AAUI Calls Only 6 General Insurances Not Having Actuaries At The End Of 2023

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JAKARTA - The Indonesian General Insurance Association (AUI) said that only 6 general insurance companies do not have actuaries until the end of 2023.

"These six companies don't mean they're not looking for actuaries, they're looking for, but in the end it's a question of cost," Budi said, quoting Antara.

He said that as of the third quarter of 2023 there were 10 general insurance companies that did not yet have actuaries, but some of them were waiting for a fit and proper test.

The six insurance companies that do not yet have actuaries are said to be committed to complying with OJK provisions as stipulated in Law Number 4 of 2014 concerning Insurance.

From my communication, they have also been called OJK, they are also committed to fulfilling it. In the end, they still have a high commitment to fulfill it, only the end is a cost problem," he said.

Several general insurance companies that have not complied with this rule have also communicated with OJK to be given relaxation.

"I'm still optimistic that everything will be fulfilled, because this is an old rule, it should be with relaxation for more than 6 years, they should be able to fulfill it," he said.

General insurance companies are expected to have quality actuaries so that their business activities are more sustainable.

Previously, AAUI noted that as of the third quarter of 2023 there were 72 public companies operating in Indonesia.

The total premium for the general insurance industry was recorded at IDR 73.58 trillion in the third quarter of 2023, or an increase of 10.1 percent year on year (yoy) compared to the previous IDR 66.85 trillion in the same period the previous year.

The majority of premium income contributed from property business lines worth IDR 18.65 trillion or equivalent to 25.3 percent of the total premium income of the general insurance industry.