Liga Asuransi – Hello risk takers, in the second week of May 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.
Prudential Syariah and MSIG Life Remain Stable Despite Rising Interest Rates
PT Prudential Sharia Life Assurance (Prudential Syariah) and MSIG Life (LIFE) emphasized that they are maintaining a stable investment strategy even though interest rates are rising. This is done to maintain investment performance amidst changing dynamic market conditions.
At the Bank Indonesia Board of Governors Meeting at the end of April, the BI Rate was raised to 6.25%, reaching the highest level since 2016. However, Prudential Syariah Chief Financial Officer, Paul Setio Kartono, emphasized that the company had established an investment strategy that complies with the provisions set out in determined by the regulator. With a predetermined investment portion in government bonds or sukuk, deposits and corporate bonds, Prudential Syariah ensures that its investment strategy will last.
“We have taken into account all kinds of risks from changes in interest rates and so on in our investment strategy,” explained Paul when met at the PRUWell Medical Product Launching in Jakarta.
Meanwhile, Prudential Indonesia’s Chief Customer and Marketing Officer, Karin Zulkarnaen, added that the company’s investment is currently in a stable condition, supported by the existence of an investment committee tasked with determining investment direction. “So it doesn’t immediately change like that, it follows changes in interest rates,” he said.
On the other hand, CEO and President Director of MSIG Life, Wianto Chen, explained that amidst rising interest rates, investing in Government Securities (SBN) and bonds has become more attractive. “The interest rate is currently at 6.25%, the highest since 2016. This has an impact on increasing SBN yields,” he explained.
Nevertheless, Wianto hopes that investment allocation in SBN will increase in the future, driven by the addition of bonds with better yields.
Thus, both Prudential Syariah and MSIG Life emphasize their commitment to maintaining investment stability amidst changing market dynamics, by considering various factors including rising interest rates.
Both companies show that they remain focused on investment strategies that have been carefully prepared, so that they are able to face challenges and opportunities in the ever-changing financial market.
Is It Smart to Buy Maternity Insurance Individually? Consider This First
Having health insurance from the workplace is often a desired benefit. However, if the insurance does not cover maternity benefits, is it wise to purchase an individual maternity insurance policy?
Before making a decision, there are a few things to consider.
- Maternity Insurance is an Additional Benefit: Before getting maternity insurance protection, the first step is to have health insurance. Maternity insurance is considered an additional benefit, which is similar to dental coverage.
- Waiting Time: Purchasing maternity insurance requires planning, as there is a waiting period that usually lasts one year. If pregnancy occurs during the waiting period, the insurance cannot be used to cover delivery costs.
- Flexibility of Group Insurance: Office insurance is often more flexible, with simpler terms. Group insurance in one policy can cover multiple people in one company and generally has no waiting period.
- High Premium Costs: Maternity insurance premiums tend to be expensive because childbirth is not a health risk, but rather a desired or planned event. Sometimes, the annual premium costs and maternity benefits are not comparable, so considering the alternative of collecting costs independently can be a wiser choice.
Before deciding to purchase individual maternity insurance, it is important to carefully consider the above factors. Understanding the benefits and costs involved can help you make the right decision according to your needs and financial situation.
For more information about maternity insurance options and other health coverage, it is recommended to consult an insurance agent or financial professional.
Great Eastern Life Indonesia’s Profit Reaches IDR 208 Billion in 2023, New Board of Directors Also Announced
PT Great Eastern Life Indonesia, a leading life insurance company, recorded a net profit of IDR 208 billion in 2023, showing significant growth in its financial performance. In a press release issued on Thursday, 2 May 2024, Nina Ong, President Director of Great Eastern Life Indonesia, expressed her pride in this positive achievement.
According to the audited financial report, the total premium collected reached IDR 3.7 trillion, an increase of 17% from the previous year. Meanwhile, the company’s total assets grew by 23% to IDR 12.2 trillion in 2023. The company’s capital adequacy level, as measured by Risk-Based Capital (RBC), reached 326%, far exceeding the minimum ratio required by the Financial Services Authority ( OJK) of 120%.
