Insurance industry recorded IDR 320.88 trillion of premium in 2023
JAKARTA. Financial Services Authority (OJK) recorded accumulated premium of IDR 320.88 trillion from the insurance sector in 2023. This insurance premium grew 3.02% year-on-year (yoy). In 2022, insurance industry raked in total premium of IDR 311.48 trillion.
OJK data shows that out of this cumulative premium, life insurance recorded IDR 177.41 trillion, down 7.99% yoy.
Meanwhile, the general insurance and reassurance sector saw solid growth. OJK noted that this insurance industry, which covers various protection, booked premium of IDR 143.47 trillion or 20.89% higher year-on-year.
In terms of solvability or Risk-Based Capital (RBC), insurance industry in Indonesia could be considered relatively healthy. Life insurance industry reportedly booked RBC of 457.98%, while general insurance and reassurance’s RBC was 363.10%. OJK has set the minimum RBC of insurance company industry to 120%.
Mahendra Siregar, the Head of the Board of Commissioners of OJK, also agreed that the solvability of financial sector seemed solid. (PP/ZH)