Liga Asuransi – In the past week, the insurance industry in Indonesia has presented various dynamics that are important to pay attention to, especially for business people who want to remain alert to the latest developments. From shifting insurance portfolios to increasing corporate profits, the insurance market continues to show trends worth paying attention to. This article will review seven major news stories, including important information such as the failed acquisition of Sonwelis Takaful and the surge in TUGU shares. Read the summary below to gain deeper insight into the movements of the Indonesian and global insurance world.
Failed to be Acquired, Sonwelis Takaful Shifts Portfolio to Zurich Syariah! How come?
PT Asuransi Sonwelis Takaful decided to transfer its portfolio to PT Zurich General Takaful Indonesia (Zurich Syariah) after its planned acquisition by PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) failed. This step was taken after receiving approval from the Financial Services Authority (OJK), as announced through the mass media. Sonwelis stated that this portfolio transfer would be in accordance with applicable regulatory provisions and related sharia insurance policies.
Share ownership in Sonwelis Takaful Insurance currently consists of Suranto Tarunasastra (60%), Mimijati Tarunasastra (13.34%), Tirta Tarunasastra (13.33%), and Erick Tarunasastra (13.33%). Based on the provisions of POJK Number 11 of 2023, sharia insurance companies are required to carry out a spin-off no later than 31 December 2026, with minimum core capital of IDR 100 billion. However, the financial report as of August 2024 shows that Sonwelis’ equity is only IDR 66.79 billion and paid-up capital is IDR 8 billion, so the company is looking for a bigger partner to transfer its portfolio.
This decision emerged in the midst of quite difficult conditions in the insurance industry, with several other insurance companies choosing to hand over their business licenses to the OJK due to being unable to meet minimum capital requirements. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision, Ogi Prastomiyono, explained that efficiency and consolidation were the main reasons these companies chose to close their operations.
Ogi added that most insurance companies are still waiting and seeing how they will meet capital requirements in 2026 and 2028, during which minimum capital will increase significantly.
TUGU Stock Investment Sells Well, Profits Soar 80%! Ready to reach IDR 700 billion
The shares of PT Asuransi Tugu Pratama Indonesia Tbk (TUGU Insurance) are once again stealing attention, after the price rose to IDR 1,300, the highest level since October 2023. This share has become a favorite of foreign investors, as seen from the net buying action in recent times. On Monday (23/9/2024), TUGU shares reached IDR 1,305 before finally closing at IDR 1,285, an increase of 1.18% compared to the previous week.
The increase in TUGU’s share price continued for four consecutive days, with the highest increase of 2.83% in trading last Friday. TUGU share trading volume also soared, with the daily average reaching 7.9 million shares, an increase of 18% compared to the previous week.
Foreign investors were the main driver of this share increase, with net buying reaching IDR 13.9 billion last week. Total net foreign buys throughout 2024 have reached IDR 69 billion, making TUGU the general insurance stock most popular with foreign investors.
In addition, the number of TUGU shareholders also continues to increase, reaching 8,453 at the end of August 2024, an increase of 590 shareholders since May 2024. Analysts assess that this positive trend is driven by solid financial performance. The financial report shows that TUGU succeeded in recording an operating profit of IDR 562 billion until August 2024, an increase of 80% from the previous year. TUGU’s gross premiums also increased 37% to IDR 4.1 trillion, with underwriting income increasing 32% to IDR 977 billion.
Even though there was an increase in commission and reserve costs, TUGU was still able to record investment income growth of 22% to IDR 253 billion. TUGU’s operating expenses actually fell 13% to IDR 287 billion, which had an impact on increasing the company’s operating profit. Kiwoom Sekuritas analyst, Abdul Azis, mentioned operational efficiency and good risk management as key factors in increasing underwriting margins and company profits. He predicts TUGU’s consolidated profit will reach IDR 600-700 billion by the end of 2024.
Source : https://investor.id/market/374455/saham-asuransi-favorit-asing-laba-2024-ditaksir-rp-700-miliar/1
Capital Crisis Insurance? OJK Says Two Companies Want to Close, What’s the Impact on Consumers?
The Financial Services Authority (OJK) revealed that there are two insurance companies that plan to return their business licenses. According to Ogi Prastomiyono, Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervisor, this step was taken for the sake of efficiency and consolidation, because the two companies were unable to meet the stipulated capital requirements.
Ogi explained that currently many insurance companies are facing the challenge of limited capital, so mergers and acquisitions are an inevitable solution. Insurance companies are still waiting for developments regarding capital requirements, the deadline for which is 2026 and 2028.
Regulations regarding core capital are regulated in POJK Number 23 of 2023, which stipulates that new insurance companies must have capital of at least IDR 1 trillion, and reinsurance companies of at least IDR 2 trillion. For companies that are already established, the minimum equity is IDR 250 billion for conventional insurance and IDR 100 billion for sharia insurance no later than December 31 2026.
Meanwhile, conventional and sharia reinsurance companies must also meet larger minimum equity requirements. In 2028, equity for insurance and reinsurance companies included in Equity Based Insurance Company Groups (KPPE) 1 and 2 must reach a certain value according to their classification.
