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5 Selected Insurance News for November 2022 – Third Week

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Liga Asuransi – We are in the middle of the fourth quarter of 2022. Again, we present 5 selected news about the Indonesian insurance industry. We hope this will be helpful for you. If you are interested, please share with colleagues, so they understand.

  1. Marine Hull Insurance Business Forecasted to be Sluggish until the End of the Year

KONTAN.CO.ID – JAKARTA. Ship hull insurance products that cover damage or loss to ships due to hazards at sea such, as bad weather, collisions, sinking, fire, and so on are currently sluggish.

Based on general insurance industry performance data in the first semester of 2022, there appears to be a decrease in premiums recorded in the marine hull insurance business line by 1.1% to IDR 1.12 trillion compared to the same semester in the previous year.

By comparison, in the first half of 2021, marine hull insurance premium income grew 7.1% annually to IDR 1.14 trillion.

With the decline in premiums in this line of business, Executive Director of the Indonesian General Insurance Association (AAUI) Bern Dwyanto said, the marine hull insurance business line has indeed stagnated growth.

“Therefore, it is estimated that the growth of the hull insurance business will remain the same until the end of 2022,” Bern told KONTAN, Wednesday (16/11).

From a player perspective, the President Director of Asuransi Bintang (ASBI) HSM Widodo also acknowledged that the marine hull insurance business is declining. Widodo said that as of September 2022, the performance of the ship hull insurance business had fallen to 1%, amounting to Rp. 327 billion, from 3% or Rp. 353 billion in the previous month.

With the current poor conditions and ecosystem, ASBI has made a lot of preparations, including efforts to accelerate the launch of PAYDI products.

“Regarding the target, with the current bad conditions, we hope that the PAYDI license can be issued soon to be able to improve performance in this business,” Widodo told KONTAN, Wednesday (16/11).

Source: https://keuangan.kontan.co.id/news/business-asuransi-rangka-kapal-diramal-lesu-Jadi-akhir-tahun

  1. Trends in Electric Motorized Vehicles Here’s the View of Leasing & Insurance Companies 

Bisnis.com, JAKARTA — Indonesia will have a significant number of electric vehicles in the next 10 years. Chairman of the Association of Indonesian Financing Companies (APPI) Suwandi Wiratno also said that the trend of electric motorized vehicles would still experience growth going forward. 

With support from the government for electric vehicle infrastructure, it is projected that by 2031 there will already be 7,000 charging stations for electric vehicles in Indonesia. Furthermore, the potential for growth in the electricity market in 2035 for 2-wheeled cars is projected to be 12 million units and 1 million units for 4-wheeled vehicles. 

“The EV market in Indonesia will grow because Indonesia’s population is enormous. If later the availability of electric cars is plentiful, surely they will start to enter one by one. Of course, they must be accompanied by good infrastructure availability, ” Kelvin said in a webinar on Thursday (17/11/2022). 

According to him, although this condition is an opportunity for finance companies. However, there are still some risks, such as the price of electric vehicles being considered too high. On the other hand, the public must also be thinking about secondary market prices. 

On the same occasion. PT Asuransi MSIG Indonesia projects that the number of electric motorized vehicles will overgrow over the next 15 years. This is in line with the transition from fuel-based to electric cars carried out by some countries.

MSIG Indonesia Insurance Deputy Director Bernard Wanandi said globally, and electric motorized vehicles have experienced significant growth from 2020 to 2021, where the number of electric vehicle units has almost doubled. 

“In the first semester of 2022, electric motorized vehicles globally experienced a 62 percent increase compared to the first semester of 2021. However, this growth has been slow due to component shortages and the war in Ukraine,” said Bernard. In detail, sales of electric vehicles in the United States (US) and Canada increased by 49 percent for the first semester from year to year. Then China also recorded a growth of 113 percent, with BYD and Tesla as the most contributing brands.

Meanwhile, in Indonesia, Bernard said that the growth of electric vehicles had also increased, wherein in the second semester of 2022, it was reported that 5,600 units had been sold.

Source:  https://finansial.bisnis.com/read/20221117/89/1599402/tren-kendaraan-bermotor-listrik-begini-pandangan-leasing-company-asuransi.

  1. Affected by macroeconomic conditions, Manulife Indonesia’s premiums fell in the third quarter of 2022

JAKARTA, KOMPAS.com – PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) explained that the decline in premiums that occurred in the third quarter of 2022 occurred for several reasons.

Chief Bancassurance Officer PT Asuransi Jiwa Manulife Indonesia Amy Gochuico revealed that one of the reasons for the decline in premiums was the influence of macroeconomic conditions.

“Premiums have fallen due to macroeconomic conditions. We are optimistic that we can continue to grow and contribute to the insurance industry. (14/11/2022). 

Nonetheless, he said, Manulife Indonesia has a strong foundation. That way, it is confident that it will continue to grow. 

“We have a strong foundation, for example, the company’s product and management team,” he added. 

To continue to boost company performance, Manulife Indonesia has begun to develop digital insurance products, for example, through collaboration with Bank DBS Indonesia. 

Amy said launching digital products through bancassurance is the company’s effort to continue to innovate in launching products that people need. 