Nina Ong also revealed that this positive growth not only reflects the success of Great Eastern Life Indonesia, but is also a motivation for the company to continue to improve the quality of the products and services provided.
As part of the strategy to achieve long-term goals and increase competitiveness in the market, Great Eastern Life Indonesia announced the composition of a new board of directors. Nina Ong was officially appointed as President Director, replacing Clement Lien Cheong Kiat who completed his nine-year term of office in 2015. Nina Ong brings more than 20 years of experience in the insurance industry, both in Indonesia and Asia.
Joining Nina Ong, two new directors were also appointed to strengthen the leadership ranks of Great Eastern Life Indonesia. Roy Hendrata Gozalie was appointed as Marketing Director, while Hana will hold the position as Finance Director. Meanwhile, Yungki Aldrin will serve as Compliance Director.
This new composition of directors was selected based on the expertise and experience of each individual in the insurance industry, as well as their commitment to bringing Great Eastern Life Indonesia to greater success in the future.
Generali Indonesia Money Market Unitlink Records Highest Positive Yield in April 2024
PT Asuransi Jiwa Generali Indonesia (Generali Indonesia) recorded positive performance in insurance products linked to investment (Paydi) aka money market type unitlink, with an average positive return as of April 2024.
According to Generali Indonesia’s Chief Marketing Officer, Vivin Arbianti Gautama, the Money Market unitlink showed the highest performance with Generali Money Market Employee recording an average return of 1.89% as of April 2024.
“The Unitlink with the highest performance is currently occupied by the Money Market. For other instruments, such as fixed income and shares, it is currently still in line with the market,” he said to Kontan on Tuesday, May 7.
Vivin also explained that Unitlink’s performance prospects this year are related to the different protection needs and priorities of each customer in each segment. Generali Indonesia continues to be committed to providing consistent education and paying attention to various customer needs according to their segments.
“Generali Indonesia’s statement that the money market unitlink performed the most positively as of April 2024 is also in line with Infovesta data on a Year to Date (YtD) basis,” he added.
Based on Infovesta data, the average return on share type unitlinks contracted by 1.15% as of April 2024. Meanwhile, mixed unitlinks recorded an average return contraction of 1.21%. Fixed income unit links also contracted by 1.11% as of April 2024. However, money market type unit links showed a positive average return, reaching 1.03%.
Generali Indonesia strengthens its position in the market by focusing on a multi-channel and multi-product strategy to accommodate the increasing protection needs of the community, by providing solutions that are appropriate for every stage of customer life.
Insurance Industry Players Collaborate to Plant Mangroves at Pantai Indah Kapuk, Jakarta
A total of 25 insurance industry players joined in mangrove planting activities in the Pantai Indah Kapuk (PIK) ecotourism area, Jakarta. Also participating in this activity was PT Asuransi Jiwa IFG (IFG Life), emphasizing its commitment to environmental sustainability.
Under the auspices of the Indonesian Life Insurance Association (AAJI) and in collaboration with the Mangrove Indonesia Lestari Foundation, this mangrove planting activity is a concrete manifestation of concern for nature from insurance industry players.
IFG Life Corporate Secretary, Gatot Haryadi, welcomed this activity positively as clear evidence of IFG Life’s commitment to environmental sustainability. “As a life and health insurance company that really cares about the future of Indonesian families, we see the urgency to contribute to activities with a sustainability perspective, including planting mangrove seedlings on the coast of Jakarta,” he said in a press release on Saturday (4/5 /2024).
Mangroves not only provide habitat for various biological species, but are also important for maintaining the balance of coastal ecosystems. Moreover, Jakarta as the capital of the Republic of Indonesia with a population of more than 11 million people is directly adjacent to the sea coast.
Apart from its ecological benefits, mangroves also provide social and economic benefits for local communities. Mangrove areas not only protect coasts from abrasion, but also increase fisheries resources and sustainable ecotourism potential.
