SEADRIF Insurance Company, which provides catastrophe risk insurance coverage to ASEAN countries, has appointed Heddy Pritasa to its board of directors, effective Aug. 6.
Pritasa (pictured), who brings three decades of experience in the insurance industry across Indonesia and the ASEAN region, is expected to provide strategic leadership as the company navigates an increasingly complex risk environment.
Pritasa’s most recent role was as technical director at PT Reasuransi MAIPARK Indonesia, where he played a key role in advancing strategic and business development initiatives that supported the company’s growth and client relations. His responsibilities involved collaborating with partners on technical insurance strategies and delivering critical technical services.
In addition to his role at MAIPARK, Pritasa served as chairman of the ASEAN Natural Disasters Research and Works Sharing committee under the ASEAN Insurance Council (ANDREWS AIC). He led efforts to establish best practices and foster knowledge exchange on natural disaster research across ASEAN member countries.
He also guided the Technical Committee within Indonesia’s State-Owned Property Insurance Consortium (KABMN), focusing on the development, implementation, and monitoring of technical insurance practices that enhanced the consortium’s operations.
Pritasa’s extensive credentials include a magister in finance, fellowship with the Malaysian Insurance Institute, and various certifications in risk governance, investment management, and financial management.
SEADRIF Insurance anticipates that Pritasa’s expertise will be instrumental in guiding the company through the challenges ahead, particularly as climate risks become more pronounced.
The appointment comes as the insurance industry in Asia, and financial institutions more broadly, face mounting challenges from climate-related risks.
A recent report by Aon underscored the growing financial risks associated with climate change for institutions in the region. It highlighted that climate change now represents a significant financial risk that needs to be managed separately from general environmental, social, and governance (ESG) concerns.
Aon’s report detailed the various dimensions of climate-related risks, including physical impacts from changing weather patterns, the transition to a net-zero economy, and evolving regulatory frameworks that are increasingly integrating climate risks into the financial system.
The report identified four key areas where financial institutions in Asia are particularly vulnerable:
Aon stressed that addressing climate-related credit risks is particularly crucial for banks in Asia. Underinsurance or non-insurance of properties in vulnerable areas can exacerbate these risks, leading to higher chances of loan defaults as property values decline after extreme weather events.
To mitigate these risks, Aon suggested several strategies, including:
