Liga Asuransi – Hello business people, let’s review important developments and events in the world of Indonesian insurance over the past week. Please remember, in the business world, insurance is not only limited to vehicles, health, life or property. Insurance coverage is extensive, covering almost every aspect of your business operations. In this edition, we have summarized 7 main news related to insurance that you must know, including the latest discussion about Tapera. If you find this article useful, don’t hesitate to share it with your colleagues so they can also get this valuable information.
Cyber Insurance is Increasingly Important! Check out the real steps taken by Indonesia Re and Munich Re to deal with cyber attacks
PT Reinsurance Indonesia Utama (Persero) or Indonesia Re together with Munich Re have just held a discussion regarding risk Cyber Insurance at the Pullman Hotel, Jakarta, on September 4 2024. This event was attended by various stakeholders such as PT Asuransi Asei Indonesia (Asuransi Asei), PT Surveyor Indonesia (PTSI), PT Sentra Proteksi Data Teknologi Indonesia (PrivasiMu), as well as cyber experts from Munich Re .
The main aim of this discussion is to increase understanding of Cyber Insurance in Indonesia, especially in facing implementation Law no. 27 of 2022 concerning Personal Data Protection (PDP) which will officially come into effect in October 2024. In this law, personal data controlling institutions are required to carry out a risk impact assessment on Personal Data Protection, where violations can be subject to administrative fines of up to 2% of annual income.
Delil Khairat, Technical Director of Operations at Indonesia Re, emphasized the importance of collaboration between stakeholders to overcome increasingly complex cyber risks. Cyber Insurance it is becoming increasingly important for companies to anticipate the risks posed by cyberattacks and data breaches. This policy helps companies protect themselves from legal costs and internet-based threats that affect technology and information infrastructure.
In this discussion, Munich Re shares insights about the cyber insurance underwriting and benchmarking process from various countries. PTSI also revealed its role in standardizing cyber protection in Indonesia, while PrivacyMu presented platforms and assessments of cyber protection systems that are relevant to UU PDP.
As part of the event, a Memorandum of Understanding was signed between Asei Insurance, PTSI and PrivacyMu regarding cooperation in the Personal Data Protection Services Package. This collaboration is expected to be able to strengthen industry readiness in facing increasingly challenging cyber risks.
Source : https://www.liputan6.com/news/read/5706140/strategi-indonesia-re-dalam-menghadapi-ancaman-siber
Insurance Industry Threatened! New Capital Rules in 2026 and 2028 Ready to ‘Topple’ Companies?
With the implementation of Statement of Financial Accounting Standards (PSAK) 117 which is effective starting January 1 2025, the insurance industry will face new challenges in meeting minimum capital regulations in 2026 and 2028. This rule is stated in Financial Services Authority Regulation (POJK) Number 23 of 2023 concerning Business and Institutional Licensing for Insurance Companies, Sharia Insurance, Reinsurance and Sharia Reinsurance.
The Financial Services Authority (OJK) revealed that many insurance companies are still in position wait and see related to meeting the minimum capital. In fact, according to the Chief Executive of OJK Insurance Supervision, Ogi Prastomiyono, currently there are two insurance companies that are considering handing over their business permits. This is done for efficiency or because of the inability to meet future capital requirements.
Ogi also added that several insurance companies still face capital limitations. Therefore, a merger, acquisition or consolidation process such as that which occurs in the banking sector could be a solution. This challenge is further strengthened by the implementation of PSAK 117 which is predicted to increasingly burden the financial condition of insurance companies, making it difficult for them to meet minimum capital regulations in 2026 and 2028.
Insurance observer Irvan Rahardjo predicts that there will be a wave of mergers and acquisitions in the life insurance industry before the deadline for meeting the minimum capital arrives. Irvan also reminded that some companies are at risk of failing to comply with these regulations.
This minimum capital rule will be implemented in two stages. In the first stage, each insurance company must have a minimum equity of IDR 250 billion, while for sharia insurance the minimum is IDR 100 billion, with a deadline for fulfillment of December 31, 2026.
The second stage will start on December 31, 2028, where insurance companies will be grouped into two clusters based on their equity. Companies belonging to the Equity Based Insurance Company Cluster (KPPE) 1 must have a minimum equity of IDR 500 billion (Sharia insurance IDR 200 billion). Meanwhile, companies classified as KPPE 2 must have minimum equity of IDR 1 trillion (Sharia insurance IDR 500 billion).
