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Reading: 7 Indonesian Insurance News Selections September 2023 – Week 3
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LigaAsuransi > Blog > Ulas Berita > 7 Indonesian Insurance News Selections September 2023 – Week 3
Ulas Berita

7 Indonesian Insurance News Selections September 2023 – Week 3

Intan Aulia
By Intan Aulia
Published Monday September 18th, 2023
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Table of Content
State Capital Funding (PMN) in 2024 is estimated to reach IDR 28.16 trillion, focusing on infrastructure development and solving problems in Jiwasraya.Unit-linked policyholders must know that LPS does not guarantee PAYDI policies.Measuring Insurance Brokerage Business Opportunities as the Number of Agents Continues to IncreaseOJK Seeks to Recover Consumer Losses in the Banking, Insurance, and Capital Market Sectors Through Legal ProcessesLPS Reveals How Insurance Policy Underwriting Works in 2028Facing Technological Progress, APPARINDO Organizes a Digitalization Seminar to Provide Knowledge to its MembersFarmers are Urged to Get Agricultural Insurance to Overcome the Challenges of Extreme WeatherLOOKING FOR INSURANCE PRODUCTS? DON’T WASTE YOUR TIME AND CALL US NOW24 JAM L&G HOTLINE: 0811-8507-773 (CALL – WHATSAPP – SMS)

Liga Asuransi – The development of the insurance industry is still interesting to follow. In the third week of September 2023, we have summarized 7 selected news related to insurance that you should 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.

State Capital Funding (PMN) in 2024 is estimated to reach IDR 28.16 trillion, focusing on infrastructure development and solving problems in Jiwasraya.

The Ministry of Finance (Kemenkeu) has proposed to the DPR regarding state capital participation (PMN) of IDR 28.16 trillion for three State-Owned Enterprises (BUMN) in 2024.

Rionald Silaban, Director General of State Assets (DJKN) at the Ministry of Finance, stated that the PMN will focus on infrastructure development and PT Asuransi Jiwasraya, which is expected to be completed in early 2024.

He explained, “We are paying full attention to the completion of Jiwasraya Bahana, especially because we want Jiwasraya to be completed well,” after the Commission XI Working Meeting with the Minister of Finance at the Parliament Building on Tuesday (12/9/2023).

Previously, at the working meeting, Minister of Finance Sri Mulyani Indrawati proposed that discussions regarding PMN for the three BUMNs be carried out so these funds could be available in the first quarter of 2024.

“Therefore, we ask that this discussion be carried out with the Commission.

In detail, the planned PMN amounting to IDR 28.16 trillion will be given to three companies, namely PT Hutama Karya (Persero) amounting to IDR 18.6 trillion PT Wijaya Karya Tbk. (WIKA) amounting to IDR 6 trillion, and PT Bahana Pembinaan Usaha Indonesia (BPUI) amounting to IDR 3.56 trillion.

Source: https://ekonomi.bisnis.com/read/20230912/9/1694115/pmn-2024-capai-rp2816-triliun-infrastruktur-dan-penyelesaian-jiwasraya-jadi-prioritas 

 

Unit-linked policyholders must know that LPS does not guarantee PAYDI policies.

The Deposit Insurance Corporation (LPS) will have new responsibilities regarding insurance policy guarantees in 2028 by the mandate stated in Law (UU) Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK).

Deputy Chair of the LPS Board of Commissioners, Lana Soelistianingsih, confirmed that this guarantee will apply to life and general insurance. Still, Investment Linked Insurance Products (PAYDI) will not be included in the protection provided by this institution.

Lana explained that the guarantee will be active if the insurance company experiences payment failure and the policy claim has matured. LPS will pay claims up to the maximum guarantee limit that has been determined.

Furthermore, Lana added that if the policy claim has not reached its maturity date, LPS will transfer the policy to an insurance company that is still operating well. LPS was given five years to adjust and prepare for this new task.

Previously, Chairman of the LPS Board of Commissioners, Purbaya Yudhi Sadewa, stated LPS’s serious commitment to implementing the mandate of the P2SK Law. LPS has carried out various preparatory steps, including organizational design, business processes, governance, and policies. They have also developed strategic plans, finalized policies, and improved Human Resources (HR) competencies. Apart from that, efforts are to develop IT infrastructure and human resources and complete all stages required by the P2SK Law.

As additional information, the P2SK Law gives LPS additional responsibility as an insurance policy guarantor. The implementation of this policy guarantee program will last for five years since the P2SK Law was promulgated by the President of the Republic of Indonesia to protect policyholders, insureds, or participants from insurance companies experiencing financial difficulties and sharia insurance companies whose business permits have been revoked due to financial problems.

