Liga Asuransi – The development of the insurance industry is always interesting to follow, and this time we have summarized 7 news related to insurance that you should know.
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Overcoming the El Nino Threat: Farmers Advised to Take Advantage of Agricultural Insurance Protection
Indonesia is facing an extreme weather situation called El Nino. This phenomenon arises due to increased surface water temperature in the Central and East Pacific Oceans, which exceeds average temperatures. The impact of El Nino is varied, including droughts and reduced crop quality due to a lack of water supply.
The Meteorology, Climatology, and Geophysics Agency (BMKG) predict that El Nino will last in Indonesia until December 2023. This situation significantly impacts the agricultural sector, especially as farmers enter their third planting season.
To overcome this challenge, Surya Vandiantara, an Economic Observer from Muhammadiyah Bengkulu University, suggested a solution in the form of an agricultural insurance program for farmers. Agricultural insurance has the potential to help farmers face the risk of crop failure.
“The basic principle of insurance products is to transfer the risks owned by policyholders to insurance companies. El Nino carries a significant risk of crop failure for farmers. When crop failure occurs, farmers face potential losses that include production costs such as seeds, fertilizers, and pesticides, ” said Surya Vandiantara in an interview with the media in Jakarta on Wednesday (16/8).
Gorontalo Provincial Government Provides Insurance Protection for 496 Fishermen
Gorontalo Provincial Government Covers Insurance Premium Costs for 496 Fishermen in 2023
To protect fishermen, the Provincial Government of Gorontalo has decided to cover insurance premiums for 496 fishermen in 2023. Although this has decreased slightly compared to the previous year, reaching 597 fishermen.
The Acting Governor of Gorontalo, Ismail Pakaya, symbolically handed over the insurance card when opening the Meeting for Evaluation of Land Rights Certificates (SeHAT) and Fishermen’s Insurance, which took place at the Grand Q Hotel, Gorontalo City, on Monday (14/8/2023).
Ismail admits that the allocation of insurance premium funds for fishermen is still limited. With a regional budget of IDR 1.7 trillion, his party must carefully prioritize all government programs.
“We have to share the budget proportionally for various sectors such as salaries, operations, education, health, infrastructure, etc. Therefore, fishermen’s insurance only covers 496 out of 25,000 fishermen,” he said.
He hopes fishermen’s insurance premiums can continue independently in the following years. The Provincial Government only acts as a stimulus provider to provide guarantees when they are active at sea.
“With a premium of only IDR 20,000 per month, this is still cheaper than the cost of smoking a day,” Ismail compared with the cost of cigarettes.
The Head of the Maritime Affairs and Fisheries Service, Sila Botutihe, explained that an insurance program for fishermen had existed from 2016 to 2019. During that period, the Indonesian Ministry of Maritime Affairs and Fisheries collaborated with PT Jasindo Gorontalo to cover insurance premiums for 17,273 fishermen.
“However, in 2020 and 2021, the program from the ministry was halted due to the COVID-19 pandemic. At the provincial level 2022, we will allocate insurance premiums for 597 fishermen; in 2023, this will cover 496 fishermen. The total reaches 1,093 fishermen. ” said Sila.
Sila considers that this insurance program has provided significant benefits and has been felt by the fishermen. Work accident insurance resulting in permanent disability can provide claims of up to IDR 70 million per person. In addition, for fishermen who pass away, their families can receive a share of IDR 40 million.
Source: https://gorontaloprov.go.id/pemprov-gorontalo-tanggung-asuransi-496-nelayan/
Revealed! The Miracle of Transportation Insurance Benefits You Must Know
Cargo insurance has several significant benefits, especially when shipping goods or international trade. In the scope of business or trading, risk is always a factor that cannot be ignored and can occur suddenly.
Therefore, having freight insurance coverage is a smart move that can protect your business and ensure the smooth process of transporting goods from one place to another.
The scope of protection provided by transport insurance may vary according to the policies and conditions determined by the insurance company.
Based on experience, the risks usually covered by transport insurance involve physical damage to goods with replacement or repair of physical damage that may occur to cargo due to accidents or unforeseen situations during transportation.
In addition, transport insurance also covers the risk of loss of goods by bearing the costs of replacing or compensating for losses of goods lost during the shipping process. The risk of theft is also a consideration, with insurance protecting if cargo is stolen or lost due to criminal acts during transit.
Risks related to natural disasters, such as storms, earthquakes, or flood destruction, are also part of the transport insurance coverage.
