Liga Asuransi – Hello risk takers, in the second week of January 2024, we will discuss the world of insurance again, because insurance is not only limited to vehicles and life, especially for business protection coverage, insurance still has a very wide reach. In this second week of January 2024, we are again collecting 7 selected news related to insurance that are good for you to know.
As always, if you are interested in this article, please share it with your colleagues so they can understand it as well as you.
Fikih Ramadhan Discusses the Importance of Insurance and Future Protection on the Real Action Podcast
Fikih Ramadhan, a young entrepreneur and active in the Public Health sector of DPW Pemuda Perindo DKI Jakarta, expressed the importance of having insurance to ensure a safe future. He conveyed this statement in the Real Action Podcast with the theme “Protecting Yourself and Family’s Future through Insurance.”
In the podcast, Fikih conveys how essential self-protection and life security is through insurance. He explained that insurance includes various types, such as Life Insurance, Critical Illness, Health Insurance, and other rider products, which aim to provide a sense of security for the Indonesian people. Although living without risk is impossible, having insurance provides the necessary protection.
Fikih noted that young Indonesians tend to pay more attention to BPJS Health. However, he also highlighted the many private companies that offer insurance with certain advantages. For young people, especially those who are still single, having health insurance is considered important. This is because the risk of unexpected events can drain all the results of their hard work throughout their lives.
In this context, Fikih suggests that setting aside a small portion of income, for example 10 percent, or of daily expenses, around 20 percent, can be used to meet insurance premiums. This can be done without disrupting daily living costs.
By discussing insurance as an investment for the future, Fikih Ramadhan hopes that young Indonesians can better understand the importance of protecting themselves and their families. Through this understanding, it is hoped that people can make smarter financial decisions and plan for a safer future.
Lampung Province DKP Pays Insurance Premiums for 2,400 Fishermen, Increases Awareness of Mandiri Insurance
The Lampung Province Maritime and Fisheries Service (DKP) has been active in paying insurance premiums for 2,400 fishermen during 2023. The Head of the Lampung Province Maritime and Fisheries Service, Liza Derni, stated that this fisherman insurance program is carried out routinely every year, and the results have been seen by fishermen who received benefits, especially those in East Lampung who experienced work accidents.
Liza Derni revealed that insurance premiums have been paid to 2,400 fishermen in Lampung Province in 2023, out of a total of around 36 thousand registered fishermen. He emphasized that his party plans to continue improving this program in the hope of reaching 10-20 percent more beneficiaries. Moreover, fishermen’s awareness of having independent insurance is increasing, because through this they can protect themselves when they experience work accidents.
Liza Derni explained that the premium that fishermen have to pay is relatively affordable, namely IDR 18 thousand per person. He highlighted the many benefits that can be obtained by participating in this fishermen’s insurance program, especially because the premiums are affordable. When a work accident occurs, the funds from this insurance can be used to finance the fishermen’s children’s education up to college.
In the context of work accidents, fisherman insurance premium holders are also entitled to compensation at a predetermined nominal amount. Liza Derni hopes that not only will there be support from the government, but fishermen will also be able to independently take part in this fishermen’s insurance program, considering the affordable premiums and significant benefits and protection.
With the fishermen’s insurance program, the Lampung Province DKP hopes to maintain the welfare of fishermen, provide adequate protection, and increase awareness of the importance of insurance in carrying out fishing activities.
Jiwasraya Hasn’t Paid Off Credit Life Insurance Claim Debt of IDR 200 Billion to BTN
State-owned bank, PT Bank Tabungan Negara (Persero) Tbk. (BBTN), confirmed that PT Asuransi Jiwasraya (Persero) still has a claim debt of IDR 200 billion. The debt comes from credit life insurance claims which have not yet been paid by Jiwasraya. BTN President Director, Nixon LP Napitupulu, revealed that Jiwasraya had only paid claims worth IDR 492 billion on December 29, which was part of the total claim of around IDR 700 billion.
