Liga Asuransi – The world of national insurance has been rocked again by a series of major events that cannot be ignored. Starting from the financial crisis that ensnared a number of insurance companies and pension funds, United States tariff policies that have an impact on the global financial industry, to the development of digital technology in TPA services, everything is an important highlight that is worth paying attention to. In this edition, we summarize seven of the hottest and most complete news in the insurance industry which has a broad impact on business actors, customers and regulators. Pay attention to the latest developments and understand how you can respond wisely to these various risks.
6 Insurance and 11 Pension Funds “Entered the ICU”! OJK Reveals Series of Serious Problems Threatening Customer Funds
The Financial Services Authority (OJK) revealed that as of March 24 2025, there were 6 insurance and reinsurance companies and 11 pension funds (dapen) that were on a special monitoring list due to serious problems in their financial aspects.
Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision (PPDP), Ogi Prastomiyono, emphasized that this supervisory step was carried out so that these companies could immediately make improvements to protect customers’ rights and funds.
“This step aims to encourage the recovery of the company’s financial condition for the benefit of policyholders,” said Ogi.
The good news is that the number of insurance companies on the monitoring list has decreased compared to April last year, from 7 to 6 companies. However, concerns remain high because 11 pension funds are also on the monitoring radar.
The main problems that cause these companies to be on the red list include:
- Solvency, liquidity and investment adequacy ratios are all below 80%.
- Capital problems, where the company’s capital is insufficient to cover the deficit and achieve a minimum level of financial health.
- The limited ability of shareholders to inject capital, or look for strategic investors who can save the company’s financial condition.
Ogi emphasized the importance of commitment from owners and managers of financial institutions to immediately take concrete steps, especially in strengthening capital and improving the overall financial structure.
Finally Liquid?! IDR 217 Billion Ready to be Paid to Jiwasraya Customers, Deadline 15 May 2025!
After years of waiting for certainty, dozens of Jiwasraya customers who are members of the National Consolidation (Konsolnas) finally have a glimmer of hope. On Wednesday, April 16 2025, they officially signed a policy payment agreement worth IDR 217 billion with the Jiwasraya Liquidation Team.
This agreement is the result of a direct hearing in Jakarta, and payment is promised no later than May 15 2025. “We ask that payment be made within a maximum of 30 days of the agreement being signed,” emphasized Machril, the Konsolnas representative.
However, voices of protest also echoed. Machril warned that if this agreement was ignored, it would mean that the government and regulators were also denying the constitution. “We really regret if these demands are not fulfilled, because this concerns justice for the people,” he said.
Previously, in February 2025, Konsolnas had also asked President Prabowo Subianto for direct assistance, urging that assets resulting from Jiwasraya corruption which are now managed by the Attorney General’s Office could be used to settle obligations to customers. The total value of the confiscated assets reached around IDR 9.2 trillion, consisting of IDR 1.2 trillion in the form of mutual funds and IDR 8 trillion in the form of property.
Jiwasraya customers who rejected the restructuring program to IFG Life still insisted that they were legitimate policy holders. “Those who took part in the restructuring are no longer Jiwasraya customers. We are the ones who still survive, we have the rights,” said Machril.
For information, Jiwasraya – the oldest insurance company in Indonesia which was founded in 1859 – officially had its business license revoked by the OJK on January 16 2025. The OJK also prohibited all levels of the company from carrying out activities that could reduce the value of the company’s assets, as well as ordering the dissolution of the legal entity and the formation of a Liquidation Team.
Now, with the decision to pay the policy amounting to IDR 217 billion, the public is once again pinning its hopes on a liquidation process that is transparent and fair. Machril said that this settlement was an important moment to restore public trust in the state and the national insurance system.
Sinarmas Insurance Boss Summoned by KPK, Allegations of IDR 200 Billion Corruption in Taspen Increasingly Hot
The fictitious investment corruption scandal at PT Taspen (Persero) is getting even more shocking! Now, the Corruption Eradication Commission (KPK) has officially summoned the President Commissioner of PT Asuransi Sinarmas, Indra Widjaja, to be questioned as a key witness in a case involving trillions of rupiah in investment funds.
Apart from Indra, the Corruption Eradication Commission also scheduled an examination of the former Taspen Finance Director, Helmi Imam Satriyono. Both are scheduled to undergo examination at the KPK’s Red and White Building, as stated by the KPK spokesperson, Tessa Mahardhika Sugiarto, on Tuesday (15/4/2025).
