Liga Asuransi – Wonderful readers, how are you? Hopefully, your business will run well and smoothly. As usual, we will always present exciting news and updates according to the information.
Here we have summarized seven news update options for you. If you are interested in this article, please share it with your colleagues so they also understand like you.
OJK Frees Electric Car Insurance Premium Rates, President Director of Asuransi Bintang (ASBI) Reminds the Risk
PT Asuransi Bintang Tbk. (ASBI), a public insurance company confirmed that the Financial Services Authority (OJK) allows insurance companies to apply the lowest rates for electric vehicle insurance. Asuransi Bintang is one of the companies that has implemented protection for electric cars.
HSM Widodo, President Director of Asuransi Bintang, stated that the insurance company is directly responsible for the adequacy of customer premiums. “Insurance companies must be able to calculate their rates according to the risks involved,” Widodo told Bisnis on Monday, June 12, 2023.
Widodo added that his party was selective in accepting insurance coverage for electric vehicles, considering several technical factors. He also supports special regulations for electric vehicle insurance because it differs from conventional insurance. “If regulations can be issued, that would be great,” he said.
Previously, OJK allowed insurance companies to apply lower rates for electric vehicle protection. This step supports the Battery-Based Electric Motorized Vehicles (KBLBB) acceleration program.
“OJK has issued a letter to industry players which provides an opportunity for insurance companies to charge electric car insurance rates at a lower level,” said Ogi Prastomiyono, Chief Executive of the Supervision of Insurance, Guarantees and Pension Funds as well as Member of the OJK Board of Commissioners, in a statement—written statement received by Bisnis on Sunday, 11 June 2023.
Ogi added that these rates were lower or different from those stipulated in the OJK Circular Letter (SEOJK) Number 06 of 2017 regarding determining insurance rates in property and motor vehicle business lines. Currently, electric car insurance arrangements generally refer to the provisions that apply in the insurance field.
Check the Provisions of Life and Accident Insurance for Hajj Pilgrims
Indonesian regular pilgrims will get life insurance and accident insurance. Saiful Mujab, Director of Domestic Hajj Services, said that insurance is given when the pilgrims arrive at the hostel when they depart and are still in the hostel after returning home.
“If the congregation dies after arriving at the hostel, they will get insurance according to the Hajj Travel Expenses (Bipih) that have been paid. For accidents, the claim will be calculated based on a percentage depending on the accident level experienced.
In addition, there is also an additional protection. Pilgrims who die on the plane will receive additional protection of IDR 125 million. This is part of efforts to protect the congregation,” said Saiful Mujab on Friday, June 9.
Based on Siskohat’s data, up to now, there have been 29 pilgrims who died, of which 23 died in Medina and 6 in Makkah.
This year, Indonesia’s haj quota is back to normal, with 221,000 people, consisting of 203,320 regular haj pilgrims and 17,680 special haj pilgrims. In addition, Indonesia also received an additional quota of 8,000 from Saudi Arabia.
Hajj operations have started since May 23, 2023. Pilgrims gradually enter the Hajj Dormitory, and the day after, they begin to depart for Saudi Arabia.
The departure of the first batch of Indonesian hajj pilgrims to Medina’s Amir Muhammad bin Abdul Aziz Airport (AMAA) ended on June 8, 2023, with the arrival of pilgrims from Jakarta – Bekasi Embarkation Group 38 (JKS 38). In total, 263 flight groups with 100,001 pilgrims landed in Medina from 24 May to 8 June 2022.
Since June 1, 2023, pilgrims arriving in Medina will gradually depart for Mecca. Until now, at 01.00 WIB, 120 flight groups with 46,341 pilgrims had arrived in Mecca from Medina.
“Since June 8, 2023, the arrival phase of the first batch of pilgrims has begun at Jeddah’s King Abdul Aziz International Airport. This means Makkah has begun to receive pilgrims from Medina and Jeddah,” said Saiful.
The following are the conditions for providing life and accident insurance for pilgrims:
- Pilgrims who die are given a minimum amount of Bipih.
- Pilgrims who die from an accident are given twice the amount of Bipih.
- Pilgrims who have an accident with a permanent disability are given compensation in varying amounts, between 2.5% and 100% Bipih.
- Insurance arrangements are carried out by the Directorate General of Hajj and Umrah Management. Insurance will pay claims by transfer to the congregation’s account.
- Insurance covers from when the congregation enters the Hajj embarkation hostel until the congregation returns to the Hajj departure.
Source : https://newssetup.kontan.co.id/news/cek-ketentuan-asuransi-jiwa-dan-kecelakaan-bagi-jemaah-haji
Mandatory Insurance with a Minimum Capital of IDR 1 Trillion!
The Financial Services Authority (OJK) plans to increase the minimum capital limit for insurance companies to IDR 1 trillion in 2028. This increase strengthens the insurance industry’s structure, resilience, and competitiveness.