“Jiwasraya paid Rp. 492 billion, while the rest is still in process. Our claim is actually around Rp. 700 billion. However, what has been completed is Rp. 500 billion, and there is still another Rp. 200 billion which is in the process of being reviewed by them,” said Nixon at the BUMN Ministry Building. , Jakarta, on Wednesday (3/1/2024).
BTN is currently re-registering the heirs of Jiwasraya credit life insurance. Jiwasraya’s claim payments worth IDR 492 billion will be directed to thousands of heirs. Nixon explained that BTN would contact the heirs one by one to complete the claim payment in accordance with the insurance claim agreement.
The business has tried to contact Jiwasraya management to find out more information regarding the remaining claim payments at BTN. However, until this news was broadcast, Jiwasraya management had not provided a response.
AAUI Explains Important Points in POJK Credit Insurance which Fixes Premium Rates
The Indonesian General Insurance Association (AAUI) revealed several crucial points contained in the Financial Services Authority Regulation (POJK) Number 20 of 2023 concerning Insurance Products Linked to Credit, or what is known as POJK credit insurance.
AAUI Executive Director, Bern Dwyanto, highlighted that with the risk sharing scheme in the credit insurance POJK, there has been an improvement in premium rates so that they become more competitive.
“Regulations need to be strengthened, including improving the governance of credit insurance, implementing risk sharing between insurance companies and creditors, improving the process of setting premiums, underwriting and handling claims,” he explained to Kontan.co.id on Tuesday (2/2). 1).
Bern also emphasized that insurance companies can now access data related to creditors and debtors insured by insurance companies. This is expected to encourage creditors to always carry out careful credit analysis.
POJK credit insurance also regulates acquisition costs which are now limited to a maximum of 10%. In addition, the coverage period is also limited to only 5 years.
“Even though the insured credit has a term of more than 5 years, the maximum term covered by the insurance company is 5 years, but can be extended further,” he added.
Bern explained that POJK credit insurance also regulates that claims submitted by banks to insurance companies must be truly in a bad condition.
“So if you are still in a non-performing loan (NPL), a claim cannot be submitted; the condition must be in a traffic jam,” he said.
Furthermore, Bern added that so far credit insurance has been the largest contributor to premiums in general insurance after property and vehicle insurance. In his view, this POJK will improve credit insurance performance and support the banking sector.
“We hope that this POJK will make the insurance industry healthier and can help transfer risks from the banking sector in a reasonable manner which is covered by insurance companies with credit insurance products,” he said.
Source: https://keuangan.kontan.co.id/news/aaui-beberkan-poin-penting-yang-ada-di-pojk-asuransi-kredit
The Impact of the Sale of Jiwasraya Share Portfolio on the JCI
PT Asuransi Jiwasraya, which is on the list of BUMNs that will be dissolved by the Ministry of BUMN, plans to sell its share portfolio. The question is, will this step have an impact on the Composite Stock Price Index (IHSG)? According to the Director of Trade and Member Regulation of the Indonesian Stock Exchange (BEI), Irvan Susandy, the sale of Jiwasraya’s share portfolio will not significantly affect the performance of the JCI. Irvan explained that the current JCI movement is more influenced by the movement of LQ45 shares.
“So I feel that even if there is a decrease, it won’t be much. Because the drivers are on LQ45,” said Irvan at the BEI Building, Jakarta, Tuesday (2/1/2024). Irvan emphasized that the current JCI movement is very dependent on LQ45, which is dominated by the top stocks on the Stock Exchange.
Responding to this, Irvan also said that the Stock Exchange would continue to supervise share sales transactions carried out by Jiwasraya. Meanwhile, the Main Director of BEI, Iman Rachman, is optimistic that the JCI movement will not be affected by the sale of the Jiwasraya share portfolio.
“There is no [effect]. It’s safe,” said Iman on Tuesday (2/1/2024). Previously, the Ministry of BUMN explained that currently the legal process in court was still ongoing regarding Jiwasraya’s confiscated assets from defendants Benny Tjokro and Heru Hidayat. The asset value is estimated at IDR 1.2 trillion for mutual funds. These assets will be transferred to Jiwasraya before being handed over to IFG Life to cover the remaining liabilities of customers who have not agreed to the restructuring program.
