Liga Asuransi – Hello risk takers, we are back to discussing developments and events in the world of insurance in Indonesia in the last week. Again, we would like to convey that in daily business matters, insurance objects are not only about vehicle, health, life and property insurance, but there is still a very wide range of objects that can be insured. Almost all business processes from A to Z can be protected by insurance. In this edition, as usual, we have again collected 7 selected news related to insurance that are good for you to know. Also included are things that are currently hot lately regarding Tapera.
As always, if you are interested in this article, please share it with your colleagues so they can understand it as well as you.
OJK Revokes Kresna Life’s Business License, Observer: The Right Step to Take Protect Customer
The Financial Services Authority (OJK) has officially revoked the business license of PT Asuransi Jiwa Kresna (Kresna Life). This step is considered the right decision by insurance observer, Kapler Marpaung, to prevent customer losses from increasing.
Kapler Marpaung revealed that the OJK’s decision had gone through a long process and had given Kresna Life a lot of leeway before the permit was revoked. “If the license is not revoked, Kresna Life’s burden will become greater so that customers will suffer losses,” he said Kapler when met in Jakarta on Thursday, June 20 2024.
According to Kapler, revoking this permit is the right step to protect customer rights, considering Kresna Life’s increasingly deteriorating financial condition. The owner of Kresna Life even proposed issuing a subordinated loan (SOL) which was not approved by the policy holders, showing the shareholders’ inability to make the company healthy.
The situation was made worse by the escape of Kresna Group boss, Michael Steven, who is now a fugitive from the National Police Criminal Investigation Unit. Michael Steven had previously been named a suspect in the case of customer failure to pay at a subsidiary of PT Kresna Sekuritas.
“From a governance point of view, the owner of Kresna Life should not have to run away and be open to questioning. Moreover, based on the Limited Liability Company Law, those responsible for insurance company losses due to operational errors are all the directors,” stressed Kapler.
Kapler also regrets Michael Steven’s actions in not taking responsibility for his actions, so that policyholder customers suffer losses. “The owner doesn’t run away, it doesn’t necessarily mean that his obligations to customers can be carried out properly, let alone running away,” said Kapler, who is also a lecturer in the MM Program at the Faculty of Economics and Business, UGM.
In September 2023, Michael Steven officially became a suspect in the case of customer failure to pay at a subsidiary of PT Kresna Sekuritas, based on reports from nine customers of PT Asuransi Jiwa Kresna with losses reaching IDR 343 billion. Apart from that, Michael Steven is also a suspect in cases of alleged general crimes and other criminal acts in the insurance sector that occurred at Kresna Life, together with the President Director of Kresna Life, Kurniadi Sastrawinata.
Michael Steven and PT Duta Makmur Sejahtera (PT DMS) are shareholders of PT Asuransi Jiwa Kresna (Kresna Life). According to OJK’s statement, Kresna Life did not meet the minimum requirements and was unable to cover the financial deficit through capital contributions by controlling shareholders or inviting investors.
Kresna Life’s very deteriorating financial condition is characterized by solvency that does not reach 100 percent and RBC that is far below 120 percent. Kresna Life also failed to pay for two insurance products, namely Kresna Link Investa (K-LITA) and Protecto Investa Kresna (PIK) in 2020. As a result, around 8,900 customers experienced losses with a total value of IDR 6.4 trillion.
By revoking this permit, OJK hopes that customer losses will not increase and will be the first step in resolving bigger problems in the insurance sector.
AAUI Reports General Insurance Premium Revenue Growth of 26.1% in the First Quarter of 2024
The Indonesian General Insurance Association (AAUI) reported that general insurance premium income reached IDR 32.7 trillion in the first quarter of 2024, experiencing significant growth of 26.1 percent on an annual basis (year on year/yoy).
AAUI Deputy Chair for Statistics and Research, Trinita Situmeang, stated that the growth in premium income was driven by several main business lines. The property business line recorded the highest growth of 51.0 percent, reaching IDR 9.59 trillion. Followed by the motor vehicle business line which increased 13.8 percent to IDR 5.91 trillion, as well as the credit insurance business line which grew 19.3 percent with total revenue of IDR 4.94 trillion.
However, Trinita also noted that not all business lines experienced growth. There are three business lines that will experience contraction in the first quarter of 2024, namely satellite insurance, personal accident insurance and suretyship.