“We remain optimistic about the performance of bancassurance and market conditions. We want more millennials to have insurance products,” he said. 

For information, Manulife Indonesia recorded a net premium income of IDR 7.46 trillion. This figure decreased by 16.1 percent annually compared to last year’s IDR 8.89 trillion.

This also impacted the depreciation of the company’s assets in the third quarter of 2022 to IDR 59.15 trillion. This amount decreased by 1.4 percent annually compared to last year’s IDR 59.96 trillion. 

In addition, Manulife Indonesia recorded a profit after tax of IDR 1.42 trillion until the third quarter of 2022. This number grew 95.4 percent annually compared to last year’s IDR 725.06 billion. 

Meanwhile, the health ratio reflected in the company’s risk-based capital (RBC) is 594 percent. This amount is above the OJK threshold of 120 percent.

Source: https://money.kompas.com/read/2022/11/14/181000726/terpengaruh-condition-economy-makro-premi-manulife-indonesia-turun-di-kuartal.

  1. BNI (BBNI) Raise Voice Regarding BNI Life Sales News 

Bisnis.com, JAKARTA — The holding company of PT BNI Life, namely PT Bank Negara Indonesia Tbk. (BBNI) stated that until now, there is no plan to sell the shares of its subsidiary to investors.

BNI Corporate Secretary Okki Rushartomo said that BNI as a group is still focused on continuing to develop its business going forward by increasing its subsidiaries’ added value. 

“BNI Life will continue to focus on developing the life, health, and protection insurance business. This service will be gradually integrated with BNI services, including through the BNI Mobile Banking service,” he told Bisnis, Thursday (17/11).

In addition to optimizing the existing subsidiary business, Okki added, BNI is also trying to strengthen it by forming new subsidiary companies, namely acquiring Bank Mayora, developing BNI Ventura, and BNI Securities Pte. Ltd. in Singapore. 

As previously reported by Bloomberg, BNI Life Insurance was reportedly being targeted by some investors. It was stated that Singapore Holding Pte and Prudential Plc are one of the insurance companies considering acquiring BNI Life shares from its parent company, Bank BNI. The news even stated that PT Astra International Tbk (ASII) reportedly has the potential to purchase the BNI insurance company. 

Regarding this news, previously, the Head of Corporate Communication of Astra International, Boy Kelana, said that his party had yet to be able to confirm Astra International’s planned acquisition of BNI Life.

“In principle, Astra is always open to every business opportunity following the analysis results and Astra’s values. For now, there is no information we can convey,” said Boy.  

For information, Bank BNI has a 60 percent stake in BNI Life. At the same time, the remaining 40 percent is owned by Sumitomo Life Insurance Co. The last named company is a Japanese insurer that is also a longtime investor in Singapore Life, which private equity firm TPG Inc. and UK-based insurer Aviva Plc back.

Source:  https://finansial.bisnis.com/read/20221117/215/1599455/bni-bbni-angkat-voice-mengenai-kabar-penjualan-bni-life.

  1. Minister Erick Appoints BPJS Health Actuary to Jasindo, Director of Operations 

Bisnis.com, JAKARTA – Shareholders of PT Asuransi Jasa Indonesia (Jasindo) appointed Ocke Kurniadi as the new Director of Operations. 

Ocke’s entry replaces Teguh Permana’s position, which was honorably dismissed on September 9, 2022.

Ocke’s appointment was based on the Decree of the Minister of State-Owned Enterprises and the Main Director of the Limited Liability Company (Persero) PT Bahana Pembinaan Usaha Indonesia as Shareholders of PT Asuransi Jasa Indonesia Number: SK- 257/MBU/11/2022 and Number: 016/KepSir-PS/BPUI/XI/2022 concerning Dismissal and Appointment of Members of the Board of Directors of PT Asuransi Jasa Indonesia dated 16 November 2022. 

Also Read: Profile of Ocke Kurniadi, Director of Jasindo Operations from BPJS Health ” It’s true [Ocke has become Jasindo’s Director of Operations]. Thus, the composition of [Jasindo’s] board of directors is complete,” said Ngalim Sawega, Main Commissioner concurrently Jasindo Independent Commissioner, Thursday (17/11/2022).

He said Ocke was a senior actuary. With this role, it is believed that Ocke will bring Jasindo back into being a respected insurance company. 

“I’m sure Jasindo will again become a respected insurance company,” said Ngalim. 

As seen on his Linkedin page, Ocke has served as Deputy Director of BPJS Kesehatan since 2017. He also serves as an actuary for the world’s largest public healthcare agency.

With these changes, the composition of the Board of Directors of PT Asuransi Jasa Indonesia 2022 is as follows: 

  • Andy Samuel, Main Director. 
  • Linggarsari Suharso, Director of HR and General Affairs. 
  • Bayu Rafisukmawan, Director of Finance and Investment. 
  • Diwe Novara, Director of Business Development. 
  • Syah Amondaris, Director of Strategic Business 
  • Ocke Kurniandi, Director of Operations.

Source: https://finansial.bisnis.com/read/20221117/215/1599223/menteri-erick-angkat-aktuaris-bpjs-kesehatan-jadi-direktur-operasi-jasindo.

This information is presented by L&G Insurance BrokerThe Smart Insurance Broker 

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