The ongoing geopolitical tensions between Thailand and Cambodia have been escalating in recent weeks.
However, according to the Indonesian General Insurance Association (AAUI), the conflict has not yet had any noticeable effect on the general insurance sector.
“We haven’t observed any impact so far,” said AAUI Chairman Budi Herawan during a meeting, reported a local news site.
However, Mr Budi acknowledged that conflicts in the Middle East—such as the Israel-Iran tensions—have had some impact on the marine cargo insurance sector, although not significantly. These conflicts have heightened transportation risks, disrupted logistics and increased the likelihood of claims related to damaged or delayed shipments.
Mr Budi also shared that the association is currently working to establish collaborations with insurance associations across Southeast Asia, aiming to promote the development of a regional security network within the insurance industry.