Insurance Claims Due To Floods And Landslides In Sumatra Estimated To Reach IDR 1 Trillion, Here Are The DETAILs

JAKARTA - The Financial Services Authority (OJK) estimates that the potential insurance claims due to floods and landslides in West Sumatra, Aceh and North Sumatra will reach IDR 1 trillion.

The Chief Executive of the Insurance, Guarantee and OJK Pension Fund, Ogi Prastomiyono, said that this figure consists of claims for vehicle insurance, property and state property and not including life insurance.

From the claims recorded, Ogi detailed, the potential claims recorded from 39 insurance companies, especially in property damage amounting to Rp492.53 billion.

Then the claim for motor vehicle insurance is estimated at IDR 74.50 billion.

"Besides that, there is also exposure for state-owned insurance in affected areas whose value is estimated at around Rp. 400 billion," said Ogi, Thursday, December 11.

Ogi said that life insurance cannot be estimated because not all victims have been found and identified.

"Meanwhile, life insurance is still being monitored," he said.

In line with the restructuring policies set by banks and financing institutions for debtors affected by the disaster, Ogi ensures that credit or financing quality will be maintained.

Thus, claims to insurance companies or guarantees do not immediately arise.

Ogi menegaskan, perusahaan asuransi umum dan lembaga penjamin tetap diwajibkan menyiapkan pencadangan atas potensi risiko gagal bayar guna memastikan kemampuan pembayaran klaim di kemudian hari.

"Selain itu, OJK juga memberikan relaksasi kewajiban pelaporan dengan memperpanjang batas waktu penyampaian laporan bagi lembaga penjamin dan dana pensiun yang jatuh pada 10 Desember 2025, diundur menjadi 24 Desember 2025, demi menjaga kelancaran operasional tanpa mengurangi akurasi dan kewajiban pelaporan," tandas Ogi.

Ogi emphasized that general insurance companies and guarantor institutions are still required to prepare reserves for the potential risk of default in order to ensure claim payment capabilities in the future.

"In addition, the OJK also provides relaxation of reporting obligations by extending the deadline for submitting reports to guarantor institutions and pension funds which falls on December 10, 2025, postponed to December 24, 2025, in order to maintain smooth operational operations without reducing reporting accuracy and obligations," said Ogi.