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Claims and life insurance benefits increased by 14%

Reporter: Umi Kulsum | Editor: Dessy Rosalina

KONTAN.CO.ID – JAKARTA. The number of claims expenses and benefits paid by life insurance companies increases. As of October 2017, the claim figure reached Rp. 112.31 trillion.

Data from the Financial Services Authority (OJK) details that the number of claims expenses for up to ten months this year has increased in double digits, namely by 14%. Even though in the same position last year, the nominal claim paid by life insurers only reached Rp. 98.49 trillion.

This figure continues to increase from the position in September 2017, for example, the claim burden and benefits paid by the perpetrators reached Rp. 99.7 trillion. This means that within one month, this figure has increased by Rp. 12.61 trillion.

Chief Marketing Officer of Sun Life Financial Shierly Ge said the number of claims and benefits paid by his company also increased. As an illustration, until September 2017, Sun Life has paid claims of Rp. 1.02 trillion.

This figure is an increase of 5.5% when compared to the same period last year of IDR 964.5 billion. Of the total claims, according to Shierly, it was contributed by various products, for example death claims, health, maturity benefits, critical illnesses and so on.

According to him, even though the nominal claim has increased slightly, the amount is still relatively normal. “Actually, for us, this number is still normal and the claims do not need to be pressed,” Shierly told Kontan.co.id, Tuesday (19/12).

However, Shierly did not disclose details regarding the projected nominal claims at the end of the year. What is certain is that the number will increase compared to the realization in the third quarter but it is still in a normal position and it is estimated that there will be no significant increase in claims.

Just to know, until the third quarter of 2017, Sun Life has booked a premium of Rp 2.17 trillion. This figure is an increase of 121% when compared to the same period last year.

Previously, Sun Life President Director Elin Waty said that towards the end of this year, Sun Life’s management is optimistic that it can realize premiums far above the life insurance industry average. Meanwhile, at the end of 2016, Sun Life earned a premium of Rp 1.6 trillion.

“Usually at the end of the year, the premium increase will be boosted more,” Elin added, some time ago.

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