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| enetrasi Setara Thailand, Aset Asuransi Jiwa Indonesia Bisa Capai Rp 3.000 Triliun |
The penetration rate of the national life insurance industry has been in the range of 1.2-1.4% in recent years. This amount is expected to grow three times as much as Malaysia or Thailand so that the life insurance industry can contribute more to the national economy with a potential total asset of Rp 3,000 trillion.
Chairman of the Board of Management of the Indonesian Life Insurance Association (AAJI) Budi Tampubolon said the mission and hopes of the industry would certainly be that all residents can be protected by life insurance. However, the penetration of life insurance from countries of the caliber of Hong Kong or Japan is still below 20%.
"Suppose our penetration and density are at the Malaysian or Thai level, we simulated, today the total life insurance assets should be around Rp 2,500-3,000 trillion. You can imagine if there was an additional Rp 2,000 trillion to invest, how many additional ports, airports and , toll roads or bridges that can be funded?" said Budi at the Media Gathering in Bandung, recently.
He said the growth in life insurance penetration will be in line with the increasing financial resilience of Indonesian families against the risk of illness or death. Furthermore, of course the life insurance industry can contribute to national economic growth.
" At the end of the day , we believe our business is not just a business, but also creates Indonesian people who are more resilient to financial risks and have better plans for the future. We also believe that, in time, we can support human resources." existing human beings to be more reliable and compete with neighboring countries," said Budi.
Referring to OJK data quoted by AAJI, Indonesia's life insurance penetration rate in 2020 is maintained at around 1.2%. Meanwhile, Thailand is at 3.4%, Malaysia is at 4%, Japan is 5.8%, Singapore is at 7.6%, and Hong Kong is at 19.2%. Indonesia is even listed as the lowest under Vietnam at 1.6% and on par with the Philippines at 1.2%.
When juxtaposed with the density level, in 2020 Indonesia recorded US$ 56. Meanwhile, Thailand and Malaysia were US$ 244 and US$ 415, respectively. The total assets of the life insurance industry in the first quarter of 2022 grew 6.6% to Rp. 617.02 trillion.
Meanwhile, AAJI's Marketing and Communications Head, Wiroyo Karsono, said that the association did not set an exact figure for the amount of life insurance penetration. Even so, it is hoped that Indonesia will not continue to lag behind other Southeast Asian countries.
"Insurance penetration can be said to be the lowest. This is a big potential, if it can reach like Thailand, where penetration can increase three times," he said.
According to him, one of the roots of the problem is the level of financial literacy and inclusion, particularly related to insurance. Based on the 2019 National Financial Literacy and Inclusion Survey (SNLIK), the financial inclusion index reached 76.19% and the financial literacy index reached 38.03%.
In the same survey, the insurance inclusion rate was only 13.15% in 2019, although it was relatively up from 11.80% in 2013. Interestingly, the literacy rate of the insurance sector was recorded to be higher by 19.40% in 2019, an increase compared to 17.80% in 2013.
"This is the role of all stakeholders . AAJI has taken several steps, such as inviting several universities to participate in understanding and to also increase awareness about the importance of insurance," explained Wiroyo.
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