10 Life Insurance Giants with the Largest Equity in 2024, Who Dominates the Market?
The Financial Services Authority (OJK) noted that the total equity or capital of life insurance companies reached IDR 126.33 trillion by June 2024, experiencing growth of 2.63% on an annual basis compared to IDR 123.21 trillion in the same period the previous year.
From data summarized by Kontan, there are 10 life insurance companies with the largest equity as of June 2024. Interestingly, the majority of companies with large equity are owned by foreign shareholders.
The first position is occupied by PT Indolife Pensiontama, which recorded equity of IDR 17.75 trillion. Ownership of this company is owned by PT Lintas Sejahtera Langgeng and PT Cakra Intan Sakti, each amounting to 49.73%.
PT Manulife Indonesia Life Insurance occupied second place, with equity reaching IDR 15.78 trillion. Manulife Financial Asia Limited controls the majority of shares in this company with a portion of 95%.
In third position, PT Asuransi BRI Life (BRI Life) has equity of IDR 9.6 trillion. The shares in this company are owned by PT Bank Rakyat Indonesia (Persero) Tbk by 51% and FWD Management Holdings by 43.96%.
PT AIA Financial occupies fourth position with equity of IDR 9.05 trillion. The majority of shares in this company are owned by AIA International Limited with a portion of 94.99%.
In fifth order is PT MSIG Life Insurance Indonesia Tbk, which recorded equity of IDR 7.45 trillion.
PT Sun Life Financial Indonesia occupied sixth position, with equity of IDR 7.41 trillion. Sun Life Assurance Company of Canada is the majority shareholder of 95.86%.
In seventh position, PT Sequis Life Life Insurance recorded equity of IDR 7.05 trillion, with PT Sequis owning 68.34% of the shares and PT Gunung Sewu Kapital 31.65%.
In eighth position, PT Asuransi Allianz Life Indonesia recorded equity of IDR 6.16 trillion, with majority ownership by Allianz of Asia Pacific & Africa GmbH amounting to 99.76%.
The ninth position is occupied by PT Prudential Life Assurance, which recorded equity of IDR 5.95 trillion. The majority shareholder is Prudential Corporation Holdings Limited with a share of 94.62%.
The tenth position is occupied by PT BNI Life Insurance, which has equity of IDR 5.93 trillion, with PT Bank Negara Indonesia (Persero) Tbk as the majority shareholder at 60%, and Sumitomo Life Insurance Company at 39%.
Good news! Life Insurance for 2024 Hajj Pilgrims Who Die is 100% Disbursed – Here is the List of Amounts
Life insurance for 497 regular Hajj pilgrims who die in 2024 has been fully disbursed. Director of Domestic Hajj Services at the Ministry of Religion (Kemenag), Saiful Mujab, confirmed that all life insurance had been paid to the families of the pilgrims concerned.
“The Ministry of Religion noted that 497 regular Hajj pilgrims died during the 1445 H/2024 AD Hajj pilgrimage, both during operations and afterwards, both in Indonesia and in Saudi Arabia. All life insurance has been disbursed 100% through the accounts of the pilgrims who died,” said Saiful Mujab in Jakarta, Thursday (19/9/2024).
The Ministry of Religion is collaborating with PT JMA Syariah to provide insurance for regular Hajj pilgrims from Indonesia departing this year. The insurance provided includes life and accident insurance. Apart from that, eight pilgrims also received extra cover compensation from Garuda Indonesia and Saudia Airlines if they died in the airline’s area of responsibility during Hajj operations.
“The insurance provided is equivalent to the value of the Hajj Travel Costs (Bipih) paid by the congregation based on their respective embarkation. The disbursement process can be carried out by the heirs through the Deposit Receiving Bank where the congregation opened a Hajj account,” added Saiful Mujab.
A total of five congregations received compensation from Garuda Indonesia, while the other three from Saudia Airlines. The following is a list of the amount of life insurance per congregation member who dies according to embarkation:
- Aceh Embarkation: IDR 49,995,870.00
- Medan Embarkation: Rp. 51,145,139.00
- Batam Embarkation: IDR 53,833,934.00
- Padang Embarkation: IDR 51,739,357.00
- Palembang Embarkation: IDR 53,943,134.00
- Jakarta Embarkation (Pondok Gede & Bekasi): Rp. 58,498,334.00
- Solo Embarkation: IDR 58,562,008.00
- Surabaya Embarkation: IDR 60,526,334.00
- Balikpapan Embarkation: IDR 56,510,444.00
- Banjarmasin Embarkation: IDR 56,471,105.00
- Makassar Embarkation: IDR 60,245,355.00
- Lombok Embarkation: IDR 58,630,888.00
- Kertajati Embarkation: IDR 58,498,334.00
Efficiency or Failure to Meet Capital? Two Insurance Companies Choose to Withdraw from the Market
Two insurance companies have decided to return their business licenses to the Financial Services Authority (OJK) due to their inability to meet the minimum equity requirements set. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision, Ogi Prastomiyono, explained that this decision was taken in relation to efficiency and consolidation, because the two companies did not have sufficient capital to continue operating.