In addition, this step was also taken to increase the economy of scale for industry players to face the challenges and demands for product innovation and technology-based insurance services. However, can this increase in equity overcome the default problem that often occurs in the life insurance industry?
Ogi Prastomiyono, Chief Executive of the Supervision of Insurance, Underwriting, and Pension Funds, who is also a Member of the OJK Board of Commissioners, explained that with enormous capital, the company would have a more vital buffer in dealing with risks arising from investment and asset management activities.
“In the end, the company will always have sufficient capital support to meet payment obligations to policyholders,” Ogi said in a virtual press conference on the results of the Monthly Board of Commissioners Meeting in May 2023, held on Tuesday (6/6/2023).
OJK plans to gradually increase insurance companies’ minimum capital equity limit from IDR 100 billion to IDR 500 billion in 2026, finally reaching IDR 1 trillion in 2028. This policy was taken because the minimum capital limit currently regulated in OJK Regulation (POJK) 67/ 2016 is considered too low compared to the business risks faced by insurance companies.
On the other hand, Sharia insurance companies will experience an increase in equity capital from IDR 50 billion to IDR 250 billion in 2026 and finally reach IDR 500 billion in 2028. In addition, the equity of reinsurance companies will also increase gradually.
The minimum capital equity limit for conventional reinsurance companies will increase from IDR 200 billion to IDR 1 trillion in 2026 and reach IDR 2 trillion in 2028. Meanwhile, Sharia reinsurance companies will experience an increase from IDR 100 billion to IDR 500 billion in 2026 and finally reach IDR 1 trillion in 2028.
In addition, insurance companies that have just obtained licenses from the OJK will be required to have a higher minimum paid-up capital than existing companies. The minimum paid-up capital required for a new insurance company is IDR 1 trillion.
Meanwhile, conventional reinsurance companies must have a paid-up capital of Rp. 2 trillion, sharia insurance companies Rp. 500 billion, and sharia reinsurance companies Rp. 1 trillion.
Supporting Financial Literacy, Panin Dai-ichi Life Wants People to Be More Aware of Insurance
INSURANCE – JAKARTA. Based on the results of the National Financial Literacy and Inclusion Survey conducted by OJK in 2022, the financial literacy level of the Indonesian people in terms of insurance only reaches 31.72%, which is still lower than the national financial literacy level of 49.68%.
To overcome this, Panin Dai-ichi Life realizes the importance of routine financial literacy activities, especially in the insurance sector. In this effort, they collaborated with the Citra Binar Rahma Community Learning Activity Center (PKBM) in West Jakarta to hold financial literacy activities as part of the 2023 Financial Inclusion Month (BIK) series, as well as a Corporate Social Responsibility (CSR) program. The event was held on Friday, 9 June 2023, and was addressed to parents and guardians of Early Childhood Education (PAUD) students.
This event was attended by dr. Ernawati Malikin, as Chief Medical Officer of Panin Dai-ichi Life, Andre Yoginata, as Head of Marketing and Corporate Communications of Panin Dai-ichi Life, Dewi Rachmawati, Msi. as Plt. Principal, Syuriyah, Spd. Deputy Principal, and Ade Saepudin, S.Hum as Head of PKBM Citra Binar Rahma.
The event started with a financial literacy session, including outreach about financial planning, insurance, and risk. Furthermore, the event continued with the handover of school supplies, school bags, and stationery donations.
President Director of Panin Dai-ichi Life, Fadjar Gunawan, explained that increasing financial understanding and literacy is the company’s active step in helping people choose and utilize insurance products and services according to their needs. This is expected to increase the community’s ability to carry out financial planning better.
“Likewise, with financial literacy activities like this, we want people to understand that life insurance functions as protection, both for life and health,” said Fadjar Gunawan in an official statement released on Monday (12/6).
AAJI Calls Plaintiff Hanwha Life IDR 5.5 Billion, Discuss What?
Frendy Kosasih, who has filed a lawsuit worth Rp 5.5 billion against PT Hanwha Life Insurance Indonesia, visited the Indonesian Life Insurance Association (AAJI) office in Central Jakarta. Frendy, a Hanwha Life agent, was invited by AAJI to provide information.
Andreas, Frendy’s lawyer, said that AAJI was the first to contact his client to explain this case. “Today, Frendy, my client, was summoned by AAJI to give his statement about what happened, what was the chronology, and I am grateful that there are parties from the association who want to listen. We heard that the OJK was also involved and involved in this case,” he said when we met at that location, in Central Jakarta, on Monday (12/6/2023).
The AAJI Secretariat, Hanifah Sonella, received Frendy. According to Andreas, AAJI asked several questions to Frendy, including about the customer’s premium being returned with the words ‘forced.’ He explained that customers were contacted by parties suspected of being from Hanwha Life, and their premiums were returned.
