OJK: Assets Of Asuransi And Sharia Resurance Grow 5.83 Percent In March 2024

Chief Executive of Insurance Supervision, Guarantee and Retirement Fund of Financial Services Authority (OJK) Ogi Prastomiyono. (Photo: Special)

JAKARTA - Chief Executive of Insurance Supervision, Guarantee and Retirement Fund of Financial Services Authority (OJK) Ogi Prastomiyono said insurance and sharia reinsurance assets grew 5.83 percent with total assets reaching IDR 45.10 trillion in March 2024.

"Sharia insurance has great prospects in Indonesia, based on data from March 2024, insurance assets and sharia reinsurance by CAGR rose 5.83 percent with total assets in March 2024 of IDR 45.10 trillion," said Ogi in Jakarta, quoted from Antara, Tuesday, May 14. CAGR stands for a combined annual growth rate, which is the growth rate per year over a certain period of time. On the premium side, CAGR rose 14.98 percent with a total premium in March 2024 of IDR 7.02 trillion. Ogi said that efforts to develop sharia insurance and conventional insurance were carried out simultaneously while still paying attention to the characteristic differences inherent in each industrial type. each of the industry. "With a large Muslim population in Indonesia and increasing demand for financial products according to sharia, OJK continues to encourage sharia insurance companies and sharia business units to continue to develop sharia-based product features and not just replace conventional products and label syariah'," he said. Overall, insurance industry assets reached Rp1,128.86 trillion, up 2.49 percent on an annual basis or year on year (yoy) with the highest increase coming from an increase in commercial insurance assets of 3.04 percent.

For the performance of premium income, in the commercial insurance sector there is an increase of 11.80 percent (yoy) while the non-commercial insurance sector has an increase of 6.22 percent in the period as of March 2024.

In the same period in the first quarter of 2024, particularly in commercial insurance performance, in life insurance, the business line that experienced the highest increase in premium income (yoy) was the health insurance business line with an increase of 32.11 percent (yoy) followed by the Warsa-Term Death Business Line with an increase of 27.65 percent (yoy). On the general insurance and reinsurance side, the property business line (Property) experienced the highest increase of 37.49 percent (yoy) followed by the credit insurance business line with an increase of 35.47 percent (yoy).

OJK continues to encourage general insurance companies to develop insurance risk mapping in accordance with global developments, including those related to electric vehicle-related trends.

The risk of electric vehicles is certainly different from non-electric vehicles, so it requires different risk quantization so that the underwriting process and determination of premiums can be better.

Furthermore, the OJK will adjust the provisions regarding this year's premium rates by incorporating electric vehicle insurance in the hope that it will create a reasonable, competitive price offering and a wide coverage of protection from insurance companies.

Asuransi tradisional masih mendominasi komposisi premi asuransi jiwa yakni sebesar 72,78 persen dari total premi atau sebesar Rp33,32 triliun.Di sisi lain, pada Produk Asuransi Yang Dikaitkan Dengan Investasi (PAYDI) atau unit link memiliki komposisi 27,22 persen dari total premi atau sebesar Rp12,46 triliun yang mengalami penurunan sebesar -22,67 persen (yoy) pada Maret 2024.OJK berharap asuransi tradisional dapat tumbuh signifikan untuk mendorong penetrasi risiko bagi sebanyak mungkin masyarakat Indonesia.