Here are 5 Problem Insurance Companies in Indonesia, Including Jiwasraya

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MATA INDONESIA, JAKARTA – Insurance companies in Indonesia are currently in the spotlight. This happened after Jiwasraya was shaken by the case due to the failure of customer coverage dues funds to lose trillions of rupiah.

In addition to Jiwasraya, there are still several insurance contribution companies in Indonesia that stumble into problems until there is a bankruptcy.

Starting according to the arrears of customer payments, breaking the rules, until stuck in debt. Here are some Indonesian liability companies that are in trouble until they go bankrupt!

1. Bumiputra Joint Life Insurance (AJB) 1912

AJBÂ Bumiputra failed to pay its customers’ insurance claims due to mismatches between assets and liabilities. So the obligations that must be issued by AJB Bumiputra are more large based on the assets owned.

The company’s record of more than a century of age, as of December 2018, its financial performance was negative rp 20 trillion. Because there is no balance based on assets owned by Rp 10.28 trillion, while the obligations that must be issued are Rp 31 trillion.

two. Bumi Asih Jaya Insurance (BAJ)

The Financial Services Authority (OJK) has revoked baj insurance business license on October 18, 2013. The revocation so that the completion of BAJ cannot meet the provisions related to Risk Based Capital and the ratio of investment considerations to technical reserves & claim debt. After being revoked, BAJ Insurance company is still unable to pay its obligations.

Then the OJK filed a bankruptcy somasi to the Central Jakarta Commercial Court. BAJ insurance is recorded to have a debt of Rp 1.two trillion. Then Rp 50 billion was distributed homogeneously to 29,000 policyholders and tax offices who had a bill of Rp 37 billion.

Tecatat began according to April 30, 2019 then, the Financial Services Authority (OJK) has revoked the general premium business of Himalaya Insurance. Previously, Himalaya Insurance has been sanctioned by the OJK’s Business Activity Limiting (PKU).

Because it did not meet the provisions of PKU sanctions, then OJK revoked the company’s business license earlier. Other violations committed include the number of independent commissioners and the number of members of the board of commissioners do not meet the provisions.

In addition, the company is also unable to meet the provisions of solvency achievement ratio, investment adequacy, and minimum amount of eculitas. Himalaya Insurance also violated article 40 Paragraph 1 POJK 69 of 2016 related to the value of claim debt using a lifespan of more than 30 days.

Diamond Investa products based on Bakrie Group went bankrupt after a global crisis in 2008. The company was very militant in investing in the stock market, as a result of the world crisis triggered by the problem of subprime mortgages in the United States, the value of stocks plummeted.

The Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), which has now switched as OJK, stated that Diamond Investa failed to pay obligations amounting to Rp 500 billion. The obligation was then paid in installments, until 2016 the installment was problematic & OJK revoked bakrie life business.

Reported according to the Company’s Data, it was noted that as of September 2019 Jiwasraya’s equity was negative at IDR 23.92 trillion. Because the obligations that must be fulfilled amounted to Rp 49.6 trillion, while the assets added up were only RRp 25.68 trillion. Errors in managing investments create a Risk Base Capital (RBC) Jiwasraya minus 800% below the minimum provision of OJK which is 120%.

Currently Jiwasraya needs funds of Rp 32.89 trillion. The company was also recorded to have a loss of Rp 15.89 trillion as of September 2019. The National Consumer Protection Agency (BPKN) recorded a potential loss of Jiwasraya customers of Rp 40-” Rp 50 trillion. (Hastina/RyV)

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