Refer! List of 15 General Insurance and Life Insurance Market Leaders version of LRMA | Financial – Bisnis.com

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Bisnis.com, JAKARTA – Chairman of the Indonesian Insurance Council (DAI) Tatang Nurhidayat said that the requirements of the Covid-19 pandemic have a mixed effect on a number of premium companies.

He said that in 2020 the world was rocked by the Covid-19 pandemic which forced many countries to reduce economic activities. As a result, the economic growth of all countries was depressed. The growth of some countries is contracting, and others are still growing positively even though it is far below normal growth.

“In terms of this example, there are several large coverage contribution companies that have recorded compound performance. Some are rising premiums, but some are contracting. Apart from that, there are life insurance and generic companies as market masters as shown from the results of greater financial performance compared to other insurance,” said Tatang, quoted based on a press release, Wednesday (1/9/2021).

Meanwhile, the Insurance Media Research Institute (LRMA) decided that there are 15 life insurance contribution companies using the largest insurance income in 2020 & 15 general insurance companies using the largest gross premiums in 2020.

LRMA chairman Mucharor Djalil said the 15 life insurance companies controlled the life insurance contribution market 81.97% in Indonesia, while 15 generic insurance companies controlled the general insurance market 65.46 in Indonesia.

“That is, premium companies that are market leaders must receive attention because they determine the direction and development of coverage dues in the country,” mucharor said.

LRMA conducted a study using 9 financial indicators in the financial statements published as of December 31, 2020 from 30 life insurance companies & general, namely insurance income, net insurance income, paid claims, claims expenses and paid benefits, investments, investment results, equity, assets, & net gains.

Based on the LRMA study, the influence of low economic growth is exclusively felt by the coverage contribution industry. The results of the LRMA research showed that the gross insurance acquisition of the general insurance contribution industry in 2020 contracted by 3.79% as Rp57.66 trillion compared to 2019 of Rp59.93 trillion.

For gross premium growth, 15 generic insurance market leaders with the largest gross premium gains (general insurance market leaders) were narrowly corrected by 0.62 percent to Rp37.74 trillion compared to the 2019 gain of Rp37.98 trillion.

“From that side, it is seen that most of the general premium companies that are listed as the 15th largest in the industry, their market share of gross insurance has increased. The LRMA study shows that the market share of 15 general insurance market leaders as of December 31, 2020 is 65.46%, higher than the market share in 2019 of 63.37%,” he concluded.

The majority of the positions of 15 grand general insurance market leaders 2021 are still filled by outdated names who the previous year also entered the ranks of 15 general insurance market leaders.

This study was conducted based on data from 70 companies according to 73 general insurers that have published financial statements as of December 31, 2020, outside of the full fledged sharia general premium, while three companies have not published their balance sheets until this article went up in print.

Meanwhile, in the life insurance industry, total premium income throughout 2020 became Rp168.19 trillion compared to the 2019 gain of Rp165.54 trillion.

In line with that, the contribution income of 15 life insurance market leaders accounted for the largest premium income (life insurance market leaders) recorded a premium income growth of 4.06 percent as Rp139.79 trillion in 2020 compared to the 2019 gain of Rp134.33 trillion.

These fifteen life insurance market leaders control a market share of 83.11 percent or up compared to 2019 which is only 81.15 percent. The majority of the positions of the top 15 life market leaders in 2020 were also filled by old names who the previous year also entered the ranks of 15 life insurance market leaders.

For life insurance, a study was conducted on data from 47 companies from 53 life insurance contribution companies in the country, outside full fledged Islamic life insurance companies and there are 6 life premium companies that have not published their balance sheets until this article went up in print.

“The master of life insurance business in the country has not shifted poly, although since March 2020 suddenly endemic Covid-19, LRMA noted that the life insurance contribution companies that entered at 15 Market Leaders 2021 have only experienced one company change, and the other 14 companies are still the same as the previous year,” mucharor said.

Here are the 15 Indonesian General Insurance Market Leaders 2021 according to LRMA:

3. PT Asuransi Tugu Pratama Indonesia, Tbk

five. PT Asuransi Adira Dinamika, Tbk

8. PT Asuransi Multi Arta Guna, Tbk

10. PT Sompo Insurance Indonesia

12. PT Lippo General Insurance, Tbk

13. PT Asuransi Tokio Marine Indonesia

15. PT Asuransi Cakrawala Perlindungan Indonesia

15 Market Leaders of Indonesian Life Insurance 2021

1. PT Prudential Life Assurance

three. PT Asuransi Allianz Life Indonesia

five. PT AXA Mndiri Financial Services

8. PT Asuransi Jiwa Manulife Indonesia

12. PT Asuransi Jiwa Sinarmas MSIG Tbk.

13. PT Sun Life Financial Indonesia

14. PT Asuransi Jiwa Sequis Life

15. PT Panin Dai-ichi Life

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