Insurances' Premium Income Beats Expectation

Indonesia Finance

Monday, 20 February 2012 10:21

Written by Hans GN

JAKARTA, Indonesia Today - National commercial insurance companies booked unaudited premium income of Rp136.6 trillion in 2011, grew 27% from Rp107.54 trillion in previous year, Bisnis Indonesia reported this morning.

Isa Rachmatarwata, head of insurance bureau at the Indonesia Capital Market and Financial Institution Supervisory Body, or Bapepam-LK, said the increase of premium income surpassed the expectation with claims only rose 17.5% to Rp77.32 trillion from Rp65.82 trillion in 2010.

As a result, total assets of national commercial insurances companies increased 21% to Rp286.25 trillion by end of 2011, compared to Rp236.66 trillion by end of 2010.

"2011's growth in premium income was the highest for the past 4 years while the growth in claims was the lowest," Isa said, noting the growth of national insurance industry accelerated significantly in the fourth quarter of 2011.

"Looking at the achievement until third quarter of 2011, I was not optimistic the growth will reach 20%, but in fact it happened," he added.

Isa said the penetration of national commercial insurance business increased to 1.84% last year, from 1.67% in 2010, surpassing 1.71% penetration recorded in 2007.

Currently, life insurances total 42, general insurance amounts 83 companies, 4 reassurance firms and 5 companies that serve social insurance. (hans@theindonesiatoday.com)

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