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LigaAsuransi > Blog > Ulas Berita > Alert! Middle East Conflict Hits Marine Cargo Insurance Industry, What is the Impact on Indonesia? : And Update 7 Insurance News in Indonesia
Ulas Berita

Alert! Middle East Conflict Hits Marine Cargo Insurance Industry, What is the Impact on Indonesia? : And Update 7 Insurance News in Indonesia

Intan Aulia
By Intan Aulia
Published Monday October 14th, 2024
752 Views
10 Min Read
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Table of Content
BRI Life Wins International Award! This is real proof of the best protection for societyThe Motor Vehicle Insurance Industry is on the Rise! How is AAUI Preparing for the Future of Insurance in Indonesia?OJK Opens SLIK Access for Credit Insurance! This Big Breakthrough Will Change the Way Companies Manage RiskOJK Special Supervision! These are 3 indicators that can save insurance companies from the brink of bankruptcySharia Insurance Skyrockets! Product Take Care of Each Other Families with 2 Billion Benefits Become New Mainstay!Alert! Middle East Conflict Hits Marine Cargo Insurance Industry, What is the Impact on Indonesia?Get ready! OJK Launches Major Reforms in the Insurance Sector, Here are the Impacts for Consumers and IndustryINSURANCE AFFAIRS FOR YOUR BUSINESS? DON’T WASTE YOUR TIME AND CONTACT US NOW

Liga Asuransi – In the last week, the insurance industry in Indonesia has experienced turmoil again with various significant changes and developments. From increasing premiums to implementing AI technology which is predicted to change the map of the insurance industry in the next five years. This article summarizes seven major insurance news stories, illustrating the latest trends, challenges and innovations. Starting from increasing electric vehicle insurance premiums, awards for insurance companies, to digitalization steps by Maximus Insurance. Read more to stay up-to-date with the latest dynamics in the industry.

BRI Life Wins International Award! This is real proof of the best protection for society

BRI Life Insurance succeeded in winning a prestigious award from The Asian Business Review in the event The Asian Experience Awards 2024 for the category “Indonesia – Best Customer Experience of the Year in Life Insurance”. This event was held at Marina Bay Sands Expo and Convention, Singapore. This award is given to a number of companies whose work programs are successful through assessments from a panel of company experts Big 4.

BRI Life President Director, Aris Hartanto, said that this award was proof of BRI Life’s commitment to introducing insurance benefits and providing protection to the community, especially the lower middle class. This award is also recognition of the insurance literacy program and services to customers and the community which have been recognized internationally.

“This is the result of the hard work of the entire BRI Life team in improving performance, strengthening reputation, and bringing BRI Life to become one of the most trusted and leading life insurance companies in Indonesia,” said Aris in his statement on Thursday, October 10 2024.

Aris also added that this international achievement proves that the marketing strategy implemented by BRI Life is on the right track. This achievement is additional motivation for the company to realize management’s aspirations, namely “BRILife-Indonesia”.

One of BRI Life’s superior initiatives is providing free personal accident insurance Homecoming Program with BRI during Eid al-Fitr. This program strengthens the synergy between BRI Life and Bank BRI, which aims to provide a sense of security and comfort to homecoming participants, both BRI and BRI Life customers and the general public. BRI Homecoming Program, which is part of Homecoming with BUMN, is widely known, with more than 33,000 participants receiving free insurance from BRI Life.

Source : https://ekbis.sindonews.com/read/1470943/34/bri-life-diakui-jadi-penggerak-literasi-asuransi-kelas-menengah-bawah-1728609032#goog_rewarded 

 

The Motor Vehicle Insurance Industry is on the Rise! How is AAUI Preparing for the Future of Insurance in Indonesia?

Motor vehicle insurance continues to be one of the largest contributors to the general insurance industry’s premium income, even though its growth is only 2 percent. In Semester 1 of 2024, total premiums will reach IDR 10 trillion, slightly higher than last year’s IDR 9.8 trillion.

According to the Chairman of the Indonesian General Insurance Association (AAUI), Budi Herawan, overall general insurance premiums in the second quarter of 2024 recorded growth of 18.4 percent or around IDR 57.9 trillion, an increase year-on-year. To discuss these trends and developments, AAUI is holding the 28th annual Indonesia Rendezvous event in Nusa Dua, Bali, on 9-12 October 2024.

