General insurance is one of the most important insurance products to have in addition to life insurance. Actually, what is general insurance and how is it different from life insurance? If you also question this, you should read this article to the end!
Understanding General Insurance
or general insurance is an insurance product that provides benefits in the form of compensation for the insured.
This compensation can be given as a substitute if the insured experiences a disaster in the form of damage, loss, or loss of certain property.
You can subscribe to general insurance to get protection from disasters such as fires, floods, and accidents.
general insurance from two sources, namely Government Insurance which is run by the government and Commercial Insurance which is run by the private sector.
Difference between General Insurance and Life Insurance
Although the goal is the same to provide protection to customers, these two types of insurance have differences.
The most basic difference is in terms of beneficiaries and dependents.
The benefits of life insurance or life insurance are intended for the insured's family or their heirs, while the benefits of general insurance will be felt by the insured himself.
The next difference is related to protected objects. Life insurance only protects the life of the insured, while general insurance is broader in scope.
In addition, there are other differences in terms of the insurance period, premiums, and nominal dependents.
Types of General Insurance in Indonesia
General insurance has different types. Here's the explanation.
Home Insurance
The first most popular type is home insurance. As the name implies, this insurance product is used to protect homes from various risks and disasters that may arise such as fires and explosions.
Personal Accident Insurance
The next type of insurance is personal accident insurance which is useful for protecting against economic and physical losses due to accidents.
This insurance will cover various costs ranging from vehicle repair costs, medical treatment, disability, to death benefits.
Motor Vehicle Insurance
Next there is motor vehicle insurance which is useful to protect your vehicle from various risks that may arise.
This insurance is available in three categories of protection, namely comprehensive, total loss only , and third party liability .
Travel Insurance
If you like traveling, don't miss buying this insurance product every time you travel!
This travel insurance is short term and only valid for the entire duration of your trip, from the time you depart to the time you return.
Even so, the benefits are many, ranging from covering medical expenses due to accidents, trip cancellations, to replacements if you lose items.
Business Insurance
The last type is business insurance that is used by business people and only for business purposes.
This insurance product is also quite popular because it is widely used by business people.
Some examples of business insurance products that are commonly used are freight insurance, engineering insurance, and credit insurance.
Engineering Insurance
This type of general insurance can minimize various risks that arise related to engineering. There are two engineering aspects that are covered by engineering insurance, namely:
- Project engineering is insurance that provides protection against engineering activities in order to build something
- Non-project engineering is protection against the operation of engineering tools such as heavy equipment, machines, and others.
Transportation Insurance
This type of general insurance or general insurance offers coverage for risks that may befall goods or assets in transit.
The company classifies transportation insurance according to the mode of transportation of the goods that are guaranteed, for example sea freight insurance and land transportation insurance.
Some transportation insurance available in Indonesia include marine cargo insurance, marine hull insurance, freight forwarder liability insurance, and others.
Best General Insurance in Indonesia
The following are the 15 market leaders of general insurance in Indonesia in 2021 according to LRMA:
1. PT Asuransi Sinar Mas
2. PT Asuransi Astra Buana
3. PT Asuransi Tugu Pratama Indonesia, Tbk
4. PT Asuransi Central Asia
5. PT Asuransi Adira Dinamika, Tbk
6. PT Asuransi Bangun Askrida
7. PT Asuransi Wahana Tata
8. PT Asuransi Multi Arta Guna, Tbk
9. PT BRI Asuransi Indonesia
10. PT Sompo Insurance Indonesia
11. PT Asuransi MSIG Indonesia
12. PT Lippo General Insurance, Tbk
13. PT Asuransi Tokio Marine Indonesia
14. PT Asuransi Ramaya Tbk.
15. PT Asuransi Cakrawala Proteksi Indonesia
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Hopefully the general insurance discussion above is useful for you.
If you want to get maximum protection, life insurance can be the best choice for you!
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