General Insurance Premium Increases 18.4 Percent In Semester I-2024

Insurance (Photo: dock. unpslash)

JAKARTA - The Indonesian General Insurance Association (AUI) reported that the premium from the national general insurance industry grew 18.4 percent year on year (yoy) to IDR 57.9 trillion in the first semester of 2024, compared to IDR 42.83 trillion in the same period the previous year.

Deputy Chairperson of AAUI for Statistics & Research Trinita Situmeang explained that Asset Asset Insurance still occupies the largest market share with a growth of 32.8 percent (yoy) to 16.6 trillion in the first semester of 2024.

"One of the pillars is the increase in the rental price of commercial property," he said, quoting Antara.

He continued, the second largest market position is the Credit Insurance business line which grew by 26 percent (yoy) to IDR 10.5 trillion in the first semester of 2024.

Then, the next position is Motor Vehicle Insurance which grew 2 percent (yoy) to IDR 10 trillion in the first semester of 2024, compared to IDR 9.8 trillion in the same period the previous year.

Trinita continued, claim payment obligations grew 12.1 percent (yoy) to IDR 22.5 trillion in the first semester of 2024, compared to IDR 20.1 trillion in the same period the previous year.

He explained that Credit Insurance still recorded the largest claim payment with a growth of 35.4 percent (yoy) to 8.30 trillion in the first semester of 2024, compared to IDR 6.13 trillion in the same period the previous year.

He continued, the second largest market position is the Motor Vehicle Insurance business line which grew by 5.4 percent (yoy) to Rp3.52 trillion in the first semester of 2024, compared to Rp3.34 trillion in the same period the previous year.

Then, the next position is Health Insurance which grew 11.8 percent (yoy) to IDR 3.40 trillion, compared to IDR 3.04 trillion in the same period the previous year.

In the first semester of 2024, the total assets of the general insurance industry were recorded at IDR 236.33 trillion, an increase of 17 percent (YoY) compared to IDR 202.46 trillion in the same period the previous year.