Generali Indonesia Records an Increase in Insurance Premium IDR 3.02 Trillion in 2023

KONTAN.CO.ID – JAKARTA. PT Asuransi Jiwa Generali Indonesia (Generali) states that it is still in the process of auditing financial reports in 2023. However, the company is optimistic about increasing premium income this year.

Based on the conventional monthly financial report in December 2023 (unaudited), Generali Indonesia recorded a premium income increase of 3.41% yoy to IDR 3.02 trillion compared to the same period the previous year of IDR 2.92 trillion.

“This positive growth proves an increase in public awareness of the importance of insurance protection as part of financial planning and minimizing financial risk against the risk of illness or death,” said Generali's Chief Marketing Officer, Vivin Arbianti Gautama to Kontan.co.id, Tuesday (20/2).

Vivin stated, that throughout 2023 Generali Indonesia has paid claims worth more than IDR 1.1 trillion which includes death claims, critical illness, and health.

“Of this total nominal, 77% is health claims and this health claim nominal itself has increased by 38% yoy compared to the same period in the previous year,” she said.

Vivin believes the prospects for insurance in 2024 will be even better driven by industry growth, literacy and public awareness, innovation, and digitalization developments that contribute to making it easier for the public to get protection.

According to her, the current challenge is the increasingly high health inflation which has even exceeded economic inflation, causing a high number of claims and a hardening market condition.

“However, we are optimistic with the cooperation built between regulators and various stakeholders, we hope medical inflation can be controlled to minimize the number of claims and can maintain the financial performance of the industry,” she said.

Furthermore, Vivin added, that this year they hope to be able to protect many people by having insurance.

“Innovative products and services will continue to be present this year, and in line with these innovations, we continue to expand cooperation with partners while also consistently educating the public and communities about the importance of insurance protection as part of family financial planning,” she concluded.