JAKARTA. The Financial Services Authority (OJK) reveals that the assets of commercial insurance industry had reached IDR 903.07 trillion in January 2024.

Executive Head of Insurance, Security, and Pension Fund Supervision of OJK, Ogi Prastomiyono, mentioned that the total assets of this insurance industry have grown 3.87% compared to January 2023. “The premium income of commercial insurance in January 2024 clocked up to IDR 36.25 trillion,” he added during Press Conference of RDKB earlier this week (4/3).

Prastomiyono further said that the premium income of this particular insurance industry has increased by double-digit, of 18.63% year-on-year (yoy). At the same time, life insurance industry reported a rebound. After two years of decline, down 7.99% at the end of 2022 and another 5.25% drop in 2023, this sector, as of January 2024, reported 8.24% yoy growth.

“Premium of general insurance and reassurance also grew 30.09% yoy,” Prastomiyono added.

Furthermore, Prastomiyono mentioned that the improved performance of life insurance industry in early 2024 was supported by solid capitalisation. Risk-based capital (RBC) of life insurance and general insurance were indeed reported at 447.68% and 344.32%. (PP/ZH)