“Currently there are two insurance companies that are considering returning their business licenses for reasons of efficiency, consolidation and their possible inability to meet minimum capital requirements,” explained Ogi in a written statement on Thursday (12/9/2024).
Ogi also emphasized that many insurance companies currently have limited capital, so mergers, acquisitions and consolidation in the insurance industry are inevitable steps, similar to what has happened in the banking sector.
Ogi added that most insurance companies are still waiting to see further developments regarding meeting the minimum capital requirements scheduled for 2026 and 2028. In 2026, conventional insurance companies are required to have a minimum capital of IDR 500 billion, and this figure will increase to IDR 1 trillion. in 2028. Meanwhile, conventional reinsurance companies must increase their minimum capital from IDR 200 billion to IDR 1 trillion in 2026, and reach IDR 2 trillion in 2028.
Performance Jumps 82%! Tugu Insurance Leads the Fire Insurance Market, What’s the Secret?
PT Asuransi Tugu Pratama Indonesia Tbk (Tugu Insurance) recorded positive performance growth during the period January to July 2024. Tugu Insurance’s gross premiums experienced a significant increase of 82% compared to the same period in the previous year.
President Director of Tugu Insurance, Tatang Nurhidayat, explained that several external and internal factors supported this growth. From the external side, the increase in company performance is supported by the stable growth of the general insurance industry and the increasingly improving Indonesian economy. Meanwhile, from the internal side, the biggest contribution came from improvements in a number of the company’s business lines.
The business segment that contributed most to Tugu Insurance’s gross premiums was fire insurance, which grew rapidly to 157% on an annual basis in July 2024. Tatang added that this achievement exceeded the company’s target.
Tatang also explained that Tugu Insurance had succeeded in implementing the right risk management strategy. In addition, the company is actively developing captive and non-captive businesses and expanding penetration in the corporate sector, both state-owned and non-state-owned, as well as the retail segment.
Effective marketing strategies by expanding new distribution channels are also implemented to increase market reach. In addition, Tugu Insurance continues to diversify its products, develop more competitive services, and strengthen digitalization to increase customer loyalty.
Tatang hopes that, with the various strategies that have been implemented, Tugu Insurance can continue to grow and record positive performance. The Financial Services Authority (OJK) noted that in July 2024, general insurance and reinsurance premium income increased 14.28% YoY to IDR 88.77 trillion, while life insurance only grew 2.15% to IDR 104.3 trillion.
Source : https://keuangan.kontan.co.id/news/premi-tugu-insurance-naik-82-pada-juli-2024
OJK is preparing new health insurance regulations, what will be the impact on customers?
The Financial Services Authority (OJK) is currently in the final stages of finalizing and coordinating with various related parties regarding new regulations that will regulate Health Insurance Products through an OJK Circular Letter (SEOJK).
Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision, Ogi Prastomiyono, stated that the OJK is improving several important aspects in marketing health insurance. Several things that will be regulated in SEOJK include product design, governance, and criteria for companies that can market health insurance.
This rule will later become part of the implementation of POJK 8 of 2024 which regulates Insurance Products and Marketing Channels. It is hoped that the SEOJK can be completed and included in the OJK legislative program in the first quarter of 2025.
In terms of health insurance performance, Ogi explained that in life insurance, health insurance premium income until July 2024 reached IDR 17.24 trillion, an increase of 32.98% on an annual basis. Health insurance claims in the same period reached IDR 12.45 trillion, up 22.33% YoY. For general insurance, health insurance premiums grew 19.47% to IDR 5.83 trillion, with claims increasing 7.99% to IDR 4.1 trillion. The claims ratio for health insurance in life and general insurance is still stable at 80%.
Source : https://keuangan.kontan.co.id/news/ojk-tengah-finalisasi-aturan-produk-asuransi-kesehatan
This news is brought to you by L&G Insurance Brokers, insurance broker experienced in Indonesia.
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