This Is The Value Of Life Insurance Industry Claims For COVID19 Cases

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JAKARTA - The high number of positive cases of COVID-19 in Indonesia some time ago helped to increase the total value of benefit claims paid by the life insurance industry players to their customers.

The head of the distribution channel for the Indonesian Life Insurance Association (AAJI), Elin Waty, said that the total claims for COVID19 benefits from the life insurance industry that were paid to the public reached IDR 8.82 trillion.

The claim value was paid in the period between March 2020 and December 2021.

"The highest claim was paid in the period July to September 2020, which was worth IDR 3.69 trillion, due to a fairly high increase in confirmation cases during that period," said Elin at the Life Insurance Industry Performance Report Press Conference Quarter IV/2021, in Jakarta, as reported by Antara, Wednesday, March 9.

According to Elin, the amount of COVID19 claims paid is a clear proof of the life insurance industry's commitment in general, even though the pandemic condition is included in the claim exclusion requirements, along with natural disasters, wars, and others.

Thus, Elin considered that the life insurance industry remained in good faith and continued to provide protection to the people of Indonesia, even in the midst of the pressure of the pandemic.

Overall, she continued, the total claims and benefits paid by the life insurance industry in 2021 reached IDR 159.43 trillion, or an increase of 5.5 percent from 2020 which was valued at IDR 151.12 trillion.

The total claims and benefits paid in 2021 consist of the end of the contract amounting to IDR 11.52 trillion, a decrease of 35 percent from IDR 17.71 trillion in 2020 and death of IDR 21.14 trillion, an increase of 72.8 percent from IDR 12.24 trillion.

Then for the redemption value or surrender of IDR 91.24 trillion, or growing 0.5 percent from IDR 90.78 trillion and partial withdrawals of IDR 17.23 trillion, up 12.5 percent from IDR 15.32 trillion.

She conveyed that the total claims were also given for health worth IDR 13.04 trillion or a 32 percent growth from IDR 9.88 trillion and for other claims of IDR 5.26 trillion, an increase of 1.3 percent from IDR 5.19 trillion.

Health claims include individual health of IDR 7.12 trillion, up 62.7 percent from IDR 4.38 trillion, and group health of IDR 5.91 trillion, or up 7.5 percent from IDR 5.5 trillion.