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illustration:life insurance – Security officers on duty in front of various insurance company logos at the office of the Indonesian Life Insurance Association (AAJI), Jakarta, Monday (6/7/2020). AAJI Executive Director Togar Pasaribu said that although unit link performance was depressed, this product was still a pillar of life insurance performance with premium income from unit link products amounting to IDR 27.18 trillion which contributed 61.6 percent to the total premium of IDR 44.11 trillion while premiums from traditional products amounting to IDR 16.93 trillion which contributes 38.4 percent to the total premium.
Armfalcon.com, JAKARTA — Ogi Prastomiyono, chief executive of the insurance supervisor, insurance agency and pension fund of the Financial Services Authority (OJK), said that premiums for investment-linked insurance products (PAYDI) in March 2023 fell by IDR 5.26 trillion or 24 .61 percent on an annual basis. This decrease is in line with the implementation of OJK Circular Number 5 of 2022 concerning PAYDI starting March 12, 2023.
“It has been anticipated by the OJK that there will be a reduction, but as stated that the PAYDI risk will be better mitigated because it is more transparent and the process is more stringent,” he said in an online press conference in Jakarta, Friday (5/5/2023).
Simultaneously with the implementation of SE OJK Number 5 of 2022 concerning PAYDI, insurance companies that distribute PAYDI have also registered their newest PAYDI products, but some have not registered because they are still registering old products. As for the reduction in PAYDI premiums, the OJK recorded conventional and sharia life insurance premium income as of March 2023 reaching IDR 44.84 trillion.
“The PAYDI business line contributed the highest premium of IDR 16.11 trillion or 35.93 percent,” he said.
According to him, the normalization of premium growth performance from the PAYDI business line is part of the reform stages carried out by OJK in the insurance industry sector. So that the marketing and management of insurance products can run more prudent, fairand transparent.
Meanwhile, the life and general insurance industry’s capital is still well maintained. Judging from the large Risk Based Capital (RBC) above the threshold of 460.06 percent and 315.79 percent respectively.
“Although the RBC is on a downward trend and the RBC of several insurance companies is closely monitored, the insurance industry’s RBC in aggregate is still above the threshold of 120 percent,” he said.
source : Between
source: ekonomi.republika.co.id
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