Insurance Premium Revenue Grows 10.1 Percent In The Third Quarter Of 2023

Insurance illustration (Photo: dock. unsplash)

JAKARTA - The premium income for the general insurance industry reached IDR 73.58 trillion until the third quarter of 2023. This achievement increased by 10.1 percent compared to the same period the previous year of IDR 66.85 trillion.

Deputy Chairperson of the Indonesian General Insurance Association (AUI) for Statistics & Research, Trinita Situmeang, said that the majority of premium income was contributed by property business lines worth IDR 18.65 trillion or the equivalent of 25.3 percent of the total premium income of the general insurance industry.

"Then, the motor vehicle business line contributed Rp. 14.59 trillion or 19.8 percent, and the credit insurance line contributed Rp. 13.86 trillion or the equivalent of 18.83 percent," Trinita said quoting Antara.

Then, the health insurance business line contributed IDR 5.29 trillion or equivalent to 7.2 percent, and the marine cargo business line contributed IDR 3.89 trillion or equivalent to 5.3 percent.

Trinita said that 32 percent of the premium distribution of the general insurance industry, equivalent to Rp22.39 trillion, came from brokers, 31 percent or Rp19.52 trillion from direct distribution channels (direct), and 14 percent or Rp11.25 trillion distributed from leasing.

Furthermore, it was 14 percent or Rp9.45 trillion from agents and 4 percent or Rp3.30 trillion from bancassurance.

Meanwhile, the total claim paid by the general insurance industry was recorded at IDR 30.77 trillion until the third quarter of 2023, or an increase of 12.2 percent year on year (yoy) compared to the previous IDR 27.41 trillion in the same period the previous year.

Trinita explained that the most general insurance claims paid to credit insurance were IDR 9.82 trillion or 31.9 percent of the total claims, motorized vehicles worth IDR 5.2 trillion or 16.9 percent, and property worth IDR 4.88 trillion or 15.9 percent.