This case itself has involved two big names as suspects, namely the former Main Director of Taspen, Antonius NS Kosasih (ANSK) and the former Main Director of PT Insight Investment Management (IIM), Ekiawan Heri Primaryanto (EHP). The two suspects have been detained since early January 2025.
According to the Corruption Eradication Commission’s Director of Investigation, Asep Guntur Rahayu, state losses resulting from this fraudulent investment are estimated at IDR 200 billion, out of total investment funds of IDR 1 trillion placed in the RD I-Next G2 mutual fund product managed by PT IIM.
“It is suspected that this investment was not carried out transparently and violated the law, and benefited a number of parties,” said Asep. Several corporations suspected of receiving suspicious funds include:
- PT IIM amounting to IDR 78 billion
- PT VSI worth IDR 2.2 billion
- PT PS amounting to IDR 102 million
- PT SM amounting to IDR 44 million
All of these entities are said to have strong affiliations with the ANSK and EHP suspects.
The summons of Indra Widjaja by the Corruption Eradication Committee (KPK) has become a sharp focus because he is an influential figure in the national financial industry. Even though he only has the status of a witness, this step marks the depth of the investigation carried out by the Corruption Eradication Committee (KPK) in an effort to uncover corrupt practices that are detrimental to the civil servant’s pension funds.
Domino Effect from America! US Tariff Policy Could Disrupt Credit, Make Insurance Premiums Drag
The reciprocal tariff policy introduced by the United States Government is predicted to cause major shocks to various global industrial sectors, including Indonesian financial services.
According to Bhima Yudhistira, Director and Founder of the Center of Economic and Law Studies (Celios), this policy will have a serious impact on vital aspects of the financial industry, such as credit distribution, liquidity, interest rates and insurance premiums.
“Credit risks will increase sharply, especially in the export commodity sector such as coal, nickel, CPO (crude palm oil) as well as labor-intensive industries such as footwear and textiles,” said Bhima in his statement to Media Asuransi, Thursday (17/4/2025).
Bhima warned that the increasing risk would make banks more careful in distributing funds to business actors. As a result, credit growth will likely only stagnate below 9.5% at the end of 2025.
Not only that, liquidity flows are also expected to get tighter. Many investors are now starting to shift funds to safer instruments such as gold bullion and government bonds, leaving credit markets and real sector investments under pressure.
Bhima also reminded that the impact of US policy could encourage Bank Indonesia (BI) to increase its benchmark interest rate by between 50 and 75 basis points as a response to increasing economic pressure and the weakening of the rupiah exchange rate.
The insurance sector was not spared from the impact. The decline in premium income is starting to be felt in various lines, from the logistics sector, industry, to life and individual insurance products. “Business activity has decreased, insurance premiums have also eroded,” explained Bhima.
Giant Digital TPA Enters Indonesia! HealthMetrics Promise Unlimited Health Access, Claim Faster & Safer Thanks to AI
HealthMetrics, service provider third-party administrator (TPA) technology-based digital, officially started its operations in Indonesia. This transformation is a continuation of the acquisition of Across Asia Assist Indonesia (AAA) in 2022, which now operates under a new name: HealthMetrics Indonesia.
This strategic step emphasizes ambition HealthMetrics in building an integrated digital health ecosystem that supports the big target of Golden Indonesia 2045.
“We believe in a digital-first approach from HealthMetrics will help build better, faster and connected healthcare,” said Dr. Madan Mohan Vasandani, CEO HealthMetrics Indonesia, Wednesday (15/4).
3 Advanced Solutions Introduced
This launch presents three mainstays from HealthMetrics:
- HealthMetrics Cloud Platform – cloud-based system with high security and artificial intelligence (AI) for fast fraud detection.
- Global Member App – an application that makes it easier for users to access health services across countries such as Malaysia and Singapore.
- International Assistance Hub – connecting TPA systems across countries for a uniform and seamless service experience.
According to Advent Phang, Co-Founder and CTO HealthMetrics Group, this platform is connected to more than 15,000 health facilities in Southeast Asia. This system is able to reduce time in claims management and ensure data security is maintained.
Target Southeast Asia Digital TPA Domination
HealthMetrics not only wants to become a big player in Indonesia. With service coverage in various countries, they want to encourage collaboration with as many insurance companies as possible so that customers can access thousands of hospitals and clinics without obstacles.