In addition to this new task, LPS will strengthen its role in handling banks in resolutions and expand its role in the Financial System Stability Committee (KSSK), including voting rights in crises, which it previously did not have.

Source: https://finansial.bisnis.com/read/20230912/215/1693790/nasabah-unit-linked-harus-tahu-lps-tidak-jamin-polis-paydi 

 

Measuring Insurance Brokerage Business Opportunities as the Number of Agents Continues to Increase

The role of insurance brokers as intermediaries between customers and insurance companies is increasingly limited as general insurance companies attempt to recruit their agents to interact directly with customers. The Association of Indonesian Insurance and Reinsurance Broker Companies (Apparindo) remains optimistic about the future of the insurance brokerage business in line with the growth of the insurance industry, which is still developing. However, Apparindo admits that in the future, the number of brokerage companies will likely shrink in line with changes in business dynamics.

General Chairman of Apparindo, Yulius Bhayangkara, explained that several insurance and reinsurance brokers had lost their licenses or returned them to the OJK for several identifiable reasons. First, according to Yulius, there is a decline in commercial profitability due to increasing operational costs and decreasing income. Second, companies need help meeting increasingly complex regulatory requirements, hampering the activities of member companies. Third, there are difficulties in adapting to new business models, such as insurtech, banking, and financing.

Yulius added that the number of insurance brokerage companies may decrease because OJK is currently waiting to issue new permits for brokerage companies. Nevertheless, Apparindo believes that adaptation in business is necessary to ensure member companies’ resilience to changes in business and regulations. Apparindo continues to strive to collaborate with the Indonesian General Insurance Association (AAUI) to develop the Indonesian insurance industry.

Yulius believes that as long as the insurance industry is still developing, insurance brokers will still have growth opportunities. Although the number of brokerage firms will likely decrease, he sees considerable new investor interest in the industry. However, because OJK currently does not allow new permits, many investors are negotiating mergers and acquisitions with brokerage companies that are members of Apparindo. As of September 2023, Apparindo has 194 members.

Source: https://finansial.bisnis.com/read/20230913/215/1694418/menakar-prospek-pialang-asuransi-kala-agen-terus-bertambah 

 

OJK Seeks to Recover Consumer Losses in the Banking, Insurance, and Capital Market Sectors Through Legal Processes

The Financial Services Authority (OJK) has collaborated with the Supreme Court of the Republic of Indonesia to create Supreme Court Regulations regarding Civil Lawsuit Examination Procedures by the OJK (Perma Civil Lawsuits). With this legal basis, OJK hopes to accelerate the process of filing civil lawsuits to recover losses experienced by consumers. OJK has supervisory authority over the entire financial sector, including insurance, banking, finance companies, and capital markets.

Chief Executive of the OJK Financial Services Business Conduct Supervisor, Friderica Widyasari Dewi, explained that Law no. 21 of 2011 concerning the OJK gives the OJK the authority to file civil lawsuits. Considering the many violations committed by Financial Services Business Actors that harm consumers, there is a need for government intervention to protect the rights of consumers and society.

The process of drafting the OJK Civil Lawsuit Regulation is a follow-up to the Decree of the Chairman of the Supreme Court of the Republic of Indonesia Number 139/KMA/SK/VII/2023, dated 20 July 2023, which established a Working Group to prepare regulations regarding procedures for examining civil lawsuits submitted by the OJK in efforts to protect consumers and society. This group consists of representatives of the Supreme Court and OJK.

Friderica, usually called Kiki, added that the OJK’s implementation of the civil lawsuit would serve as a warning to financial services business actors who violate consumer protection regulations.

Meanwhile, the Chairman of the Civil Chamber of the Supreme Court of the Republic of Indonesia, I Gusti Agung Sumanatha, expressed his hope that the regulations drafted could overcome formalistic problems in procedural law, such as issues of legal standing and unclear lawsuits.

I Gusti Agung Sumanatha, the Civil Lawsuit Regulation submitted by the OJK will strengthen efforts to protect consumers and the public, especially in the financial services sector.

Source: https://finansial.bisnis.com/read/20230912/90/1694301/pulihkan-kerugian-konsumen-perbankan-asuransi-hingga-pasar-modal-ojk-upayakan-jalur-pengadilan 

 

LPS Reveals How Insurance Policy Underwriting Works in 2028

The Deposit Insurance Corporation (LPS) has revealed how insurance policy guarantees will run in 2028. This task is a mandate given by Law (UU) Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK) to LPS.