In addition, AAUI also reported an increase in claim payments in the general insurance industry of 16.9 percent on an annual basis in the first quarter of 2024 compared to the same period last year. The total claims paid reached IDR 11.5 trillion, up from IDR 9.9 trillion in the same period the previous year.
“This increase in claims occurred in most business lines, although there were five business lines that recorded a decrease in claim payments in this period,” said Trinita at a press conference in Jakarta. The five business lines are property insurance, aviation insurance, satellite insurance, liability insurance and personal accident insurance.
The paid claims ratio in this period decreased by 2.7 percent, with the paid claims ratio in the previous period amounting to 38.1 percent.
With this report, AAUI shows positive growth in the Indonesian general insurance industry, although several business lines are still facing challenges in paying claims.
Source : https://infobanknews.com/naik-261-persen-premi-asuransi-umum-tembus-rp327-triliun-di-kuartal-i-2024/
Increasing Animal Welfare Awareness, Interest in Pet Insurance in Indonesia Increases
The increasing awareness of animal welfare in Indonesia has encouraged many pet owners to look to insurance services as a form of protection for their beloved animals. Pet insurance is now increasingly in demand to protect pets from various health risks and accidents.
Today’s pet owners choose insurance to ensure access to timely and quality care. This insurance product not only covers health care costs due to illness or accident, but also offers various types of products that can be tailored to the owner’s needs, both for long and short periods.
Here is a list of six companies that offer pet insurance in Indonesia:
- Igloo Insurance Igloo Insurance offers pet insurance products that include coverage for cats and dogs. With premiums starting from IDR 75,000 per year, this insurance does not require certification of the insured pet. Benefits include health coverage for hospital stays, accidental death, pet loss, and third-party compensation.
- Pet Insurance Policy Home Rumah Polis Pet is part of the PAIB insurance company which partners with Adira Insurance. Three insurance packages are available with premiums of IDR 425,000, IDR 800,000 and IDR 1,200,000 per year. This product is designed to protect pets from a variety of risks.
- Figo Pet Insurance Figo Indonesia Insurance, based in Chicago, United States, offers pet insurance in Indonesia. Figo provides a smartphone application that makes it easy for owners to access 24-hour emergency services, task reminders, and insurance claims features.
- Sinar Mas Simas Pet Insurance Sinar Mas Simas Pet Insurance offers protection for cats and dogs with six different packages that cover the risk of theft, accidental death and legal liability to third parties. Premiums range from IDR 500,000 to IDR 50 million, depending on the age of the animal when registering or renewing the policy.
- AXA Mandiri Pet Insurance AXA Mandiri offers protection that covers animal care costs, risk of death, disability due to accidents and flight delays. This insurance provides additional protection if the owner extends their holiday.
- Zurich Insurance Zurich Insurance provides insurance products for dogs and cats with a premium of IDR 210,000 which includes policy issuance. However, Zurich does not cover losses if pets are in restricted areas.
With various insurance options available, pet owners in Indonesia now have better access to protect the welfare of their beloved animals. This increase in interest reflects a growing awareness of the importance of maintaining the health and safety of pets.
PT Asuransi Jiwa Syariah Al-Amin Distributes IDR 2.79 Billion Zakat Through Baznas
The National Zakat Amil Agency (Baznas) received Zakat, Infaq and Alms (ZIS) distribution from PT Asuransi Jiwa Syariah Al-Amin with a total of IDR 2,791,050,759. It is hoped that the handover of these funds will support various poverty alleviation and empowerment programs in Indonesia.
Head of Baznas for Human Resources, Finance and General Col. CAJ (Ret.) Drs. Nur Chamdani expressed his appreciation for the trust given by PT Asuransi Jiwa Syariah Al-Amin. “We really appreciate the trust of PT Asuransi Jiwa Syariah Al-Amin which has distributed zakat funds through Baznas,” he said.
Chamdani explained that collaboration with various parties is very important to strengthen Baznas’ role in improving the welfare of the people and alleviating poverty. The funds received will be allocated to various superior programs, including health assistance, education, economic empowerment and disaster relief. “The more companies that participate in distributing zakat funds through Baznas, the more mustahik we can help. “In this way, the welfare of the people will be achieved,” he stressed.