In addition, the general average situation, where all parties involved in the shipment are obliged to share the loss if the cargo is saved from certain risks during transit, is also covered by this insurance coverage.
There are several reasons why having freight insurance is essential. Protection against the risk of loss provides financial protection against damage or loss that may arise to cargo during transportation.
In addition, this insurance also contributes to maintaining business stability. Risk in the business world is unavoidable. Freight insurance helps protect business continuity by reducing the financial risks that may arise from damage or loss of goods.
Cargo insurance also helps meet contract requirements. Some international trading contracts may require the parties involved to have freight insurance coverage. With the appropriate insurance, customers can meet these requirements and maintain good business relationships with trading partners.
Not only that but having transport insurance also reduces stress and worry. With insurance protection, you can feel calmer and more confident during transportation. If a problem occurs, you know that insurance coverage will help resolve the situation.
Cargo insurance also provides protection covering the entire shipping route. Generally, insurance coverage covers the whole shipping route, from the starting point to the final destination. This provides confidence that the cargo is protected during transit.
Cargo insurance coverage can also deal with risks in various modes of transportation. Modes of transportation such as ships, planes, trucks, or trains have specific risks associated with each. Transport insurance is designed to address these risks according to the mode of transportation used.
In addition, freight insurance can be tailored to individual needs. This protection can be adapted to the type of goods being transported, the value of the cargo, shipping routes, and other specific requirements.
Finally, freight insurance can also increase customer confidence. Having transport insurance coverage can increase customer confidence in the services provided. Customers feel more comfortable and safe leaving their goods with companies that have insurance protection.
“Tob Insurance, as a freight insurance service provider, is here to provide protection and certainty for your shipment of goods from unexpected risks,” as Tob Insurance’s management revealed in a statement Tuesday (15/8).
Source: https://personalfinance.kontan.co.id/news/mengenal-asuransi-pengangkutan-apa-saja-manfaatnya
Avrist Asset Management Brings a Surprise: Free Term Life Insurance for Investors!
Public awareness of the importance of investing continues to increase, as evidenced by the growth in funds under management of various investment instruments, such as mutual funds.
Data from the Financial Services Authority (OJK) noted that at the end of July 2023, the total assets under management (AUM) of investment managers had reached IDR 520 trillion. On the other hand, fixed-income mutual funds managed to get IDR 156.9 trillion in June, growing by 8.31% annually.
Following this trend, Avrist Asset Management continues to innovate in developing mutual fund products. Their latest step is to provide a free term life insurance bonus to individual investors (retail).
Aan Kurnaeni, Head of Sales & Marketing at Avrist Asset Management, explained that giving term life insurance bonuses is a form of appreciation and gratitude to investors. This program is the result of collaboration with Avrist Assurance. Initially, this program only applied to Avrist IDX30 Mutual Fund product investors. Still, now it has been expanded to other Mutual Fund products such as Avrist Equity Cross-Sectoral, Avrist Equity Growth Fund, Avrist Ada Saham Blue Safir, Avrist Prime Bond Fund, and Avrist Index LQ45.
Aan also explained that investors who purchase Avrist Mutual Fund products with a minimum of IDR 10 million during the current month would get life insurance protection worth IDR 10 million for one month the following month.
This program applies to investors who purchase Avrist Mutual Fund products directly or through Mutual Funds Selling Agents (APERD) who sell Avrist products. Documents required to claim life insurance benefits include a photocopy of the insured’s valid Identity Card (KTP), a valid photocopy of the Family Card (KK), a photocopy of the investor’s KTP, and other supporting documents.
In recognition of the innovation that has been carried out, Avrist Asset Management recently won the Best Mutual Fund 2023 award from Investor & Infovesta.
Simas Insurtech Ambition to Earn Motor Vehicle Insurance Premiums of IDR 150 Billion This Year
PT Asuransi Simas Insurtech, better known as Simas Insurtech, aims to collect motor vehicle insurance premiums worth IDR 150 billion throughout 2023.
Regarding this plan, Teguh Aria Djana, Main Director of Asuransi Simas Insurtech, said that currently, the company has managed to obtain motor vehicle insurance premiums of IDR 110 billion. Even though he did not make direct sales at GIIAS 2023, he confidently stated that the target of IDR 150 billion for 2023 could be achieved.
Teguh explained that Simas Insurtech needed a specific strategy to achieve the set targets. He explained that the company continues to maintain cooperation with several insurtech brokers.
