The central bank, Bank Indonesia, has said that it continued to record a deficit in the balance of payments for insurance services and pension funds last year.
State-owned insurer Asuransi Jiwasraya has claimed that the losses it suffered from investing in several questionable stocks exceed those of social insurer Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Asabri).
The Indonesian insurance industry posted growth of 8% in terms of premiums last year, according to data from the Financial Services Authority (OJK), despite the ills afflicting the state-owned financially stricken life insurer Asuransi Jiwasraya.
The Directorate General of State Assets (DJKN) of the Ministry of Finance is targeting to insure the buildings of 10 ministries and institutions this year, but to date, two agencies have yet to submit a list of building assets for insurance coverage.
The Financial Services Authority (OJK) will revise regulations related to the financial health of insurance companies. Among other measures set out in the proposed revised regulation, insurance companies will be rated from 1 (healthy) to 5 (unhealthy).
The Financial Services Authority (OJK) says that it will soon complete the reform of the regulation and supervision of the non-bank financial industry.
To increase the strength of insurance companies in Indonesia, the Financial Services Authority (OJK) plans to increase the minimum capital of insurance companies.
Chubb has announced the appointment of Mr Jon Longmore as the new President Director to lead its general insurance business in Indonesia, subject to regulatory approval.
The general insurance industry in Indonesia posted premium income of IDR80.12tn ($5.85bn) in 2019. This represented a 14.62% increase over 2018, according to data from the Financial Services Authority (OJK).
The Ministry of State-Owned Enterprises (BUMN) has said that the imminent establishment of a state owned insurance holding company, expected at the end of this month, would not include financially stricken Asuransi Jiwasraya as a subsidiary in the group.