Ulas Berita

Revealing 7 Latest News from the Indonesian Insurance Industry: Innovation, Growth and Scandals in the Indonesian Insurance World 2024

Liga Asuransi  – Hello risk takers, we are back to discussing 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 there is still a very wide range of objects that can be insured. , 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.

Mega Insurance Records Travel Insurance Premiums of IDR 1.5 Billion Until April 2024, Grows 40%

PT Asuransi General Mega (Mega Insurance) succeeded in recording travel insurance premiums of IDR 1.5 billion until April 2024, experiencing significant growth of 40% compared to the same period in 2023. Risk, Legal, & Compliance Director of Mega Insurance, Diang Edelina, said that although travel insurance will only contribute under 5% of total premiums in 2023, this contribution will mostly come from collaboration with Umrah travel businesses.

“Mega Insurance’s projection is to increase 50% compared to achievements in 2023 taking into account that the company continues to develop innovation not only in terms of products, but also in terms of the service provided to customers,” said Edelina to Bisnis, Wednesday (22/5/2024).

Mega Insurance is optimistic that premium income from travel insurance will continue to grow this year. The company has developed various innovations to make it easier to submit claims, especially for overseas travel. Edelina added that the post-Covid-19 pandemic strategy focuses on developing innovative products and services to meet customer needs.

Apart from product and service innovation, Mega Insurance also actively collaborates with third parties to provide facilities that support the provision of insurance services. “The company continues to collaborate with business partners to increase market penetration and improve service quality to maintain customer satisfaction,” added Edelina.

Overall, Mega Insurance continues to expand its collaboration network with business partners in order to increase market penetration and maintain service quality. These steps are expected to make a greater contribution to the growth of travel insurance premiums in the future.

Source : https://finansial.bisnis.com/read/20240523/215/1767811/mega-insurance-catat-premi-asuransi-perjalanan-tumbuh-40 


Alleged Fraud and Embezzlement at Bank Sinarmas Bali, Denpasar Branch Manager Has Not Yet Commented

Bank Sinarmas Tabanan Branch is in the spotlight due to allegations of fraud and embezzlement allegedly committed by the Branch Head, Winda Setiawan Handoko. This case emerged after Winda offered insurance with promises of bombastic profits to customers, but until now there has been no official response from Bank Sinarmas.

Lia Anggarini, Manager of Bank Sinarmas Denpasar Branch, when confirmed via WhatsApp message on Tuesday, May 22 2023, stated that she could not comment regarding this case. Lia said that she was not authorized to answer this question and suggested that questions be directed to the company secretary.

“I will notify you as soon as I get an answer, because I have forwarded these questions to the center,” said Lia on Tuesday, 21 May 2023. When confirmed again on Wednesday, 22 May 2023, Lia emphasized, “We will definitely respond immediately, OK? Sir.”

This case started when Winda offered a customer with the initials ODM to take part in Simas Jiwa Insurance at Bank Sinarmas Tabanan Branch. Winda promises premium interest benefits that are higher than the bank interest rate, which is 6 percent, as well as the insurance value for the policy holder or insured.

To expedite the process, Winda suggests that prospective policyholders pay premiums through an account that is said to belong to Bank Sinarmas, so that transactions occur at the Bank Sinarmas Tabanan Sub-Branch Office. However, allegations of fraud and embezzlement of customer money with a total of more than two victims and losses of up to billions of rupiah later emerged.

This case increasingly became public attention after indications emerged of criminal acts of fraud and embezzlement committed by Winda. Currently, central Bank Sinarmas is expected to immediately provide official clarification and explanation regarding this case to answer questions from customers and the public.

Source : https://radarbali.jawapos.com/berita-daerah/704681546/nasabah-bongkar-penipuan-miliaran-modus-asuransi-manajer-bank-sinarmas-masih-bungkam-ada-apa 


AAUI: Travel Insurance Growth Potential Still Large This Year

The Indonesian General Insurance Association (AAUI) projects that travel insurance still has significant growth potential this year. AAUI Executive Director, Bern Dwiyanto, stated that increasing community mobility was the main factor driving this growth.

“We see that the number of ticket purchases for various modes of transportation has increased quite significantly, especially during Eid. The increase in passengers will also affect the use of travel insurance. Therefore, we see that travel insurance will still grow this year,” said Bern to Kontan, Wednesday ( 5/22).

