Askrindo Pays Rp105 Million Claim to Business Actors Affected by the Disaster in Sumatra

JAKARTA - PT Asuransi Kredit Indonesia (Askrindo) has paid out Micro Insurance (Asmik) claims of IDR 105 million to 21 Micro, Small and Medium Enterprises (MSMEs) affected by disasters in Sumatra until Friday, December 19.

Askrindo Business Director Budhi Novianto stated that his party only needed three days to process the payment of claims for the insurance product.

"Because we have to follow the direction of the OJK (Financial Services Authority) if Asmik has to be quick, simple, and not complicated, pay directly for three days, because we don't calculate how much the loss is, but the form is compensation," said Budhi Novianto, quoted by Antara.

He said that the Micro Insurance product is specifically designed to protect small entrepreneurs with very affordable premiums, only Rp. 40 thousand per year.

With this amount of premium, traders with carts can get compensation of Rp. 2.5 million.

Meanwhile, for kiosk owners, the compensation reaches IDR 5 million, and if the business premises are affected, the compensation reaches IDR 20 million.

Budhi estimates that the number of reported Micro Insurance claims will continue to increase as access and operations of the insurance product agency partners, one of which is Alfamart, in the disaster area recover.

"The possibility (of claim value) will increase as the situation begins to normalize and Alfamart has reopened. They (customers) will apply through Alfamart, showing their KTP (Indonesian Identity Card), that he is a client of Askrindo," he said.

In addition to Micro Insurance, SOEs in the insurance sector are also assessing the potential claims from the Credit Insurance and All-Risk Property Insurance lines.

Askrindo Finance Director & Acting Technical Director Leonardo Henry Gavaza revealed that his party was intensively coordinating with banks to map the affected Credit Insurance customers.

Likewise, with Property All-Risk Insurance, his party is also still assessing the assets of customers who were damaged by the flood and landslide disasters.

Although it has not been able to mention the value of the claims of the two insurance companies, Askrindo is committed to continuing to support post-disaster recovery while waiting for the credit relaxation policy being drafted by the government.

"We are ready to see what the impact (of the disaster on the insurance claim) will be like. For (insurance) credit, it is not yet (visible), because usually the claim is filed when Kol 5 (Collection 5 or credit is more than 180 days overdue)," explained Leonardo Henry Gavaza.