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As of April 2022, Insurance Industry Premiums Reach Rp 21.8 Trillion

As of April 2022, Insurance Industry Premiums Reach Rp 21.8 Trillion - The Financial Services Authority (OJK) reported that the insurance industry recorded a collection of insurance premiums in April 2022 of Rp 21.8 trillion.

OJK Deputy Commissioner for Public Relations and Logistics Anto Prabowo detailed that the life insurance industry collected premiums of Rp 8.6 trillion.

"Meanwhile, general insurance and reinsurance managed to collect a premise of Rp. 13.2 trillion," he said in a press statement quoted by Kompas.com, Friday (27/5/2022).

He added, for insurance companies Risk-Based Capital (RBC) the life insurance industry was recorded at 506.22 percent. While the general insurance industry RBC recorded at 321.51 percent.

According to the requirements, Anto said the RBC figure was far above the regulatory threshold of 120 percent.

In comparison, Anto explained that general insurance premiums had started to grow positively in March 2022 by 3.8 percent on an annual basis after the previous month a contraction of 3.5 percent was observed.

Credit Disbursement Grows 8.25 Percent, BPR Focuses on Supporting MSME Recovery However, in March 2022, Anto said life insurance premiums were still contracting by 14.1 percent on an annual basis.

Meanwhile, until March 2022, the life insurance and general insurance industries recorded RBCs of 535.40 percent and 322.30 percent, respectively, which were well above the threshold of 120 percent.

Furthermore, Anto said that the improvement in intermediation performance occurred in the midst of the global economy which was still facing persistently high inflationary pressures.

However, he explained that domestic economic performance was still under control as seen from the release of GDP in the first quarter of 2022 which was monitored at 5.01 percent yoy followed by an increase in the performance of the majority of public companies in the same period.

"Going forward, OJK will continue to strengthen coordination with stakeholders in order to maintain financial system stability, especially in anticipating the risk of global inflationary pressures and tightening world central bank policies," he concluded.