The largest contributor to the insurance industry's premiums, namely property insurance, contracted by 4.4 percent yoy.
The Indonesian General Insurance Association (AAUI) noted that premiums industry general insurance grew 7.9 percent year-on-year ( yoy) during the first quarter of 2022.
Deputy Chair of Statistics, Research & Analysis of AAUI Trinita Situmeang explained that the total premium recorded by the general insurance industry in the first 3 months of this year reached Rp.
"Premiums recorded by the general insurance industry from all business lines for 3 months rose 7.9 percent," Trinita said at a press conference, Friday (17/6/2022).
Based on AAUI data, the largest contributor to the insurance industry's premiums, namely property insurance, contracted by 4.4 percent yoy. The premium recorded for property insurance fell from IDR 5.9 trillion in the first quarter of 2021 to IDR 5.7 trillion in the first quarter of 2022.
However, several business lines that became the other biggest contributors showed quite significant premium growth. Motor vehicle insurance premiums grew by 19.4 percent yoy, health insurance grew 44.2 percent yoy, and credit insurance grew 14 percent yoy.
In addition, several other business lines also experienced an increase, such as marine cargo which increased by 17.3 percent, aviation increased by 24.1 percent, energy on shore increased by 6.6 percent, miscellaneous insurance increased by 28.5 percent, and others.
"Construction engineering insurance premiums also rose 21.3 percent, this is a sign that several projects and developments have continued. The premium was IDR 826 billion in the first quarter of 2022," said Trinita.
Meanwhile, the largest market share of general insurance industry premiums include property insurance with a share of 25.5 percent of the industry's total premiums, motor vehicles with 21.1 percent, credit insurance with 14.6 percent, and health insurance with 10.1 percent.
EmoticonEmoticon