This event began with a “Reconnecting Dinner” with the theme “Beach Party” which brought together insurance business people from all over the world. This event aims to strengthen business relationships and open new collaboration opportunities in the insurance industry. Budi Herawan in his speech expressed the hope that this forum would be utilized as best as possible by the participants to create healthy and sustainable collaboration in the insurance industry.

This year, the Rendezvous event successfully involved 900 participants from 15 countries, a significant increase compared to the previous year which only involved 640 participants from 13 countries. Participants came from various countries such as Korea, India, Malaysia, Singapore, England and the United States. The philosophy of the lotus flower and the color gold are the symbols of this event, reflecting the growth, development and achievements of the Indonesian insurance industry.

The main theme of this year’s event, “Securing Stability & Unraveling Risk Impacting the Insurance Landscape”, is in line with the current focus of the general insurance industry in Indonesia. Budi also highlighted the popularity of microinsurance, which is designed for low-income groups and young populations, including affordable and more personalized motor vehicle insurance through technology collaboration.

Source : https://www.medcom.id/otomotif/mobil/GbmD6X4N-asuransi-kendaraan-jadi-bahasan-di-indonesia-rendezvous-ke-28 

 

OJK Opens SLIK Access for Credit Insurance! This Big Breakthrough Will Change the Way Companies Manage Risk

The Financial Services Authority (OJK) provides credit insurance companies with access to the Financial Information Services System (SLIK) in an effort to increase transparency and risk management in this industry. Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervision, Ogi Prastomiyono, stated that this access was part of the revision of regulations related to credit insurance which aims to create healthier and more stable growth. Through this access, insurance companies can check data on insured debtors, provide more targeted guarantees, and minimize risks.

OJK Deputy Commissioner for Insurance, Guarantee and Pension Fund Supervision, Iwan Pasila, added that with access to SLIK, insurance companies can monitor their customers regularly. At the end of every month, insurance companies are required to check customer data on SLIK and adjust premium reserves if there is an increase in risk. This step is expected to improve the health of the credit insurance industry, especially in terms of premium adequacy and long-term liability management.

Iwan emphasized that this access gives insurance companies better visibility into the risks they face, so they can manage their liabilities more effectively. In this way, OJK hopes that insurance companies can improve their financial health and be better prepared to face claim patterns that usually appear in the third or fourth year of credit insurance.

Source : https://finansial.bisnis.com/read/20241011/215/1806565/ojk-berikan-akses-slik-untuk-perusahaan-asuransi-kredit 

 

OJK Special Supervision! These are 3 indicators that can save insurance companies from the brink of bankruptcy

The Financial Services Authority (OJK) is carrying out intensive supervision of eight insurance companies which are currently under special supervision. The aim is to ensure that these companies can improve their financial conditions through implementing the Financial Restructuring Plan (RPK) and return to healthy operations. Deputy Commissioner for Supervision of Insurance, Guarantees and OJK Pension Funds, Iwan Pasila, explained that there are three main indicators that must be met by the insurance company, namely the fulfillment of Risk-Based Capital (RBC), liquidity and equity.

OJK simplifies the focus of supervision only on these three indicators so that it is easier for company management to make improvements. Each company is expected to propose improvement initiatives with strategic steps that can improve these indicators. Iwan hopes that the company can return to health and operate without having to face license revocation.

Apart from that, OJK continues to prioritize protection for policyholders during this restructuring process. OJK is committed to ensuring that the interests of policyholders are protected, even though the company is in the repair phase.

Source : https://finansial.bisnis.com/read/20241010/215/1806529/nasib-8-asuransi-dalam-pengawasan-khusus-ojk-ini-yang-harus-dibenahi 

 

Sharia Insurance Skyrockets! Product Take Care of Each Other Families with 2 Billion Benefits Become New Mainstay!

Sharia insurance in Indonesia has very promising potential, considering that this country is home to the largest Muslim population in the world, namely around 13 percent. This factor has encouraged the growth of sharia insurance products since they were launched.

The Financial Services Authority (OJK) reports that in 2022, sharia life insurance assets will account for 5.6 percent of total life insurance assets overall, while the sharia general insurance market share will reach 3.7 percent. The contribution of sharia life insurance sales also increased significantly, reaching 11.8 percent, up from 5.8 percent in the last five years.

Bryan Silfanus, CEO of Kitabisa Insurance, revealed that the great potential of sharia finance in Indonesia encourages his company to innovate and provide services that comply with sharia principles. Kitabisa Insurance not only focuses on growth, but also ensures good governance, transparency and is based on sharia values.