Deputy Minister of BUMN, Kartika Wirjoatmodjo, stated that the Jiwasraya restructuring program was officially ended by transferring the policy to IFG Life. Even though the majority of customers have participated in the restructuring, a small number, around 0.28%, who refuse will still be accommodated. Deputy Minister of BUMN, Tiko, said that customers who are still left behind at Jiwasraya can apply for additional restructuring with a value of around IDR 180 billion, involving around 980 policy holders.
Jasa Raharja Guarantees Protection for Turangga Train Accident Victims: Compensation and Guaranteed Treatment Costs
Jasa Raharja provides full protection guarantees for all victims of the collision between KA Turangga and the local Commuter Line Bandung Raya train on the Haurpugur-Cicalengka route, Km 181+700, Bandung, West Java, on Friday, January 5 2024. Through Law No. 33 of 1964 concerning Compulsory General Passenger Accident Insurance Fund and Regulation of the Minister of Finance of the Republic of Indonesia No. 15 of 2017, all victims, including those who die, are guaranteed compensation from Jasa Raharja in the amount of IDR 50 million which is handed over to the legal heirs.
Jasa Raharja’s Operational Director, Dewi Aryani Suzana, stated that for injured victims, Jasa Raharja has issued a guarantee letter for a maximum of IDR 20 million which is paid directly to the hospital where the victim is being treated. Dewi emphasized that this compensation is a manifestation of the state’s presence in providing basic protection to the community. As a State-Owned Enterprise (BUMN) that carries out this mandate, Jasa Raharja is committed to continuing to provide the best, easy, fast and precise service.
“After receiving information about the accident, we immediately responded quickly. Jasa Raharja officers coordinated with the police and related agencies to collect data on victims, ensuring an accelerated delivery of compensation,” explained Dewi in her official statement.
Jasa Raharja expressed its deep concern and condolences to the victim’s family. “Hopefully the families left behind will gain fortitude and the victims who are receiving treatment will recover quickly,” added Dewi.
This tragic incident occurred at around 06.03 WIB and as of this writing, three people died and 21 victims were injured. The victims have been evacuated to Cicalengka Regional Hospital, Occupational Health Hospital and AMC Hospital.
Floods Submerge Basement of Serpong Garden Apartment, Dozens of Vehicles Submerged. Can Vehicle Insurance Cover Losses?
The heavy rain that hit Tangerang on Wednesday (27-12-2023) caused an emergency situation in the basement of the Serpong Garden Apartment. The submerged water means dozens of cars and motorbikes have to wait for evacuation or for the water to recede, raising the question, can vehicle insurance cover losses in this situation?
Vehicle insurance, especially for motorized vehicles, can actually provide protection against compensation for vehicles damaged by natural disasters. However, before submitting a claim, it is important to ensure that the vehicle insurance you have includes risk extensions.
This rule is generally found in standard motor vehicle insurance policies in CHAPTER II concerning Exceptions. Article 3 paragraph 3.3.2 states that this insurance does not cover loss, damage and/or costs related to motorized vehicles as well as legal liability to third parties caused directly or indirectly by natural disasters such as earthquakes, volcanic eruptions, hurricanes, storms, tsunamis, hail, floods, waterlogging, landslides, or other geological or meteorological phenomena.
However, if the vehicle insurance policy has extended coverage for natural disasters such as tsunamis, landslides, earthquakes, floods, and the like, then all damage caused by these natural disasters will be covered by the insurance.
Head of PR, Marcomm, & Events Astra Insurance, L Iwan Pranoto, suggested that vehicles submerged in floods immediately report to Garda Siaga via the myGarda application or Garda Access 24 Hours. The insurance team will help customers to check and evaluate the damage. It is important not to try to start the engine of a vehicle that has just been submerged in floodwater and wait for the insurance team to carry out a thorough inspection for the safety of the driver.
This article is brought to you by L&G Insurance Broker, insurance broker Indonesia..
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