Meanwhile, Teguh also shared that as of July 2023, the total gross premiums collected by Simas Insurtech had reached around IDR 800 billion from the annual target of IDR 1.5 trillion. Collaborations with online marketing platforms and fintech companies support this success.
Teguh clarified that the contribution of the four-wheeled vehicle segment to this achievement reached around 10%. With a total premium target of IDR 1.5 trillion, this 10% percentage is equivalent to IDR 150 billion.
The Wise Choice: Protect Yourself from Bad Air Quality with Insurance
In the past month, the air quality index situation in various countries has reportedly worsened, including air conditions in Indonesia. Based on information from the IQAir website, as of August 14, 2023, 10 areas in Indonesia were recorded with the worst air quality. The most critical position is held by Tarentang, West Kalimantan, which achieved an index score of 181.
Followed by South Tangerang, which is located in Banten province. Jakarta, the national capital, is ranked 9th and is classified as ‘unhealthy’ air. Globally, in 2022, the level of air pollution in Indonesia will be in the moderate category, measured by a PM2.5 score.
This measurement is carried out in units of micrograms per cubic meter (μg/m3) and refers to WHO air quality guidelines. On a global scale, Indonesia ranks 26th out of 131 countries monitored for air pollution in 2022.
Poor air quality directly impacts health, ranging from lung problems to heart health. The fact says that air pollution has resulted in around 6,700 deaths in Jakarta throughout 2023. In this situation, every individual needs to maintain or at least reduce the risk of the adverse effects of air pollution on health.
Various steps can be taken, such as checking the air quality in each area through particular sites or platforms, avoiding places with high pollution levels, such as congested streets or industrial zones, cleaning indoor air, and increasing the number of green plants.
In this context, insurance is an attractive alternative. In an interview on FWD Insurance’s Vodcast Youtube Channel, Indrawati Kawihardja, VP, Center of Excellence, Agency Training Department of PT FWD Insurance Indonesia, they are revealed why many people are reluctant to buy insurance. He stated that young people tend to feel healthy and prioritize other needs according to their lifestyle.
Indrawati emphasized that people spend money on things like coffee and other secondary desires rather than buying insurance. He realized that insurance protects against all unforeseen risks because no one knows what will happen in the future.
Not only that, Indrawati also emphasized that many people prefer to have tangible and visible things compared to invisible, abstract things. In particular, the trend for branded goods provides visible instant gratification.
“Therefore, we should prioritize insurance rather than comparing it to luxury goods that only give temporary satisfaction,” said Indrawati.
On the other hand, Content Creator Agung Karmalogy adds another reason why people hesitate to buy insurance. He stated that many people need help understanding the details of insurance products and the language used in contracts. Uncertainty about the ease of claims and the obligation to pay monthly premiums is also an obstacle, especially for those who do not have a fixed income.
Mystery of Electric Vehicle Insurance Premiums: Is it Different from Conventional Cars?
The number of electric cars in Indonesia continues to increase in line with the government’s efforts to encourage the electrification of vehicles in this country. During the 2023 Gaikindo Indonesia International Auto Show (GIIAS) automotive exhibition, automotive manufacturers competed to showcase the latest electric car models. However, the question is, is the insurance the same as a conventional car?
Astra Insurance’s Marketing-Retail and Digital Business Director, Wisnu Kusumawardhana, explained that electric vehicles have become a hot topic in recent months, especially since the government is encouraging the growth of electric cars in Indonesia through supportive regulations. For this reason, insurance companies have started providing insurance coverage for electric vehicles. However, there are differences in the premium calculation approach.
As is known, insurance premiums are determined based on the history of claims. Considering that electric vehicles are still relatively new and do not have sufficient claims records, Asuransi Astra has decided to set the premium the same as conventional cars. Wisnu explained that this meant no difference in the premium amount between electric and conventional vehicles.
He confirmed that electric vehicle owners can insure their cars without changing premiums. Insurance companies have provided insurance coverage for electric vehicles with the same approach as conventional cars.
In addition, does electric vehicle insurance also cover life insurance coverage in case of an accident? Wisnu explained that this depended on the type of policy purchased the first time. The company will protect according to the approach chosen by the car owner.
“We actively encourage financial literacy and inclusion in Indonesia through the program promoted by the Financial Services Authority (OJK). With the Astra Financial Talk event at GIIAS 2023, we hope to educate the public, especially regarding aspects of vehicle insurance,” said Wisnu.
This information is provided by: L&G Insurance Broker – The Smart Insurance Broker.
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