Claims and benefits paid by life insurance surged 43.5% in the first quarter of 2018
ILLUSTRATION. Sequis Service Center Customer
Reporter: Umi Kulsum | Editor: Sanny Cicilia
KONTAN.CO.ID – JAKARTA. The number of claims and benefits paid by life insurance industry players has increased significantly by 43.5% in the first quarter of this year.
Data from the Indonesian Life Insurance Association (AAJI) shows that this period life insurance pays claims and benefits amounting to Rp 34.51 trillion. Meanwhile, in the first quarter of 2017 the number of claims and benefits amounted to Rp 24.05 trillion.
Head of Legal and Compliance Division Maryoso Sumaryono explained that the largest contribution of claims comes from the claim for the ransom value (surrender) amounting to 60.3%. This type of claim increased 56.7% year on year (yoy) due to the increasing public need for cash for their daily needs.
Then claim a partial withdrawal (partial withdrawal) contributed 13.1% and experienced a growth of 16.8% compared to the realization in three months last year. Furthermore, health claims (medical) has a share of 7% of the total nominal claim.
Health claims, said Maryoso, increased by 10.9% compared to March 2017. These types of claims had a 7% share. This is influenced by an increase in group health claims by 17.2% and individuals up by 4.1%.
“Meanwhile, as much as 55% of medical claims came from group health insurance products and the remaining 45% came from individual health insurance products,” said Maryoso during a life insurance performance press conference at AAJI House Jakarta, Monday (28/5).
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