Independent Commissioner of Al-Amin Sharia Life Insurance, Soekotjo Soeparto, emphasized that the distribution of these funds is part of the company’s commitment to play an active role in prosperous public. “Thank God, today our management and employees have distributed funds to Baznas,” said Soekotjo.
He hopes that the funds channeled through Baznas can be used as well as possible to help people in need in Indonesia. “Hopefully these funds can be used as well as possible to help people in need in Indonesia,” added Soekotjo.
By distributing these funds, PT Asuransi Jiwa Syariah Al-Amin hopes to make a real contribution to improving the welfare of the people and helping to eradicate poverty in Indonesia.
Tukul Arowana Returns to the Small Screen After Recovering from a Stroke, Reveals the Obstacles of Without Health Insurance
Famous comedian and presenter, Tukul Arwana, returns to the small screen after a three-year hiatus due to a stroke. This news was welcomed by his fans, but another story was revealed regarding his health journey. It turned out that Tukul did not have health insurance while undergoing treatment.
According to his daughter, Vita, at the FYP event on Trans7 on Monday (17/6/2024), Tukul had to pay for medical expenses using deposit money and income from rent. “There was no (insurance), I was shocked, it seemed like my father didn’t want to take out insurance,” said Vita as quoted by detik. “I’ve always been confident, ‘I’ll always be healthy.’ When we entered the hospital we immediately panicked. I immediately called the bank There is direct deposit requested liquefied,” he continued.
It is known that the property business has been a source of income for Tukul for a long time. His late wife, Susi, often bought plots of land which were then converted into rental businesses. In a YouTube content with Atta Halilintar in 2020, Tukul revealed that he owns several lands in the Ciledug, Bintaro, Saraswati, Cipete, and Sawangan Golf areas, Kahuripan, East Java. In fact, in the area behind his own house, Tukul built 22 rented rooms.
“In the past, I never had a concept like this. I was just an entertainer (comedian),” said Tukul to Atta at that time.
The Importance of Health Insurance
The Tukul Arowana case teaches us about the importance of having health insurance. With health insurance, the financial burden that arises when sick will be transferred to the insurance company, so we only need to pay premiums or regular contributions per year.
Without health insurance, as experienced by Tukul, a person has to use personal money to cover the large amount of medical costs. This can drain large amounts of savings, reduce net worth, and force someone to sell assets or go into debt to get fresh funds.
Apart from private insurance, BPJS Health is also a good choice. If someone has difficulty getting approval for health insurance registration due to age or other reasons, BPJS can be an effective solution.
Tukul Arowana’s experience is a reminder of the importance of health insurance to avoid heavy financial burdens when facing serious health problems. Hopefully, with Tukul’s return to the world of entertainment, he can continue to work and inspire many people.
Astra Insurance Plants 1,000 Mangrove Seedlings from Garda Oto Customer Donations
Astra Insurance has succeeded in planting 1,000 mangrove tree seedlings on Pramuka Island, as part of the #Simple Steps for a Sustainable Environment. This program runs from April 1 to May 31 2024, where every customer purchasing a Garda Oto policy is accompanied by a donation of one mangrove tree.
The mangrove tree seedlings planted were the result of donations from customers who purchased Garda Oto policies during that period. This program aims to support the goal of realizing net zero emissions (NZE) by utilizing mangrove trees which are known to be effective in absorbing and locking up carbon, thereby reducing the impact of climate change.
Apart from functioning as a carbon sink, mangrove trees also help protect coastlines from the threat of hurricanes and abrasion, especially on Pramuka Island. “The planting of 1,000 mangrove tree seedlings could not have been possible without collaboration from customers and KBA Pramuka Island residents. We really appreciate the presence of customers who participated in planting with us,” said Astra Insurance Chief Compliance & Risk Management, Widya Adi Tjahjono.
Widya added, “With heart confidence, wherever we are, we want to always be useful for the people around us. Hopefully today’s planting can provide real, sustainable benefits for various parties and can truly create a sustainable environment on KBA Island Scout.”
Apart from planting mangrove seedlings, this activity also includes a beach clean-up to deal with plastic waste that pollutes coastal areas. Data from the National Coordination Team for Handling Marine Waste (TKN PSL) shows that in 2022 there will be 398 million tons of plastic waste polluting Indonesia’s seas.