“AAJI asked several questions, including premiums that were returned with the words ‘forced.’ The customer was contacted and forced to return their premium. We have evidence that the customer wanted to avoid returning the premium. According to AAJI, this is the first case and is somewhat suspicious. There is something strange. How could a customer be forced to return the premium,” he asked.
After this meeting, Andreas stated that AAJI would also summon Hanwha Life. However, he could not confirm the exact date. He also appealed to the public not to be afraid to speak up if they experience a similar case, especially since it involved a foreign financial institution.
“What’s more, this involves foreign financial institutions. Don’t let the efforts built by the government and associations of financial institutions in Indonesia be tarnished by actions allegedly committed by foreign insurers,” he continued.
Andreas and his client have also sent letters to the Financial Services Authority (OJK) twice but have not received a response. They also sent letters to the Indonesian Insurance Council, AAJI, Bank Indonesia, and Hanwha Life. Andreas regrets this case and that this could happen to these agents. He is concerned that this case could undermine public confidence in the insurance industry.
“How can the Indonesian people believe while the agents are treated like this? He added that agents under my client have even been dismissed as many as 102 people and have not received their rights,” he added.
Andreas also expressed his disappointment over the occurrence of this case and how it could affect public trust in the insurance industry. He hopes that the actions that have been taken by AAJI and efforts that are being made to summon Hanwha Life can bring justice to his client and reveal the truth behind this case.
Frendy Kosasih filed a lawsuit worth IDR 5.5 billion against PT Hanwha Life Insurance Indonesia in this case. The existence of AAJI as a mediator and listener who plays an active role in explaining the case is expected to uncover the irregularities.
This is also a warning to the public to be fearless in reporting similar cases and to maintain confidence in the insurance industry in Indonesia.
Zurich and BNP Paribas Reportedly Will Acquire Astra Life
Zurich Insurance Group AG and its Cardiff BNP Paribas SA unit are considering bidding to acquire PT Asuransi Jiwa Astra (Astra Life). This life insurance company is part of the Astra group.
The Swiss-based insurance company is currently evaluating the life insurance business in Indonesia as part of its efforts to increase exposure in the Southeast Asian region. However, this discussion is still in its early stages, and the official sales process for Astra Life has yet to start.
While Zurich and Cardiff are considering the offer, no final decision has been made on not transacting yet, and other possible buyers could emerge. Representatives for Cardiff and Zurich Insurance declined to comment, while spokesmen from Astra did not immediately respond to requests for comment.
Astra International, a conglomerate registered in Jakarta, has been working with a financial adviser to review Astra Life. Some of the options being considered include the establishment of a joint venture and selling part or all of the Astra Life business, which could value the business at around US$500 million.
The deals may also involve bancassurance partnerships, whereby insurers can sell their products through bank branches and other retail channels for a specified time.
Zurich Insurance, which has been operating since 1872, reports an operating profit of US$6.5 billion in 2022, with an annual growth of 12 percent compared to the same period the previous year. Meanwhile, Cardiff recorded a gross premium of US$32 billion in 2022, with a net profit of £1.4 billion, growing by 1 percent annually.
Merger with Chubb Life, OJK Revokes Cigna Insurance Business License
The Financial Services Authority (OJK) has revoked the business license of PT Asuransi Cigna, a life insurance company, due to a merger with PT Chubb Life Insurance Indonesia.
This decision was announced in the Decree of the OJK Board of Commissioners Number KEP-32/D.05/2023 dated 16 May 2023.
Asep Iskandar, Head of the Department of Licensing, Special Inspection and Quality Control of IKNB OJK, stated that the revocation of the business license was effective from 3 February 2023, under the deed of merger (merger) Number 07 dated 3 February 2023 made before notary Mala Mukti, S.H., LL.M., in Jakarta. This business merger has also been recorded in the Legal Entity Administration System, as stated in the letter from the Minister of Law and Human Rights Number AHU-AH.01.09.0061485 dated 3 February 2023.
Since the effective date of the merger of PT Asuransi Cigna with PT Chubb Life Insurance Indonesia, PT Chubb Life Insurance Indonesia has been responsible for all activities transferred. The transfer covers business and operational activities and includes share capital, employees, assets, licenses, liabilities, and all assets and liabilities of PT Asuransi Cigna in the broadest scope due to this merger.
This information is presented by L&G Insurance Broker – The Smart Insurance Broker.
—
LOOKING FOR INSURANCE PRODUCTS? DON’T WASTE YOUR TIME AND CONTACT US RIGHT NOW
L&G HOTLINE 24 HOURS: 0811-8507-773 (CALL – WHATSAPP – SMS)
website: lngrisk.co.id
E-mail: customer.support@lngrisk.co.id
—
