamina, Badak, Tugu
- Risk Fully Placed R/I Broker & Tugu

5 Quotation to Pertamina Tugu

6 Pertamina/Arun/Badak & Group Confirmation Pertamina Group
7 Policy/Cover Note Issued Tugu

C:\Users\hanindio.hadi\Documents\Pertamina MA - HWH\RENEWAL INSURANCE\Renewal Property 2013\PERTAMINA GROUP 2013\Schedules\[Schedule Renewal Property Pertamina 2013.xls]Schedule
= plan
= realisasi

RENEWAL SCHEDULE 2013/2014

15
PROPERTY INSURANCE RENEWAL 2013/2014
MARKET REVIEW & TECHNICAL PRESENTATION
DATE TIME AGENDA
th
Wed, 10 April 2013 09.30 – 10.00 AM Opening by Tugu Pratama – Market Review R/I Brokers &
Pertamina & Badak Tugu & Synergy
10.00 – 11.30 AM Market Review by LIBERTY and Re-broker MARSH
Underwriters
11.30 – 01.00 PM Market Review by EMIRATES and Re-broker JLT
• Budhi Himawan • Choky L. Tobing • Miller team: Nigel Cross,
01.00 – 02.00 PM Lunch Break • Bambang Widjanarko • Yudhi P. Utomo David Horne, Simon Rands,
02.00 – 03.30 PM Market Review by MUNICH RE and Re-broker AON • Hanindio W. Hadi • Syaiful Azhar Rob Collecott, Chris Lyus,
Brad Berg, Clive Nicholas
• Taruli Sibuea • Hendroyono
and Paul Coterill
• Rio Sihombing • Firman Yusuf
Thu, 11th April 2013
• JLT team: Jeremy Bennett,
09.00 – 09.10 AM Opening by Tugu Pratama – Technical Presentation • Rachmad Hardadi • Jim Davies Kevin Dunmore and Lucy
09.10 – 09.30 AM Pertamina’s Overview • Rico Amanto • Rifky Assamadi Allen.
• Muhaimin • Bambang Yoedi • Marsh team: Clive Short,
09.30 – 10.30 AM Presentation & Q/A by SYNERGY: PERTAMINA
• Angga Permana Reza Noor and Huy Ching
10.30 – 11.30 AM Presentation & Q/A by PERTAMINA • Amstal
11.30 – 12.15 PM Presentation & Q/A by SYNERGY: BADAK

12.15 – 01.00 PM Presentation & Q/A by PT BADAK NGL

01.00 – 02.00 PM Lunch break

02.00 – 03.00 PM Additional Questions & Answers

Fri, 12th April 2013 09.00 – 09.15 AM Opening by Tugu Pratama – Market Review

09.15 – 11.00 AM Market Review by AIG and Re-broker Miller

11.00 – 12.00 AM Wrap-up meeting

12.00 – 01.00 PM Lunch break

Lloyd’s Underwriters Office: discussion on current
01.00 – 02.30 PM
Energy /Insurance market condition.

16
PROPERTY INSURANCE RENEWAL 2013/2014
MARKET REVIEW & TECHNICAL PRESENTATION

Gambaran komprehensif kondisi insurance market terkini (capacity,

underwriters/brokers’ concerns, scope of coverage, market portfolio dsb) sbg
referensi penyusunan market analysis, insurance requirement, serta owner estimate.

Presentasi risk profile RU Pertamina & Badak, program kerja tindak lanjut risk
recommendations, risk management improvement program, future projects dan
komitmen management terhadap safety.

Underwriters mengharapkan
Kapasitas property insurance market secara signifikan mencukupi dan masih kondusif, namun komitmen Long Term
faktor external dimana portfolio sebagian major underwriters mengalami loss cukup besar Agreement meski dipahami
terutama di sektor petrochemical bisnis dan CAT loss. proses tender merupakan
bagiandari GCG

Risk Pertamina Group dinilai Strategy risk placing yg atraktif

baik dengan risk mgmt program
berkelanjutan termasuk
penggunaan konsultan Dupont
pasca kebakaran tanki RU IV
Cilacap
dengan R/I order 50%, good
Alternate market di Asia dan Middle East terus melakukan expansi
level of deductible, pembatasan
berkelanjutan, tidak ada penurunan kapasitas secara global
CAT coverage membantu
pencapaian premi kompetitif.

Krisis ekonomi berdampak

Rate premi asset Pertamina
Group relatively masih di bawah
rate premi rata-rata risiko
sejenis di pasar asuransi global
Masih berlanjutnya perhitungan menunrunya investment return
10-12 April 2013 burning cost atas klaim2
sebelumnya di Pertamina dan other
yg mempengaruhi pendapatan
perrusahaan
accounts secara worldwide
asuransi/reasuransi

