JAKARTA - The Financial Services Authority (OJK) announced that the accumulated performance of the insurance industry shows a positive trend until October 2023.
The Chief Executive of the Insurance, Guarantee and OJK Pension Fund, Ogi Prastomiyono, said that the accumulated premium income for the insurance sector during January to October 2023 was IDR 264.23 trillion.
This value increased by 3.54 percent on an annual basis (year-on-year/yoy) when compared to the previous month, namely September 2023 worth IDR 228.51 trillion or decreased by 1.57 percent yoy.
"The growth in life insurance accumulation has improved, but it is still contracting by 6.93 percent yoy with a value of Rp. 146.52 trillion as of October 2023, driven by premium income in Paydi's line of business," he said in the virtual November 2023 RDK, Monday, December 4.
Ogi said that although it was still contracting, the trend from September to October had improved. Where, in September 2023, the premium for life insurance contracted by 7.93 percent (yoy) with a premium of IDR 132.04 trillion.
On the other hand, Ogi said that the accumulation of general insurance and reinsurance premiums grew by 20.4 percent (yoy) to IDR 117.72 trillion in October 2023 when compared to the same period the previous year of IDR 97.78 trillion.
"In general, capital in the insurance industry strengthens with the life insurance industry and general insurance records Risk Based Capital (RBC). This condition is far above the threshold of 435.98 percent and 340.54 percent, respectively," he explained.
However, when compared to September 2023, the condition of RBC in general insurance and reinsurance companies was only 308.97 percent and 451.23 percent in the life insurance industry.
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Ogi said that BPJS Kesehatan's total assets as of October 2023 reached IDR 115.18 trillion or grew 5.66 percent (yoy) when compared to October 2022, which was valued at IDR 109.01 trillion.
"In the same period, BPJS Ketenagakerjaan's total assets reached Rp709.22 trillion or grew by 11.56 percent (yoy)", he added.
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