JAKARTA - The Financial Services Authority (OJK) noted that the growth of the insurance industry until 2019 was still positive and had good endurance and still had great future prospects.
OJK data recorded that during 2019, commercial insurance premiums collected reached Rp281.2 trillion (8.0% yoy), with life insurance premiums of Rp179.1 trillion (4.1% yoy) and general / reinsurance insurance premiums of Rp102.1 trillion.
Likewise, the insurance industry assets (life insurance, general insurance, reinsurance and compulsory insurance) also grew positively by 5.91 percent (yoy) from Rp862.8 trillion in 2018 to Rp913.8 trillion in December 2019. If BPJS included, then it became Rp1,370.4 trillion.
OJK also assessed that the insurance industry still has great potential to grow and has a more significant role in the national economy considering that of around 260 million Indonesians, currently only 12.08% are served by insurance products.
To achieve this, OJK is committed to accelerating the process of reforming the Non-Bank Financial Industry including insurance, which aims to increase public trust, improve regulatory standards and quality of supervision, build healthy, sturdy IKNB, and contribute to the national economy and improve IKNB competitiveness in facing the challenges of the global economy. (LM)