17
PROPERTY INSURANCE RENEWAL 2013/2014
RISK PLACING & MARKET ALLOCATION

Main Assets (RU, Upstream, Marketing & Handled by

Others); Rigs, Geothermal Wells & Arun Tugu Pratama Indonesia & Group

Major Assets Tugu Pratama R/I Brokers The

(RU & Badak) Indonesia Tender process Underwriters

PT PERTAMINA (PERSERO) +
100%

TUGU PRATAMA
50% Retain 50% to the Market

AON JLT MILLER MARSH

WO R/I Broker R/I Broker R/I Broker R/I Broker

•MUNICH RE •EMIRATES •AIG •LIBERTY

•Dongbu KOR •Oman •Trust Re •IGI

market allocation for tender purpose

18
PROSES RENEWAL: RISK PLACING 2013-2014

Munich Re &
AON Dongbu
Korea

SELECTED Emirates
BY JLT & Oman
INSURANCE
COMPANY The Best
Best R/I Broker or
Pricing underwriter
& T/C
MARSH Liberty &
Approved by
IGI
FRI

Negotiation by
MILLER AIG & Pertamina
Trust Re

19
• Ditetapkan dalam TOR:
• Pemilihan 2 reinsurance broker dari regional market dan 2 reinsurance
broker dari London market untuk approach each designated markets
(London/International & Regional)
• Programme:
• Major Assets (RU 2,4,5,6) PERTAMINA & Badak),
• Main Assets (RU 3&7, Upstream, Marketing & Other Assets), dan Land
Rigs & COC
• TSI:
• 5 kilang Utama: US$ 233 juta – US$ 950 juta
• Aset lainnya di Pengolahan: US$ 100 juta-US$ 187 juta
• Aset Hulu: s.d. US$ 100 juta
• Aset Marketing: s.d. US$ 174 juta
• Deductible:
• Kilang Utama: US$ 5 juta, lainnya di Pengolahan: s.d. US$ 750 ribu
• Hulu dan Marketing: s.d. US$ 250 ribu
• quoted terms will be placed up to 100% order
• with min. S&P (or equivalent) “A-” rated security (R/I)
• ketentuan lainnya sesuai kebutuhan PERTAMINA
 All about balancing
Insurance & assets and liabilities
reinsurance • Sumber dana utama:
premi dan pendapatan
is a capital investasi
• Sumber kerugian:
business losses, especially
catastrophe losses
• Margin/keuntungan tinggi menarik Poor Results

pemodal baru
Lower Less
Premiums Capacity
• Premi turun

• Margins/keuntungan turun
More Higher
Capacity Premiums
• Pemodal meninggalkan market
Better Results
• Premi naik…

• …begitulah seterusnya!
Distribution of Risk in a
Soft Market/ Premi Rendah

Low frequency of claims with high values

Low Incentive for

Insured’s Loss Control
Insured Risk Programs
/Risiko yang
diasuransikan

High frequency of claims with low values

Retained Risk/Risiko ditahan sendiri
Distribution of Risk in a
Hard Market/ Premi Mahal
Note: The total
amount of risk
Low frequency of claims with high values
remains the same

Increased Incentive for

Insured Risk
/Risiko yang
Insured’s Loss Control
diasuransikan Programs

Retained Risk/Risiko ditahan High frequency of claims with low values

sendiri
What is a “Hard Market?”
• Demand of Insurance > Supply of Insurance.
• Kapasitas Finansial Underwriters untuk
mengcover risiko menurun
• Pembeli Insurance akan meretain tingkat risiko
yang lebih tinggi
• Kondisi market dunia yg berdampak pada semua
lines of business.
Effects of the Hardening Market
(Pay more and get less)

• Biaya Insurance naik

– Untuk kondisi market yg tidak/kurang dpt dikontrol Tertanggung
• Retained risk meningkat
– Deductibles naik
– Policy wordings mulai membatasi liputan risiko
dibanding sebelumnya
• Untuk kondisi market yg tidak/kurang dpt dikontrol Tertanggung
• Upaya peningkatan fokus/kehandalan safety dalam Loss
Control Measures untuk mengurangi risiko
– Sepenuhnya dikontrol oleh asset holders
MEMBELI ASURANSI
vs MENJUAL RISIKO
Terjadi perubahan paradigma

Semula:
– market dimana pembeli asuransi memilih Penanggung
asuransi dan bernegosiasi untuk mendapatkan premi
dan T/C yang menguntungkan/luas.
Menjadi:
– Market dimana pembeli asuransi harus secara aktif
menjual risiko yg dimilikinya, pada harga yg relatif tinggi,
T/C terbatas kepada selektif Penanggung asuransi
dengan keterbatasan kapasitas.
 Global Asia

Downstream Operational capacity $2.2 bn $1.45 bn

(competitive/ realistic)

Construction $2.2 bn $1.250 m

Liabilities $2.1 bn $785 m

Upstream Operational & CAR $2.5 bn $850 m

Asian Market Participation

Asian Onshore Property Risks 90% +

Asian Onshore CAR 95% +

Asian Offshore Property 20%

Asian Offshore CAR 30% Major operating package programmes, with

limits/values exceeding $500m, still
dependent upon London & Euro markets.
WHY?
“Tiered” Markets
$2.5bn
Capability to retain $2.2bn
100% of risk

$1.25bn

Capacity
Risk Size

$500m

$150m

$0

Asian Market
HANINDIO W. HADI
Financial Risk & Insurance- Finance Directorate
PERTAMINA Head Office Main Build. 6th Fl.
Jl.Medan Merdeka Timur 1A, Jkt 10110, Indonesia
-------------------------------------------------------------------------------
ph. +62-21-3815779 fax. +62-21-3854923
mobile. +62-81932412110
hanindio.hadi@pertamina.com