Insurance Company General – Magma HDI General Insurance Company Limited, founded in 2009, is a respected subsidiary of the rising Sun Group Mr. Adar Poonawalla – And most of their share ownership is held by Sanoti Properties LLP. Other main shareholders are HDI Global SE, Celica Developers Private Limited, and Jaguar Advisory Services Private Limited.
Magma HDI General Insurance Company Limited provides a variety of insurance products designed to meet various needs. In the retail room, they offer motorcycle insurance, health insurance, personal accident insurance, and home insurance. And, for commercial needs, they provide fire insurance, technical insurance, accountability insurance, and sea insurance.
Insurance Company General
Magma HDI General Insurance Company Limited is trying to become the most dynamic and responsible insurance provider, fulfilling the aspirations of all their stakeholders. Their main goal is to help people live their lives safely without problems. Also, they aim to exceed traditional insurance company offers to strengthen themselves as the most concerned and empathic insurance companies in the country.
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They are committed to respecting their promises to customers, ensuring a free and comfortable experience for them. Also, they believe in empowering employees to foster a culture of excellence and dedication and create sustainable values for their valuable promoters. In the financial year, 2022-23, Magma HDI General Insurance Company Limited has issued 24, 18, 932 policies and received 2, 32, 155 claims.
The ratio of claim settlement is an important step used to assess the reliability of insurance companies in completing claims. This is the ratio of the total number of claims that have been successfully completed by the insurance company with the total number of claims received during a particular financial year. MAGMA HDI General Insurance Life Company Limited has reached a claim resolution ratio of 74.7% in the fiscal year 2021-22.
With the help of the ratio of claim settlement, you can measure the ability of insurance companies to manage and complete claims efficiently. Insurance companies with high CSR indicate the ability of their commendable to fulfill their claim obligations immediately and effectively. It is important to evaluate CSR over the past few years to ensure that they have maintained a consistent track record.
The solvency ratio is an important metric used to assess the financial health and stability of the insurance company. This functions as an indicator of their ability to pay claims.
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In accordance with regulations stipulated by the Indian Insurance Regulation and Development Authority (IRDAI), the insurance company is obliged to maintain a minimum solvency ratio of 150%. Magma HDI General Insurance Company Limited stands out with an impressive solvency ratio of 210% for the period ended on March 31, 2023. This shows that they have strong financial power to cover their obligations and fulfill their claim obligations.
Network hospitals are hospitals that have an agreement with your insurance company, allowing them to offer maintenance services without cash. So, if you choose medical treatment at the Network Hospital and your insurance company approves completion without cash, you do not need to arrange funds for your medical fees and insurance companies or third -party administrators (TPA) will directly complete the hospital bill on your name. However, it is important to remember that you may still be responsible for this expenditure including consumables, administrative costs, registration fees, and other similar costs.
Magma HDI General Insurance Company Limited has formed a strong network of 4, 300+ hospitals for treatment without cash. To check the network hospital based on your location, you can visit https://www.magmahdi.com/more/contact-us?f=y. By using this link, you can find the number of hospitals around you who are registered with your insurance company and whether your choice of hospital is part of their network.
Magma HDI General Insurance Company Limited has formed an extensive network of more than 4,000+ garage. This garage has partnered with insurance companies to offer repair services in the event of an accident or damage to your vehicle. If your vehicle is repaired in a network garage, you don’t need to pay the repair fee in advance and the insurance company will complete the bill directly. You only need to pay deductible and costs that can be consumed that may apply.
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To find the nearest network garage based on your location, you can visit https://www.magmahdi.com/more/contact-us?f=y. This link can also help you check the amount of network garage available in your environment.
You can also connect with Magma HDI General Insurance Company Limited using alternative contact options as well -Jakarta PT Great Eastern General Insurance Indonesia (GEGI) has talked about the trial decision regarding the rejection of claims submitted by PT Rajawali Bara Makmur (PT RBM) for insured cargo.
In the near future, management will appeal to the decision of the Central Jakarta District Court Judge Panel no. 209/PDT.G/2024/PN.JKT.PST which is not yet final.
Gegi indicates that there are accusations of facts that are not revealed by PT RBM during the coverage process, which is considered a violation of good faith principles.
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Starting January 31, 2023, when PT Sukses Utama Sejahtera (PT SUS), as an insurance broker/PIALI PT RBM submitted an offer to cover the Margo Margo policy on behalf of PT RBM.
“PT SUS conveyed the profile that was insured by handing over L/R: Niles for the past 5 years or can be understood by the Gegi, that there has never been a record of losses or track records of losses in sea transportation for the past 5 years.
On the basis of this coverage profile, Gegi received an insurance closure for the shipping of PT RBM coal for next year, effective starting February 14, 2023.
Not long ago, on April 28, 2023, PT SUS submitted a claim for the incident on March 21, 2023, regarding the loading of coal that was swept away by waves with an estimated IDR 781 million.
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Then, on May 24, 2023, PT SUS again filed a second claim with a value of Rp. 16.3 billion for cargo losses spilled into the sea. Of the two claim reports, Gegi conducted an investigation of the insured profile, which was stated by PT SUS as a broker and PT RBM, the insured had a claim note for 5 years.
However, only 5 weeks later since the closing of the insurance, claims have occurred and 2 months from the first incident, claims have occurred again with a very significant value.
Gegi then sent a letter to several related institutions. Among them were the Director of the Maritime and Coastal Unit from the Ministry of Transportation of the Republic of Indonesia, the Office of Organizing Unit for Class III Port, Masalembu, and the Kintap Class III Port Organization Unit Office.
From this correspondence, Gegi received data that the alias insured PT RBM had suffered losses 7, 238 tons of coal which was published at the 209 Charles Barge on December 24, 2022. So that the profile data sent previously is not true.
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Thus, the insurance party, namely Gegi, may not receive insurance closing offers if the correct data is submitted to the actual profile or material facts from the insured.
“In this case, the insurance broker representatively insured deliberately hides the facts of the material that has occurred previously claims, and this facts are not submitted to the Gegi. Based on this finding, the Gegi rejects the claim of PT RBM based on the trading code or brokers violated by the principle borne by the utility (the best faith) and Article 251 of the trade or brokers borne.
Regarding the interpretation that is different from PT SU’s information which states L/R: Nile over the past 5 years, whether that means the ratio of losses or loss records, insurance has been confirmed in the placement slip on 3 February 2023 and reaffirmed in the closing record on February 10, 2023 with “subject to the loss record for the past 3 years”.
“So this means that the loss or loss records suffered previously. The decision of the Central Jakarta District Court Judge No. 209/PDT.G/2024/PN.JKT.PST does not yet have a permanent legal force (at Kracht van Gewijsde that will occur here. The news is wrong and detrimental to the company,” concluded Fahad Faris.
Jakarta, 1 Agustus 2025 — Pt Asuransi Sinar Mas Meraih Penghargaan “the Excellent Performance General Insurance Company (equity Class Above Idr 2,5 Trillion)” Dalam Ajang 26th Infobank Insurance Appreciation 2025. Penghargaan Ini
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