“Our vision is to make cross-border health services as easy as possible. With one platform, customers can be directly connected to health networks throughout the region,” added Madan.
With support from more than 3,000 corporate companies and 100 insurance companies, HealthMetrics targets the value of the medical services it manages to reach US$1 billion by the end of 2025.
11 Customers Sue Chubb Insurance for IDR 90 Million Because Their Dengue Fever Claims Were Rejected, The Reason Makes You Shake Your Head!
The conflict between customers and insurance companies has flared up again! This time, 11 Chubb Insurance customers sued the insurance company at the South Jakarta District Court for allegedly committing unlawful acts (PMH). This lawsuit was filed by their attorney from Andi Baroar Sakti Law Office, Wednesday (16/4/2025).
According to Andi Baroar Nasution, attorney for the plaintiffs, Chubb Insurance is considered complicated and not transparent in the claims process, even though all insurance claim requirements have been fulfilled by its clients.
“The defendant often provides information that is inconsistent and seems misleading. Even though the customer has followed the procedures specified in the policy,” said Andi firmly.
Dengue Fever Insurance Claim Was Rejected
Andi explained that his clients buy Dengue Fever Insurance products with a simple understanding: if they are diagnosed with dengue fever, they are entitled to a claim. However, this claim was rejected unilaterally by the insurance company, for technical reasons which, according to Andi, were not understood by the general public.
“They bought the policy because they wanted protection. But it turns out that many of the conditions were not explained clearly from the start,” he explained.
Considered Violating the Insurance Law
Referring to Article 75 of Law no. 40 of 2014 concerning Insurance, Andi said that Chubb was suspected of providing incorrect or misleading information to policy holders. In fact, at the initial trial, the defendant did not appear in court.
“We ask the panel of judges to order Chubb Insurance to immediately process claims that should be the rights of the plaintiffs,” said Andi.
In their lawsuit, the plaintiff also demanded compensation for material losses amounting to IDR 90 million, due to the rejection of the claim which was considered baseless.
Source: https://matafakta.com/2025/04/17/klaim-dipersulit-kuasa-hukum-gugat-pmh-asuransi-chubb/
The General Insurance Industry is Crashing in Early 2025, But Life Insurance is Taking Off! What is it?
The insurance industry in Indonesia is experiencing interesting dynamics at the beginning of 2025. General insurance and reinsurance, which previously grew rapidly, are now experiencing a sharp decline in premium income. On the other hand, life insurance, which was once sluggish, is now starting to recover and show a positive growth trend.
After being under pressure since the implementation of SEOJK PAYDI in March 2022, the life insurance industry is slowly showing recovery. Premium production, which had fallen to -7.92% year on year (yoy) at the end of 2023, has managed to reverse course. As of December 2024, life insurance premiums grew 6.06% yoy, then rose higher to 10.39% yoy in January 2025, and still recorded growth of 5.15% yoy in February 2025.
However, a different situation is experienced by general insurance and reinsurance. After recording fantastic growth of 16.22% yoy in 2023, this positive trend is starting to slow down and decline. At the end of 2024, growth shrank to 3.5% yoy, then fell drastically by -17% yoy in January 2025 and -7.17% yoy in February 2025.
As a result, the overall commercial insurance industry experienced a contraction of 0.94% yoy for the period January–February 2025. Recorded premium values:
- Life insurance: IDR 32.35 trillion (+5.15% yoy)
- General insurance & reinsurance: IDR 27.91 trillion (-7.17% yoy)
Capital remains strong, no need to panic
Even though there has been a decline in some sectors, the Financial Services Authority (OJK) ensures that the insurance industry’s capital is still very strong. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision (PPDP), Ogi Prastomiyono, stated that the Risk Based Capital (RBC) level is still far above the minimum limit.
“Life insurance recorded an RBC of 466.40% and general insurance and reinsurance of 317.88%, far above the minimum threshold of 120%,” explained Ogi.
With capital conditions remaining solid, the insurance industry is believed to be able to face challenges and maintain public trust in the future.
The series of news above shows how dynamic and complex the insurance industry is today—from liquidity challenges, a crisis of confidence, to digital transformation that offers new opportunities. In the midst of this turmoil, it is important for every business actor and stakeholder to have a solid and measurable risk management strategy. This article was prepared by L&G Insurance Broker, insurance broker trusted provider in Indonesia who is ready to help you in designing insurance-based protection solutions for all lines of business. Contact us today, and ensure your business remains resilient against all odds.