After the waste was collected, the activity continued with the Organic and Inorganic Waste Processing Workshop. This workshop introduces the Pyrolysis technique to convert waste into Fuel Oil (BBM), the Eco Brick technique to recycle plastic bottles into bricks, and the Eco Enzyme technique to process household waste into multi-purpose liquids such as floor cleaners and plant fertilizer.
This workshop aims to encourage people to recycle the waste produced by each household, as the best solution for maintaining environmental welfare and creating environmentally friendly products with high economic value.
Program #Simple Steps for a Sustainable Environment is a continuation of the Tree Donation campaign launched by Garda Oto from Astra Insurance for two full months. Through this campaign, Astra Insurance invites customers to participate in providing positive benefits to create a prosperous environment, in line with Astra Insurance’s vision “Bring Peace of Mind to Millions” in supporting every step of change.
Source : https://www.olx.co.id/news/asuransi-astra-tanam-1000-bibit-mangrove/
Car Rental Boss Killed by Mob Attack in Pati, The Importance of Insurance for Car Rental Business
Sad news comes from the car rental business world in Indonesia. A car rental boss from Jakarta was killed by a mob in Pati, East Java, when he wanted to take back his car which the renter had taken away. This tragedy highlights the risks faced by car rental business owners and the importance of having adequate insurance coverage.
Cars rented to other people are at risk of being taken away by the renter, so car rental business owners are advised to protect their vehicles with insurance. “If the lost rental car is covered by car insurance, make sure the use stated in the policy is commercial use, not personal,” said Head of PR, Marcomm, & Events Astra Insurance, Laurentius Iwan Pranoto.
He explained that a lost rental car can be claimed for insurance if the use stated in the policy is commercial use, which includes activities such as rentals, online taxis, pick-up and drop-offs and tourism vehicles. However, it is necessary to ensure that the incident that occurs is not something that is excluded in the policy.
According to article 3 paragraph 1.2 of the Indonesian Motor Vehicle Insurance Standard Policy (PSAKBI), losses due to embezzlement, fraud, hypnosis, and the like are not guaranteed by the insurance company. If the car is taken away by the renter, this falls into the category of embezzlement and the claim will not be approved. On the other hand, if the car is stolen by someone other than the renter, this is included in the theft category which can be covered by insurance.
To ensure claims can be accepted, there are several things that car rental business owners need to pay attention to:
- Commercial Insurance Policies: Make sure the use in the policy is for commercial use. If currently the policy is still in personal use status, immediately endorse it by contacting the insurance company.
- Tenant Identity Verification: Ensure that the tenant’s identity, including KTP and other documents, is valid and appropriate.
- Active Document: Make sure the renter’s SIM and STNK of the rental car are active and valid.
- Driver Condition: The driver is not under the influence of alcohol or drugs and does not violate traffic rules.
- Use of Dashcam: Install a dashcam on the rental car as supporting evidence for the police report to make insurance claims easier.
Iwan also reminded Garda Oto insurance owners to submit claims no later than 5 days after the incident and follow the applicable procedures by completing the required documents.
Policy owners are also advised to review their policies to ensure the type of protection and coverage extensions suit their needs. There are two main types of coverage: Comprehensive which covers minor damage to loss, and Total Loss Only (TLO) where repair costs must be greater than or equal to 75% of the coverage price.
Expanding the guarantee is also important to provide more protection to the vehicle and driver, so that they get a better sense of security and comfort.
To increase vehicle protection, Astra Insurance offers a 25% premium discount promo during the period 1-30 June 2024. This promo applies to every purchase of a new Garda Oto policy with Comprehensive, Comprehensive Lite Package and Total Loss Only coverage types without a minimum premium through Gardaoto. com, myGarda application, and walk-in customers at the nearest branch office or Garda Center.
By having adequate insurance, car rental business owners can feel calmer and protected from unexpected risks, such as what happened to the car rental boss in Pati.
Source : https://www.olx.co.id/news/klaim-asuransi-mobil-rental/
This news is brought to you by L&G Insurance Brokers, insurance broker experienced in Indonesia.
—
INSURANCE AFFAIRS FOR YOUR BUSINESS? DON’T WASTE YOUR TIME AND CONTACT US NOW
24 JAM L&G HOTLINE: 0811-8507-773 (CALL – WHATSAPP – SMS)
website: lngrisk.co.id
—