Bern also highlighted that people are starting to realize the benefits of travel insurance which is affordable but provides important protection when traveling. He hopes that the use of travel insurance can continue to increase to protect against various risks that may occur, especially on tourist trips this year.

Increased community mobility was seen in all modes of transportation last year. The number of train passengers increased by 20.39%, sea transportation increased by 10.62%, and air transportation grew by 16.46%. Apart from that, the number of foreign tourist visits also grew 27.72% last year.

To maximize the potential of travel insurance this year, Bern advises insurance companies to implement various strategies, including collaborating with travel agents and airlines. “Apart from that, collaborating with religious travel agents,” added Bern.

With these steps, AAUI is optimistic that travel insurance will continue to develop, in line with increasing public awareness of the importance of protection while traveling.

Source : https://keuangan.kontan.co.id/news/aaui-proyeksi-asuransi-perjalanan-masih-punya-potensi-besar-di-tahun-2024 


2024 Indonesian Hajj Departure: Ministry of Religion Ensures Insurance Guarantee and Badal Hajj Services

The departure of Indonesian Hajj pilgrims has begun on May 12 2024. The Ministry of Religion (Kemenag) ensures that every Hajj pilgrim obtains life and accident insurance to provide protection during the Hajj pilgrimage.

Insurance Conditions for Hajj Pilgrims

The Indonesian Ministry of Religion has arranged life and accident insurance for Hajj pilgrims, which is valid from the time they are in the hostel, during the journey, until they return to their homeland. The following are the insurance conditions provided:

  1. Pilgrims who die will receive insurance at a minimum of the cost of the Hajj pilgrimage (bipih) per embarkation.
  2. Pilgrims who die as a result of an accident will receive 2 times per embarkation.
  3. Pilgrims who experience an accident and cause permanent disability will receive compensation ranging from 2.5% to 100% per embarkation.
  4. Insurance is valid from the time the congregation enters the Hajj embarkation dormitory until they arrive at the Hajj debarkation.

Pilgrim Criteria Changed

Apart from insurance, the Ministry of Religion also provides hajj badal services. Badal Hajj is performed for pilgrims who cannot perform the Hajj pilgrimage due to the following criteria:

  1. Pilgrims who died in the Hajj hostel.
  2. Pilgrims who died on the way to Saudi Arabia or before wukuf in Arafah.
  3. Congregants who are sick and cannot be on safari based on medical considerations.
  4. Pilgrims suffering from mental disorders or madness.

List of Flight Groups for Hajj Pilgrims to Medina

Until May 16 2024, there were 22 flight groups carrying 8,644 Hajj pilgrims to Medina. The following is a breakdown of the number of pilgrims per embarkation:

  • Lombok Embarkation (NTB LOP): 393 congregations from 1 group
  • Solo Embarkation (SOC): 1800 congregations from 5 groups
  • Banjarmasin Embarkation (BDJ): 320 congregations from 1 group
  • Padang Embarkation (PDG): 393 congregations from 1 group
  • Surabaya Embarkation (SUB): 1855 congregations from 5 groups
  • Makassar Embarkation (UPG): 450 congregations from 1 group
  • Medan Embarkation (KNO): 360 congregations from 1 group
  • Batam Embarkation (BTH): 450 congregations from 1 group
  • Jakarta-Bekasi Embarkation (JKS): 1350 congregations from 3 groups
  • Kertajati Embarkation (KJT): 440 congregations from 1 group
  • Jakarta-Pondok Gede Embarkation (JKG): 833 congregations from 2 groups

The Ministry of Religion continues to strive to provide the best service to ensure the smooth and safe operation of Indonesian Hajj pilgrims.

Source : https://www.detik.com/jatim/berita/d-7351138/ketentuan-asuransi-jemaah-haji 


According to AAUI, vehicles in Indonesia are required to have insurance 

The Indonesian General Insurance Association (AAUI) is encouraging the implementation of mandatory third party liability insurance (TPL) for all motorized vehicles in Indonesia. This encouragement arises from the high number of accidents in 2023 which will reach 148,000 cases.

TPL is a type of insurance protection that provides risk coverage for compensation claims from third parties. Deputy Chair of Technical Division 3 AAUI, Wayan Pariama, stated that AAUI is reviewing the potential for forming two to three consortiums of mandatory TPL insurance providers. According to him, this consortium will simplify the implementation of mandatory insurance and avoid complexity.

“We are currently reviewing the potential for forming two to three consortia to facilitate the need for mandatory TPL insurance,” said Wayan. “The formation of the consortium will simplify the implementation of mandatory insurance in Indonesia and avoid complexity.”

