Liga Asuransi – Hello risk takers, in the fourth week of March 2024 we will once again discuss developments and events in the world of insurance in Indonesia in the last week, because as we all know, the object of insurance is not only vehicles, life, health or property, but also The scope of objects that can be insured is very wide, especially in the business sector. 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.
As always, if you are interested in this article, please share it with your colleagues so they can understand it as well as you.
IFG is Committed to Strengthening Dominance to Become a General Insurance Market Leader
The state-owned insurance and guarantee company, PT Bahana Pembinaan Usaha Indonesia (BPUI) or Indonesia Financial Group (IFG), has stated its commitment to increasing market share in the general insurance business and becoming the number one market leader in the fourth year after its formation. They plan to achieve this goal by utilizing synergies between holding members. Several general insurance companies under the auspices of this state-owned enterprise (BUMN) include PT Asuransi Jasa Raharja (Jasa Raharja), PT Asuransi Kredit Indonesia (Askrindo), and PT Asuransi Jasa Indonesia (Jasindo).
IFG, together with its holding members, is determined to maintain its superior position in the general insurance market by increasing the value offered to customers, deeper market penetration, and creating competitive advantages through cooperation between IFG holding members. One of IFG’s development focuses is to make insurance companies reliable risk management partners for their partners and customers as well as ensuring operational excellence for all holding members through the application of information technology.
IFG is also committed to making a sustainable contribution to the development of the Non-Bank Financial Industry (IKNB) in Indonesia, especially in the insurance, guarantee and investment sectors. They plan to digitize integrated business processes throughout the IFG ecosystem to increase competitiveness and contribution to IKNB. IFG was founded with the aim of strengthening the insurance industry through restructuring insurance companies, improving risk management governance, and building more competitive synergies to accelerate growth.
AXA Mandiri Releases Sharia Amanah Protection Insurance: Make Dreams and Glory Come True with Comprehensive Protection
AXA Mandiri Launches Sharia Trust Protection Insurance to Realize Trust and Glory in the World and the Hereafter
AXA Mandiri presents the latest sharia-based products that provide comprehensive protection according to sharia principles. With this Amanah Syariah Protection Insurance, customers can plan for the future and protect themselves and their families from financial risks with innovative benefits.
Uke Giri Utama, Director of AXA Mandiri, stated that this product is designed to help customers maintain trust in everyday life, including protecting themselves, others and worship. With a variety of life, health and end-of-life insurance benefits, this product offers a diversity of protection to suit individual needs.
This insurance not only offers protection for critical conditions and family financial risks, but also provides the opportunity to realize future dreams. Features such as badal hajj and waqf provide added value for customers to achieve blessings and glory in the afterlife.
Apart from that, this product also offers post-mortem services and underwriting surplus, which are funds that can be used to help other policyholders in risk situations. In this way, AXA Mandiri makes a positive contribution to society through innovative sharia-based products.
Amanah Syariah Protection Insurance is available in various package options with flexible contribution payment terms, so customers can choose according to their needs and financial capabilities. With this product, AXA Mandiri invites people to manage risks from an early age and achieve their dreams while achieving glory in the afterlife.
Astra Insurance Wins Prestigious Award: Garda Oto Achieves Highest Ranking in Wow Brand Awards 2024
Astra Insurance, a business entity of PT Astra International Tbk, a national company that has 283 subsidiaries in various sectors such as automotive, financing services and insurance, has just received extraordinary recognition. According to the official announcement received from Astra Insurance, they succeeded in winning three prestigious awards in the Best Car Insurance category by obtaining the Gold Champion title at the 2024 Wow Brand Awards for Garda Oto car insurance products.
In this assessment, an online survey was conducted from November 2023 to January 2024 for 100 different categories. This survey involved more than 500 respondents from economic classes B and C, with an age range of 17-56 years, the majority of whom worked as employees, entrepreneurs and housewives.
The assessment process is based on the criteria of Creativity, Innovation, Reach and Impact through evaluation by judges who are experts in their fields, based on previously submitted campaign materials.
Garda Oto, a car insurance product from Astra Insurance, has become one of their superior products. Now, they provide various conveniences for customers, from purchasing and extending policies, to reporting claims and access to the Garda Siaga emergency service via the Garda Mobile Otocare mobile application.
This effort reflects Garda Oto’s commitment to increasing the financial literacy of society as a whole, from an early age.
