News Non-Life14 Aug 2019

Indonesia:OJK says changes in property & motor insurance rates can wait

| 14 Aug 2019

The Financial Services Authority (OJK) has assessed that changes in premium rates in the property and motor insurance business lines are not yet needed. Even so, any change can still be decided after a review of data for the second half of this year.

OJK insurance supervisory director Ahmad Nasrullah said that his office had conducted an evaluation and study related to tariffs in the two business lines. The review was conducted with a tariff team that was formed with the Indonesian General Insurance Association (AAUI), reported Bisnis.

However, based on preliminary results, he said that there was no urgency for tariff adjustments.

Mr Ahmad said that his office would still look at industry data in the second half of this year to ascertain the need for tariff changes.

Separately, AAUI chairman Dadang Sukresna said that that every year the association is invited by the OJK to conduct a tariff review. Based on available statistics, AAUI provides input related to the need for changes to the tariffs.

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