The Financial Services Authority (OJK) is still waiting for a draft government regulation (RPP) regarding this mandatory insurance regulation. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision (PPDP), Ogi Prastomiyono, stated that the PP is a derivative of the Financial Sector Development and Strengthening Law (UU P2SK).

“[We are waiting] for the PP to come out first. In order, the PPSK Law then has government regulations regarding new mandatory insurance, POJK. “If this RPP is no later than 2 years, that means January 12 2025,” explained Ogi at the Indonesian Stock Exchange (BEI) Building, Tuesday (21/5/2024).

According to AAUI data, in 2023, motor vehicle claim payments will reach IDR 7 trillion. Therefore, TPL insurance is needed which can provide risk coverage for claims for compensation from third parties.

Currently, almost all vehicle insurance policies with all risk guarantees provide TPL protection. However, most total loss only insurance does not cover TPL, and many motorbikes are also not covered by TPL insurance.

OJK has established plans to implement mandatory insurance as stated in the Indonesian Insurance Road Map 2023-2027. In the future, this mandatory insurance will cover public transportation and events involving large numbers of people, such as football matches.

Apart from that, OJK will also require public vehicle insurance. Currently, Jasa Raharja only provides protection for drivers and passengers, not covering vehicles and third parties.

Compulsory insurance can later be launched by one insurance company or a consortium of several companies. According to Ogi, this step not only provides better protection to the public, but also increases the penetration of insurance products in Indonesia.

Source : https://www.cnbcindonesia.com/market/20240522081431-17-540317/mobil-motor-mulai-wajib-asuransi-paling-lambat-2025 


Artist Indy Barends Reveals the Importance of Quality Life and Having Life Insurance

 In the midst of his busy life as a presenter and content creator, Indy Barends emphasizes the importance of living a quality life and the decision to have life insurance. For Indy, quality life is achieved when all important activities are carried out every day.

“In fact, there are useless activities that are tempting, such as scrolling on social media and commenting on other people’s lives. When they scroll, people lose track of time. An hour or two can just pass by. Then, the day’s agenda becomes a mess,” said Indy Barends.

Indy realizes that time management is very important, especially since he started working and often broadcasts in the morning. His work experience taught this former Ceriwis presenter about the importance of having life insurance.

“There is no stock in life. I still have children and a family. If God forbid anything happens, my family will still be protected. My children will be his heirs. “I protect myself and the children,” said Indy Barends.

With an organized life and life insurance protection, Indy Barends ensures that he and his family remain safe and protected from unexpected risks. This is an important step for Indy in maintaining his quality of life and ensuring his family’s future.

Source : https://www.liputan6.com/showbiz/read/5602974/2-alasan-indy-barends-lirik-asuransi-jiwa-kepikiran-anak-anak-dan-karena-nyawa-tak-ada-stoknya?page=2 


Export-Import Strengthens, ACPI Marine Cargo Insurance Premium Income Reaches IDR 4.47 Billion by April 2024

PT Asuransi Cakrawala Proteksi Indonesia (ACPI) recorded premium income from marine cargo insurance amounting to IDR 4.47 billion until April 2024. Even though this figure shows a decrease of 0.67% compared to the same period the previous year, the Deputy President Director of ACPI, Nico Prawiro, remains optimistic about growth in this sector.

“In the same period the previous year, we managed to record premium income for marine cargo insurance of IDR 4.5 billion,” said Nico to Kontan, Wednesday (22/5).

Despite experiencing a slight decline, Nico explained that ACPI is optimistic that marine cargo insurance still has growth potential this year. This belief is based on industry projections as well as preliminary performance results for 2024.

To increase premium income from marine cargo products, ACPI will implement a prudent underwriting policy. This step is expected to help increase income in the sector.

Nico also added that the conflict in the Red Sea which disrupted the world shipping industry had no significant impact on the company. “Because marine cargo insurance premiums are still low,” said Nico.

With the right strategy and positive industry projections, ACPI hopes to increase premium income from marine cargo insurance and continue to provide the best service for customers.

Source : https://keuangan.kontan.co.id/news/acpi-catat-pendapatan-premi-asuransi-marine-cargo-rp-447-miliar-per-april-2024 

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


24 JAM L&G HOTLINE: 0811-8507-773 (CALL – WHATSAPP – SMS)

website: lngrisk.co.id

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