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Insurance claims and benefits posted a double-digit decline

Reporter: Umi Kulsum | Editor: Barratut Taqiyyah Rafie

KONTAN.CO.ID – JAKARTA. The increasing trend of life insurance claims and benefits that occurred at the beginning of the year seems to have started to slope in the middle of this year. The decrease in claims and benefits was recorded in double digits.

Referring to data from the Financial Services Authority (OJK), as of June 2018, the claims and benefits paid by industry players amounted to IDR 38.41 trillion. This figure decreased by about 12.5% ​​on an annual basis year on year (yoy) compared to the same period in 2017 amounting to Rp 43.93 trillion.

On the other hand, the life insurance industry premium income reached Rp 95.47 trillion. This figure grew 29.4% yoy compared to the same period in 2017 amounting to IDR 73.79 trillion. Chairman of the Indonesian Life Insurance Association (AAJI) Hendrisman Rahim said the decline in claim and benefit payments was still relatively reasonable. According to Hendrisman, risk claims are unpredictable. It could be that in the mid-year period, there are not too many maturing policies. Likewise with risk claims.

The decline in claims occurred at Sun Life Financial Indonesia. As of June 2018, referring to the financial statements, claims and benefits paid were around Rp. 189.69 billion, lower than the second quarter of 2017 which amounted to Rp. 620.06 billion. There was a significant decrease of 69.41%.

Meanwhile, the claims and benefits paid by Capital Life Indonesia increased 10% to Rp 1.2 trillion in the first six months compared to the same period in 2017. Business Director of Capital Life Robin Winata explained, the increase in the number of claims was due to an increase in the production of customer policies that were due on customer policies. “Meanwhile, there were relatively few death claims, namely Rp. 5.1 billion as of June 2018,” said Robin.

Meanwhile, BCA Life pays claims and benefits amounting to Rp 74.33 billion until July 2018. Up 34% compared to the same period last year of Rp 55.27 billion.

Lely Pekih, Head of Marketing Communication BCA Life said the increase in claims was also in line with premium growth. Up to seven months, BCA Life premiums reached Rp 372.55 billion, growing 20% ​​yoy.

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