KB Bank Files a Lawsuit of IDR 1.56 Billion against Askrindo at the South Jakarta Court
Bank KB Bukopin Tbk., known as KB Bank, filed a lawsuit against PT Asuransi Kredit Indonesia, or Askrindo, at the South Jakarta District Court. This lawsuit, with case number 269/Pdt.G/2024/PN JKT.SEL, covers a dispute value of IDR 1.56 billion. However, there is no information regarding the charges filed in this case.
The case has been registered and scheduled for initial hearing on March 27 2024, after being determined on March 14 2024. Askrindo, which is part of the Indonesia Financial Group (IFG), plays a role in providing guarantees or compensation for bad credit provided by financial institutions to Micro, Small and Medium Enterprises (MSMEs).
KB Bank, on the other hand, has a majority stake of 66.88% owned by investors from South Korea, Kookmin Bank Co. Ltd. In addition, STIC Eugene Star Holding Inc also owns 16.98% of KB Bank shares as of February 29 2024. The remaining shares, amounting to 16.14%, are owned by the public.
In 2019, Bank Bukopin, before becoming KB Bank, collaborated with Askrindo regarding various insurance products, such as Letter of Credit (LC) Coverage or Domestic Letter of Credit (SKBDN), Productive General Credit Insurance in the Context of Asset Optimization, and Construction & Non-Construction Credit Insurance (Project Financing).
However, there is no information regarding the relationship between this collaboration and the ongoing case at the South Jakarta District Court. Until now, Bank Bukopin and Askrindo have not provided information regarding this case.
Tugu Insurance Becomes Investors’ First Choice: Significant Increase in Profits and Large Dividend Potential Attracts Attention
PT Asuransi Tugu Pratama Indonesia Tbk. (TUGU), better known as Tugu Insurance, is being targeted by investors because of its significant profit growth in 2023. Trading data shows that TUGU shares have become a favorite of foreign investors since mid-February 2024, with a net buy of IDR 3.33 billion. Analyst from Kanaka Hita Solvera, Raditya Krisna, explained that foreign net buys in TUGU shares were the largest among other general insurance companies. According to him, apart from positive sentiment towards TUGU’s financial performance in 2023, the potential for dividend distribution is also a consideration for investors.
“Ahead of the announcement of financial performance in 2023 which is predicted to grow solidly and record the highest profit in history, many investors are looking forward to the distribution of large dividends, so it is natural that there will be an accumulation of shares, including from foreign investors,” he said in an official statement, on Friday (15 /3/2023). Based on the monthly financial report of the parent company TUGU as of December 2023, its net profit has reached IDR 1.25 trillion or an increase of 215% on an annual basis from IDR 397 billion in the previous year.
TUGU is a general insurance company that routinely distributes dividends every year. In the 2021 and 2022 financial years, TUGU’s dividend payout ratio reached 40%, an increase from 35% during the pandemic. “If the consolidated profit until September 2023 reaches IDR 1 trillion and the assumed dividend distribution ratio is 40% of net profit, then the value will reach IDR 400 billion or the equivalent of a yield of 10.3% from the current price. This is very attractive because it is more than 2x the deposit interest rate ,” he added. Kiwoom Sekuritas analyst, Abdul Azis, also assessed that the brilliant performance and potential for large dividends with attractive yields were also positive catalysts for foreign investors who accumulated TUGU shares.
“In addition to the high dividend yield, the valuation and liquidity aspects of transactions are also determining factors for foreign investors’ interest in entering TUGU. With a cheap valuation with a PBV of less than 0.5x and TUGU’s position as the most liquid stock in the general insurance sector, it is also a driving factor for current incoming foreign capital,” he explained. He also added that compared to its competitors, TUGU has strong capital strength, so its ability to distribute dividends is also solid. “Attractive valuations and high dividend yields ultimately increase the margin of safety in investing in TUGU shares. This is what encourages foreign investors’ interest in accumulating,” he concluded.
Xpander Car Collides with Porsche Parked in Showroom, Can Insurance Claim Cover the Damage?