Source : https://www.nesiatimes.com/2-perusahaan-asuransi-mau-tutup/
No Need to Be Afraid of Broken Gadgets! Here’s an easy way to get free insurance for Apple products at Blibli
Indonesians now spend an average of almost 8 hours a day using the internet, so gadget insurance has become an important need. Gadget insurance allows users to live a digital lifestyle without worrying about damage or unexpected events.
As the number of gadget users increases, insurance to protect digital devices is increasingly necessary. PT Global Digital Niaga Tbk, as an Apple Authorized Reseller in Indonesia, provides Apple products with various payment methods and 12 months of free protection for products with Blibli stickers. This protection covers various risks such as damage, liquid entry, fire, riots, and loss.
CEO of PT Global Teknologi Niaga, Wisnu Iskandar, emphasized Blibli’s commitment to providing added value to Apple customers in Indonesia, by offering extra protection for official Apple products purchased at the Blibli Store or other official stores.
To activate this protection, customers only need to scan the barcode on the product packaging and enter the required information. If you want to make a claim, customers can do it easily via the Cermati website.
Apart from protection, Blibli offers various attractive offers such as 0% installments for up to 24 months, a trade-in feature for old gadgets, and other benefits both online and offline.
Source : https://www.rri.co.id/hiburan/1004450/tingginya-aktifitas-digital-asuransi-gadget-jadi-kebutuhan
Must Know! Smart Way to Combine BPJS Health and Additional Insurance for VIP Class Treatment
PT Asuransi Jasa Indonesia (Jasindo) supports the Standard Inpatient Class (KRIS) program which will be implemented next year. Jasindo’s Director of Business Development, Diwe Novara, explained that the goals of the government and Jasindo health insurance programs are the same, namely providing financial protection to the community in accessing health services. KRIS opens up opportunities for National Health Insurance (JKN) and Jasindo participants to take advantage of the coordination of benefits (CoB) scheme, especially in terms of upgrading treatment room classes.
According to Diwe, through this CoB scheme, JKN BPJS Health participants not only get basic health services covered by BPJS, but can also take advantage of advanced outpatient and inpatient services with additional insurance. This helps reduce people’s concerns regarding additional costs, especially for those with a history of diseases that require large costs. The CoB scheme is a big opportunity for the insurance industry.
The CoB scheme is regulated in Minister of Health Decree Number HK.01.07/MENKES/1366/2024, which regulates coordination between BPJS Health and additional insurance through a one-stop billing system. This system allows insurance companies and BPJS Health to work together in handling medical costs. In addition, the portion of additional health insurance coverage is now larger compared to the previous regulation, which limited insurance payments to 75% of the INA CBG’s rate.
The Global Home Insurance Market Is Exploding! Get ready, the value is predicted to reach trillions by 2032
The global home insurance market is projected to experience significant growth until 2032. According to a report from Global Market Insights, this market, which was valued at US$233 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of more than seven percent from 2024 to 2032.
This increasing demand is largely influenced by rising property values in various regions, making homeowners increasingly aware of the importance of protecting their assets from risks such as natural disasters and theft. In addition, the government is also encouraging growth with various initiatives that increase public awareness about the importance of having home insurance.
The COVID-19 pandemic had slowed down property transactions, but instead created economic uncertainty that encouraged homeowners to be wiser in managing expenses, including for insurance. To respond to these conditions, insurance companies are now offering more flexible policies, including relaxed underwriting guidelines, easier payment options, and virtual interactions with customers through technology.
One fast-growing segment is residential coverage, which protects property from damage from fire or natural disasters. By 2023, this segment will generate revenues of US$75 billion. In addition, the insurance sector for property owners is also increasing, especially in dense urban areas, where the need for rental property protection is increasing.
Going forward, demand for customizable insurance products is expected to continue to grow along with the increase in new property investment. The flexibility and scalability of insurance coverage is a major attraction for home and property owners.
Source : https://mediaasuransinews.co.id/asuransi/pasar-asuransi-rumah-diprediksi-bergelora-hingga-2032/
Great Eastern Construction Insurance Revenue Skyrockets Up to 150%! Mining and IKN projects are big contributors
PT Great Eastern General Insurance Indonesia (GEGI) recorded brilliant performance in the engineering insurance line this year. According to GEGI’s Marketing Director, Linggawati Tok, until August 2024, the company’s engineering insurance premium income reached IDR 68 billion, an increase of 123% compared to the same period in the previous year.
This income is dominated by construction insurance, namely Construction All Risks (CAR) and Erection All Risks (EAR), which contributes around 70%. Heavy equipment insurance accounts for 20%, while the remaining 10% comes from various other types of insurance.
Linggawati added that the company is optimistic that engineering insurance premium income will increase by 150% by the end of 2024. This belief is supported by GEGI’s collaboration with property development companies, both from existing clients and insurance brokers, which is expanding insurance penetration in development projects. .
Furthermore, the bright prospects for engineering insurance are also driven by the rampant infrastructure development, including large government projects such as the National Capital City (IKN) of the Archipelago. The government continuing to encourage mining projects is also a factor that can increase premium income from this sector.
This news is brought to you by L&G Insurance Brokers, insurance broker experienced in Indonesia.
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