Gatot emphasized that environmental sustainability has become IFG Life’s main priority. During 2023, IFG Life has implemented various environmental social responsibility programs, including improving turtle conservation facilities at Bajulmati Beach in Malang, aid for the haze disaster in Palangkaraya, planting bamboo/mangrove trees in Cermin Bajo Cave, and cleaning Padar Island Beach in the National Park Komodo dragon.
“With joint support from various parties in this country, we are sure that this environmental conservation activity will provide benefits for all of us for a better future,” he concluded.
Critical Illness Insurance: An Important Solution for Financial Security in the Face of Serious Illness
Critical illnesses are not only life-threatening, but can also have a devastating financial impact on those affected. As a solution, critical illness insurance is here to provide important financial assistance in undergoing treatment and care.
Critical illness insurance provides financial protection by providing cash payments if the insured is diagnosed with a serious illness covered by the policy. These funds can be used for medical expenses, daily living, or other needs that may arise.
However, before choosing critical illness insurance, it is important to understand its benefits, exclusions, and criteria for choosing the best one.
Critical Protection for Financial Well-Being Critical illness insurance provides important protection to maintain financial stability for you and your family when facing a serious illness. With cash payments provided, you can focus on treatment without worrying about financial burdens.
Flexible Payment Options Choose a product that offers flexible premium payments so that it can be adjusted to your financial capabilities.
Appropriate Coverage Make sure the insurance policy you choose offers coverage that suits your needs. Carefully read all the policy details to understand what is covered and what is not.
Obvious Exceptions Make sure all exclusions are clearly written in the policy so that there are no unpleasant surprises when a claim occurs.
Strong Corporate Finances Choose an insurance company that has strong and stable finances so that claims can be processed quickly and fairly.
Choose the Best Product with L&G Insurance Broker To get the best critical illness insurance in Indonesia, L&G Insurance Broker is the right choice. With a good reputation and 17 years of experience, L&G Insurance Broker offers products at affordable prices, extensive protection coverage, and a fast and efficient process.
With critical illness insurance from L&G Insurance Brokers, you can have peace of mind when facing difficult times caused by serious illness.
Get the best protection solution for your financial well-being with L&G Insurance Broker. Contact us today for further consultation.
MSIG Life Insurance Indonesia Continues Digital Innovation to Increase Insurance Penetration in Indonesia
PT MSIG Life Insurance Indonesia Tbk (MSIG Life), previously known as Sinarmas MSIG Life, continues to intensify digital innovation as an effort to increase insurance penetration in Indonesia. CEO & President Director of MSIG Life, Wianto Chen, highlighted that insurance penetration in Indonesia is still low, only around 0.9%. However, with Indonesia’s Gross Domestic Product (GDP) growth exceeding 5% and a large demographic bonus, Indonesia has significant market prospects.
In an effort to increase penetration, MSIG Life has introduced various innovations in protection, health and digital solutions. Wianto Chen explained that MSIG Life has launched various protection products, including traditional products and insurance products linked to investment (PAYDI), as well as various investment fund options such as Excellink Equity Bakti Peduli which focuses on Environmental, Social and Governance (ESG).
Apart from that, MSIG Life also continues to innovate in the health ecosystem by launching the myhealthriskscore.com website, which helps people predict health risks related to various critical diseases. There is also MyFit+ by MSIG Life which encourages a healthy lifestyle to prevent disease.
In the field of digital innovation, MSIG Life provides various automation in business and operational processes, as well as applications such as the VEGA by MSIG Life mobile application. This application allows customers to access policy information, carry out policy transactions and submit claims more easily, anywhere and anytime.
MSIG Life, which is currently 39 years old and celebrating its first year as MSIG Life, is part of an insurance group that is included in the Fortune top 500 Global list. Wianto Chen emphasized MSIG Life’s commitment to being a trusted partner and first choice for customers, by providing the best protection at every step of their lives.
By continuing to innovate, MSIG Life hopes to expand the reach of insurance in Indonesia and provide protection benefits to more people.
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