The Xpander car that crashed into a Porsche parked in a showroom in the Pantai Indah Kapuk (PIK) area, North Jakarta went viral on social media. The Porsche that was hit was estimated to be worth IDR 9 billion. From the video circulating on social media, the Xpander car initially crashed into one of the showrooms at PIK. As a result, the metal panel of the showroom windshield fell and broke, damaging the Porsche hood. This incident also attracted a lot of attention and one of the statements that came to mind was whether the owner of the Xpander car could submit an insurance claim for the damaged showroom or Porsche car? Laurentius Iwan Pranoto as Head of PR, Marcomm, and Events PT Asuransi Astra Buana (Asuransi Astra) also answered this question. According to him, in accordance with what is stated in the Standard Indonesian Motor Vehicle Insurance Policy (PSAKBI) Article 2 Legal Liability Guarantee for Third Parties, the incident of a car crashing into a luxury car showroom can be covered and borne by the insurance company if the car that caused the loss has an extended Legal Liability Guarantee. Third Party (TJH Third Party).
“The insurance company will provide compensation for losses suffered by third parties accompanied by claims in the form of property damage, namely in this case, damage to the showroom area and luxury cars affected by the loss,” said Iwan in his official statement, quoted Friday ( 3/15/2024). Apart from that, insurance claims can also cover reimbursement for medical costs paid to third parties. As well as compensation for bodily injury and/or causing death to a third party, provided that it is in accordance with the maximum benefit taken within the extended limit of the third party TJH guarantee and stated in the policy.
Although extended car insurance with third party TJH can cover losses, Iwan added that before continuing the claim process and third party TJH Guarantee process, there are several things that need to be confirmed again, including the insurance guarantee held by the insured, having an expanded legal liability guarantee for third parties. . Then the maximum limit for reimbursement of third party TJH benefit claims is as selected and stated in the policy. “Then there must be a claim from a third party and the person experiencing the loss is not a party related to the insured such as husband or wife, children/heirs, parents or siblings, parents and others,” said Iwan. Then it must also be ensured that the cause of the incident is a risk guaranteed in the policy and is not an exception to the policy as stated in PSAKBI Chapter II Article 3 regarding exclusions from coverage for loss, damage and/or costs for motor vehicles and/or legal liability towards third parties. . Some exceptions include incidents caused by the intentional actions of the insured and/or the driver and/or people who work for and/or are people under the direction of the insured. Then, when loss or damage occurs, the motorized vehicle is driven by someone who does not have a valid driving license (SIM) and is in accordance with its intended purpose. Claims also cannot be paid if at the time of the incident the driver was under the influence of alcohol, illegal drugs or other dangerous substances. “Therefore, it is important to review the policy you have carefully to ensure the type of protection and the extension of the guarantee are as needed,” said Iwan. Furthermore, Iwan also explained that there are two types of coverage in vehicle insurance, namely comprehensive which provides coverage for minor damage, serious damage to loss, and Total Loss Only (TLO) where repair costs must be greater than or equal to 75% of the coverage price. “Then the expansion of the guarantee also needs to be carried out according to needs in order to provide more protection for the vehicle and the driver so that they feel even better safe and comfortable,” he said.
Mega Insurance Releases Sharia Homecoming Insurance & Micro Product Expansion: Total Protection for Eid Holidays
The general insurance company Mega Insurance, which is managed by Chairul Tanjung through PT Mega Corpora, has just released a homecoming sharia personal accident (PA) insurance product to welcome the 2024 Eid holiday. This product is aimed at anticipating an increase in people’s movements during homecoming which is predicted to reach 71.7 % compared to the previous year.
According to Chief Sharia Business Officer Mega Insurance, Iim Qoimmuddin, before going home, it is important for people to protect themselves with insurance protection to avoid potential risks such as accidents and vehicle damage. The PA Homecoming insurance product provides protection against various risks that may occur during the homecoming trip, including compensation for death, permanent disability due to accidents, and medical costs.
Apart from that, PA Homecoming insurance also includes condolence compensation, protection from fire and theft for houses left behind during the trip. This product has an insurance period of 30 days with a premium of IDR 10,000.
Apart from sharia products, Mega Insurance has also introduced several micro insurances, such as Motoguard which provides protection against motor vehicles and personal accidents, as well as Rumahku micro insurance which protects against the risk of fire. There is also Dengue Hemorrhagic Fever and Sharia Typhus microinsurance which provides financial protection due to these diseases.
The launch of this micro insurance product is Mega Insurance’s step to increase insurance literacy in Indonesia, with plans to distribute it through franchise outlets throughout Indonesia. Mega Insurance also relies on digitalization to speed up the micro insurance claims process.
Apart from that, Mega Insurance not only focuses on personal accident and motor vehicle insurance, but also provides protection for pets by releasing Pet Insurance. This product provides protection from accidents, losses and damages caused by pets to third parties.
This article is brought to you by L&G Insurance Broker, insurance broker Indonesia..
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