People are starting to realize the importance of insurance after the Covid-19 pandemic. Therefore, the insurance business is showing signs of very rapid growth. This is evidenced in the performance of life insurance premiums which show growth.
The increase occurred in the accumulation of general insurance and reinsurance premiums which recorded an increase of 14.06% yoy during the same period to reach IDR 106.91 trillion as of November 2022.
In addition, the accumulated income of the insurance sector from January to November 2022 reached IDR 280.24 trillion or was able to grow by 0.44% compared to the same period in the previous year.
Furthermore, the performance of general insurance and general reinsurance has increased until the third quarter of 2022. General insurance has experienced growth until the third quarter of 2022 of 6.8% to IDR 195.8 trillion.
In the same period last year, general insurance performance reached Rp 183.2 trillion. Meanwhile, general reinsurance grew 11.7% to IDR 34.1 trillion from the previous IDR 30.5 trillion.
General insurance premiums until the third quarter of 2022 grew 19.9% to IDR 67 trillion compared to the same period in the previous year which was recorded at IDR 55.8 trillion.
Meanwhile, general reinsurance premiums grew 11.7% to IDR 18.5 trillion from the previous IDR 16.6 trillion. Total premiums for the insurance industry also grew by 3.4% to IDR 395.9 trillion.
Continuing from the claims side, general insurance recorded IDR 27.5 trillion or experienced a growth of 25.2% compared to the same period in the previous year which recorded IDR 22 trillion.
General Reinsurance Claims also grew 19.1% to IDR 9.3 trillion from the previous IDR 7.8 trillion. Meanwhile, insurance industry claims reached Rp 286.2 trillion, an increase of 11.9%.
The biggest premium contribution was in the property sector at 32.5%, followed by motor vehicles at 19% and credit insurance at 13.9%. Meanwhile, claims were dominated by insurance loans at 26.3%, property at 22.4%, and motor vehicles at 16.5%.
These numbers show signs of the insurance business revival in 2023.
