Government Encourages The Insurance Industry To Help The Economic Recovery Process

One of the state-owned insurance companies Jiwasraya. (Photo: Doc. Antara)

JAKARTA - The government through the Ministry of Finance hopes that the insurance industry can be one of the drivers in accelerating economic recovery.

Deputy Minister of Finance (Wamenkeu) Suahasil Nazara said that various early economic indicators that show a positive direction signal an increase in economic activity.

"We want the insurance business as one of the real sectors of the financial market to be able to play an important role in recovery", he said in a webinar on Thursday, February 25.

According to him, when the economy starts to run normally and mobility is better, this will allow insurers to provide longer-term services to the community.

“The insurance business is a long-term business. Therefore, this activity must be built so that it is competitive and efficient", he said.

He added protection for consumers is also an equally important concern in the insurance business. Problems that arise related to consumer protection must be watched out for so that public trust can be maintained.

"We continue to encourage regulators to continue to pay attention to and improve a good business environment, as well as create new instruments", said the Deputy Minister of Finance.

The Deputy Minister of Finance also stated that insurance business players need to pay attention and be encouraged to carry out economic transformation. This economic transformation was carried out in the context of developing financial markets, which is one of the supporting steps in the structural reform program in Indonesia.

"For financial markets, of course, there are three most important things, namely financial market deepening, access to financial markets, and efficiency of financial markets. This is where the insurance business becomes a layer”, he concluded.