Over the past few years, the development of insurance in Indonesia has shown quite good progress. Insurance companies are showing growth in their businesses, which is getting more and more customers using insurance services in their lives.
Public awareness of the importance of a protection against various risks that can occur and happen to them at any time is one cause of the high number of insurance users lately. This of course becomes a distinct advantage for insurance companies that provide insurance services, where the broader the market can be processed and used as a target sales of their products.
Public awareness of the importance of a protection against various risks that can occur and happen to them at any time is one cause of the high number of insurance users lately. This of course becomes a distinct advantage for insurance companies that provide insurance services, where the broader the market can be processed and used as a target sales of their products.
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| Development of Insurance Companies in Indonesia |
In accordance with the development of the times, insurance is also experiencing rapid development and better every day. In addition to improving services to its customers, insurance companies also conduct a variety of businesses to be able to continue to expand and promote the business they run so far. One of the steps taken is to issue new and more innovative products for its customers.
Currently, insurance products are not only limited to types of life insurance and health insurance, because basically these two products are the most widely used by the public. In its development, the insurance company also issued a variety of products that can be selected and used in accordance with the needs of the customers concerned. This is so that more customers are using insurance services and more sales can be created.
There are many types of insurance products that can be selected by customers of insurance users, including: health insurance, education fund insurance, pension insurance, car insurance, property insurance, and various other types of insurance. With the number of products issued by insurance companies, there will be many options and also considerations that can be taken by customers who will use the insurance. It also creates a good aroma of competition among insurance service providers, where they will certainly compete to provide the best service in their products.
Development of Insurance in Indonesia
Based on data released by the Indonesian Financial Services Authority (OJK), it is known that the development of insurance industry in Indonesia has a significant role in supporting the national development process. This is seen from the contribution of insurance companies in cultivating long-term funds in large amounts, which are then used as funds in development undertaken by the government.
In the services provided by insurance companies, communities also receive support in the form of protection against risks and also losses that could befall them at times, especially when they are running their business. This shows how the development of insurance also has a significant role in economic growth and development that occurred lately.
A better understanding of the importance of insurance coverage is also a matter of affecting progress in the insurance business itself. When people's trust in a product has been created, it will be easier to develop and sell the product. This is what happens in the insurance business, where more and more people want a guarantee / protection against the various risks they will face in the future.
The development of the insurance industry can be seen during the last four years, precisely in 2011 to 2014, where the assets of the conventional insurance industry experienced an average growth of more than 16%. This is also evident from the average growth occurring in the value of investments and premiums which increased respectively by 14.4% and also 21.0%, as disclosed by IKNB Chief Executive Superintendent Firdaus Djaelani in the Insurance Outlook 2016 seminar at Jakarta.
The data shows the positive growth that occurred in the insurance business. While in 2015, assets and investments conventional insurance industry until the end of September showed the figure to reach Rp765, 6 trillion and Rp608, 6 trillion. If we compare it with the position that occurred until the end of 2014, the assets of the insurance industry has a growth of 1.36%, while investment decreased by 0.24%, this is due to the turmoil that occurred in some investment instruments at some time ago .
On the other hand, the growth that occurred in insurance premiums until September 2015 also experienced a quite satisfactory increase of 17.1%. When compared to growth in August 2015, this number increased by 11.9% from the same position in the previous year. The increase in premiums is contributed the most by life insurance companies, followed by social insurance premiums and general insurance premiums.
List of Insurance Companies in Indonesia
Like other industries, the insurance industry in Indonesia also has a number of rules as well as legislation issued by the government. This is done to protect all rights and also the obligations of the wider community who will act as consumers in an insurance service. The government has a variety of regulations that regulate everything that concerns the insurance industry.
The number of companies engaged in the insurance business shows the high opportunities that exist in the business. But it also has a good enough effect for the wider community, where they end up with a lot of options and can get the most suitable insurance services for their individual needs. Broadly speaking, insurance in Indonesia can be divided into 2 types, namely:
1. Conventional Insurance
Conventional insurance is run by applying various modern business policies in it, it is related to the calculation and also various lines of business run by the company. In general, this type of insurance is the most widely used by the public, because basically conventional insurance is the type of insurance that was first introduced to the public.
That way, it can be ascertained if the number of insurance companies that run businesses in conventional types of insurance will be much more when compared with the number of insurance companies that have sharia principles.
Based on data released as of December 31, 2015, it is known that the list of General Insurance Companies, Life Insurance, Reinsurance, Compulsory Insurance and Social Insurance are as follows:
- General Insurance as many as 76 companies
- Life Insurance as many as 50 companies
- Reinsurance of 6 companies
- Mandatory Insurance of 3 companies
- Social Insurance as much as 2 companies
2. Sharia Insurance
Sharia insurance is an insurance company service that is run by using sharia principles, where in all calculations and also various fees charged in it will be done by following the principles based on sharia rules.
All rules and policies in the Takaful shall be stipulated in accordance with the decision taken by the Sharia Council of Indonesia, in which it is done to guarantee the halal as well as the feasibility of various matters carried out within the insurance company in accordance with the teachings of Islam. Takaful is run on the principle of profit sharing, which will be applied in accordance with the syariah.
Within Takaful, risk is not transferred to the insurer, but will be shared equally among the insurance customers. The development of sharia insurance in Indonesia shows the number increase from year to year, until December 31, 2015 lists of General Insurance Companies, Life Insurance and Reinsurance with the principles of sharia are as follows:
- General Insurance of sharia business unit as many as 25 companies
- Sharia full general insurance as many as 3 companies
- Asuransi Jiwa Syariah Business Unit as many as 19 Companies
- Full Sharia Life Insurance as many as 5 companies
- Reinsurance of Sharia Business Unit as many as 3 companies
- Insurance Provides Security and Convenience
The data above shows how insurance growth in Indonesia should be appreciated, as this will affect both the development financing sector and also the protection services sectors that the general public enjoys in running their businesses. Do not hesitate to use the insurance in accordance with your needs because the insurance provides security and comfort in undergoing all activities.
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