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Category Forms of Insurance Business Entities Operating in Indonesia
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The following are the results of our research on the Kinds of Insurance Companies in Indonesia.
Insurance in Indonesia
Royal Commercial Insurance is another new game in Indonesia. This company has existed since the Dutch colonial era when it became an insurance company in Indonesia in 1845.
In 2022, the number of insurance customers in Indonesia was 2.92% with the lowest rate in the ASEAN region after Singapore, Malaysia, Thailand and the Philippines according to the World Bank.
There are many reasons for this, apart from reasons for profit, there are also wrong ideas about insurance companies. This perception also shows that insurance is a bad investment in the long term.
This insurance is also known as national insurance. However, it is primarily used to protect against financial loss in the event of an accident, such as illness, accident, or death.
Types of Insurance Companies in Indonesia
The types of insurance and companies in Indonesia include:
General insurance
Non-life insurance is objective third party liability insurance that compensates for damages or legal liability to third parties. In short, insurance companies seek to cover the risks associated with an individual’s property, assets and activities throughout the individual’s life cycle.
This basic insurance covers many insurance products such as:
Car insurance.
fire insurance
Home insurance.
Accident insurance.
travel insurance
credit insurance.
transportation insurance
micro fuse
animal insurance
There are many Indonesian state insurance companies and various companies engaged in this field such as:
EN Asuransi Jasa Indonesia (Jasindo).
PT Asuransi Kredit Indonesia (Askrindo).
PT Asuransi Export Indonesia (ASEI).
Indonesian State Credit Company (Perum Jamcrindo).
FR Tugu Pratama Indonesia Insurance (Togo).
For tombstone insurance, the majority stake is held by partymini, the only state-owned insurance company that issues tombstone distribution codes.
Life insurance
As the name suggests, this insurance reduces the risk of payment to the insured, the insured, or other beneficiaries in the event of death, disability, or survival of the insured.
This life insurance company is trying to raise public funds for the movement. Repayment of debt on investment income to the insured.
The Indonesian state insurance company that offers this product is PT Assuransi Jiwasraya. You probably already know this company because it has bug scandals all over the world. This is also a bad example for Indonesian insurance companies.
Reinsurance
Reinsurance is a temporary insurance service provided by an insurance company, be it a general insurance company, insurance company, insurance company, or other insurance company.
This reinsurance helps other insurers deter risk diversification by increasing the insurer’s ability to take risks, maintaining the company’s balance sheet, and reducing necessary technical reserves.
Indonesia only has one reinsurance company and one state-owned insurance company, namely
Social Insurance
Another type of insurance and company is social security, the state must legally guarantee the work environment and safety of all citizens.
The Indonesian government’s national insurance company is the Social Insurance Inspectorate or BPJS, and is divided into two divisions: BPJS for Health and BPJS for Employment.
Participation in the BPJS business is mandatory for employees who pay contributions which are deducted directly from the employer’s salary.
There are other social insurance companies such as PT Asabri (Persero), PT Taspen (Persero) and PT Jasa Raharja (Persero).
The company’s third division is also different. For example, PT Asabri must pay pensions to employees of the TNI, Polri, and the Ministry of Defense. PT Asabri is also one of the insurance companies that competes with PT Assuransi Jiwasraya.
Types of Insurance Companies in Indonesia
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