Deputy Chair of the LPS Board of Commissioners, Lana Soelistianingsih, explained that insurance policy guarantees will be carried out when the insurance company experiences default and the policy claim is due. LPS will pay the maximum share according to its guarantee limits. However, if the policy claim has yet to reach its maturity date, LPS will direct the claim to an insurance company that is still operating well.

Lana stated that this was a new challenge for LPS in underwriting insurance policies, and they were given five years to prepare for this new task. Previously, LPS was responsible for guaranteeing bank customer deposits, but now they will also handle the problem of insurance companies losing their business licenses.

This policy guarantee does not cover Investment Linked Insurance Products (PAYDI) or unit-linked, by the insurance principle that what can be insured is pure risk, not investment risk.

The LPS Board of Commissioners Chairman, Purbaya Yudhi Sadewa, has stated LPS’s serious commitment to this mandate. They have taken various steps to adapt the PPSK Law, including organizational development, business strategy, governance, policies, and Human Resources (HR) development. The PPSK Law gives LPS additional duties to be an insurance policy guarantor, and the implementation of this policy guarantee program has lasted for five years since the President of the Republic of Indonesia promulgated it. The aim is to protect policyholders, insureds, or participants from insurance companies who lose their business licenses due to financial problems.

Apart from that, LPS will also have a more significant role in handling banks in resolutions and gain an additional role in the Financial System Stability Committee (KSSK), including voting rights in crises, which it previously did not have.

Source: https://finansial.bisnis.com/read/20230913/215/1694226/lps-ungkap-mekanisme-penjaminan-polis-asuransi-pada-2028 

 

Facing Technological Progress, APPARINDO Organizes a Digitalization Seminar to Provide Knowledge to its Members

The Indonesian Insurance and Reinsurance Brokers Association (APPARINDO) continues to be committed to advancing its business, even though it faces new challenges in regulations and developments in digital technology that are currently hitting the insurance industry. In this effort, the association encourages its members to continue learning and following developments that support the growth of their businesses.

General Chairman of APPARINDO, Yulius Bhayangkara, stated that the brokerage industry faces various considerations, including the increasingly growing expansion of digital innovation. He made this statement when opening an international seminar entitled “Digitization and Automation to Improve Productivity and Efficiency” in Jakarta on September 12, 2023. In this seminar, the Vice President of Ebixechange Asia, Yip Cheng Choon, was the speaker.

Yulius underlined that technology can simplify business processes. He also emphasized the importance of digitalization to help the brokerage industry think about aspects that may be considered trivial but will be crucial in the future. One example is the management of tax contributions, which need to be simplified through digitalization.

He stated that seminar participants had the opportunity to learn and share knowledge and hear experiences from their Singaporean friends about actions taken and solutions found in facing digitalization challenges.

Yulius also emphasized the importance of cooperation between association members in advancing the brokerage business in the insurance and reinsurance sectors. This aligns with the association’s vision, “We Want a Bigger Portion,” which signifies the determination to have a larger market share with great effort and professionalism in this industry.

Source: https://mediaasuransinews.co.id/asuransi/hadapi-perkembangan-teknologi-apparindo-bekali-anggota-dengan-seminar-digitalisasi/ 

 

Farmers are Urged to Get Agricultural Insurance to Overcome the Challenges of Extreme Weather

Research institute Indonesia Financial Group (IFG) Progress highlights the impact of extreme weather in Indonesia, which has resulted in a decrease in agricultural sector productivity and has the potential to cause crop failure.

Reza Y. Siregar, SEVP IFG Progress, stated that Indonesia faces food security problems due to extreme weather, resulting in insufficient rice stocks.

He explained that under normal conditions, Indonesia needs around 1.2 million tons of rice stocks. However, extreme weather, such as drought, can dry the soil and cause crop failure.

Reza emphasized the importance of farmers’ agricultural insurance to protect themselves from the risk of crop failure. According to him, insurance can help farmers overcome financial losses from crop failure.

He also stated that agricultural insurance can help mitigate the economic impact of crop failure events and is part of the solution to food security problems.

Previously, President Joko Widodo (Jokowi) had confirmed that the government’s rice stock was safe. However, the government still needs to import rice to meet rice reserves and control the increase in rice prices in the market due to extreme weather, such as El Nino.

Source: https://finansial.bisnis.com/read/20230914/215/1694748/petani-diimbau-punya-asuransi-untuk-hadapi-cuaca-ekstrem 

This article is brought to you by L&G Insurance Broker.

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