Bryan explained that Kitabisa Insurance utilizes digital technology to ensure trustworthy management of funds, providing fast and easy access, as well as transparency in every process. With a mission to restore the spirit of “taking care of each other” in insurance, Kitabisa Insurance offers products that comply with the BASIC principles: Good, Simple and Sophisticated. Products like “Take Care of Each Other “Family” offers life protection with compensation of up to 2 billion rupiah, based on a mutual assistance agreement (tabarru’) and an easy-to-understand concept.

Source : https://koran-jakarta.com/bisnis-asuransi-syariah-di-indonesia-kian-prospektif?page=1 

 

Alert! Middle East Conflict Hits Marine Cargo Insurance Industry, What is the Impact on Indonesia?

The heated conflict in the Middle East continues to be a concern, and a number of general insurance companies have begun to express their views regarding the impact of this situation on the marine cargo insurance industry. PT Asuransi Cakrawala Proteksi Indonesia (ACPI) considers that this conflict creates challenges that can affect the performance of the marine cargo insurance business. This is caused by disruption to the flow of goods to and from the area.

Deputy President Director of ACPI, Nico Prawiro, explained that apart from conflict factors, the weakening of the rupiah exchange rate against the United States dollar also affects import costs, thus affecting demand for goods from abroad. With obstacles in export activities, the marine cargo insurance industry has also been affected. However, Nico sees opportunities to strengthen domestic trade, along with the potential for increasing household needs and developing new industrial areas.

On the other hand, PT Great Eastern General Insurance Indonesia (GEGI) sees that the tensions that occur, especially in the Middle East, pose serious challenges for marine cargo insurance. GEGI Marketing Director, Linggawati Tok, explained that deliveries of goods to conflict areas, such as palm oil, rubber, automotive and coffee, have practically stopped since the conflict erupted. This worsens the performance of the marine cargo insurance business. As an anticipatory step, the company is now directing its focus on shipping domestic goods, as well as expanding the market for exports and imports to Asia, the Pacific, America and Europe.

In contrast, PT Asuransi Central Asia (ACA) claims that the conflict in the Middle East has not affected the performance of their marine cargo business. ACA has previously avoided shipping routes to the Middle East, considering that many countries in the region are under international sanctions. ACA is now prioritizing the domestic market and sees good growth potential in the future.

Data from the Indonesian General Insurance Association (AAUI) shows that in semester I-2024, marine cargo insurance premium income reached IDR 2.78 trillion, an increase of 10.2% compared to the same period the previous year.

Source : https://keuangan.kontan.co.id/news/asuransi-umum-menilai-konflik-timur-tengah-berefek-ke-kinerja-asuransi-marine-cargo 

 

Get ready! OJK Launches Major Reforms in the Insurance Sector, Here are the Impacts for Consumers and Industry

The Financial Services Authority (OJK) continues to encourage transformation in the insurance, guarantee and pension fund (PPDP) sectors, both from the aspects of regulation, development, licensing and supervision. According to Ogi Prastomiyono, Chief Executive of the OJK Insurance, Guarantee and Pension Fund Supervisor, transformation in this sector is very important to increase the PPDP sector’s contribution to the economy and also public trust.

OJK admits that there are still structural challenges in solving problems in this sector, such as low financial literacy and inclusion and product complexity that confuses the public. In addition, there are complaints, lawsuits and legal cases that reduce public trust in this sector.

From the industrial side, the need for experts, such as actuaries and investment experts, as well as strengthening the ecosystem through re-underwriting and the Policy Guarantee Program are transformation priorities. OJK is also committed to resolving company problems with objective steps and providing legal certainty.

To support this transformation, OJK issued 10 OJK Regulations (POJK) in 2023 and plans 10 more in 2024, including a number of SEOJKs to clarify technical provisions. Apart from that, OJK is also strengthening technology-based supervision by building the IKNB Securities Information and Monitoring Portal (PRIME), for integrated supervision in the PPDP sector.

One of the main focuses is to strengthen capital in the insurance sector, as regulated in POJK 23/2023 which regulates gradual capitalization until 2028. OJK also simplifies the licensing process for insurance products and strengthens supervision through comprehensive supervisory coordination and preparation for the implementation of PSAK 117.

Source : https://finansial.bisnis.com/read/20241009/215/1805973/transformasi-sektor-asuransi-penjaminan-dan-dana-pensiun-terus-didorong-ini-strategi-ojk 

This news is presented by L&G Insurance Broker, insurance broker experienced in Indonesia.

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