JAKARTA - The Indonesian Life Insurance Association (AAJI) stated that the total premium income of the life insurance industry reached IDR 143.75 trillion in the third quarter of 2022.
"This achievement decreased 3.8 percent year on year (yoy), from the previous IDR 149.36 trillion in the same period 2021," said Chairman of the AAJI Management Board Budi Tampubolon, at a press conference on the 2022 Quarter III Life Insurance Industry Performance Report in Jakarta, Wednesday, November 23.
However, he said premium income from agency distribution channels, premiums from sharia businesses, traditional pool insurance, and regular payments recorded growth in the third quarter of 2022.
According to him, premium income is still being held back in the midst of the highest total covered growth in the life insurance industry, indicating that life insurance products are already targeting the lower middle class of the economy.
"The life insurance industry has targeted the lower middle to lower class of people, who want to have insurance protection, but with a premium value or a more affordable coverage value, lower than the middle to upper middle segment coverage money," said Budi.
He said this was a positive indication for the life insurance industry, and became their driving force to continue to develop products that were able to target more broadly for all people in Indonesia.
Meanwhile, he said that the total income of the life insurance industry reached Rp164.55 trillion until the third quarter of 2022, or a decrease of 4 percent yoy compared to the same period in 2021.
If further withdrawn, according to him, this achievement is still better than in the early days of the COVID-19 pandemic in 2020, where this industry experienced a significant decline.
The performance report came from collecting data on 58 life insurance companies of AAJI members in Indonesia.
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