Jakarta, CNBC Indonesia- The Financial Services Authority (OJK) projects that premium income from general insurance and reinsurance is projected to only grow by 3.5% in 2024 amidst various industry challenges, one of which is the hardening market.
Director of Business Development at PT Asuransi Jasa Indonesia (Jasindo), Diwe Novara, assesses that the OJK target is quite realistic in line with Indonesia's potential economic growth in 2024 in the range of 5%. However, Jasindo itself is targeting a premium of IDR 5.6 trillion or an increase of 66.1%.
In order to achieve the premium growth target, Jasindo is encouraging strengthening public literacy and awareness of insurance while strengthening cooperation with banks and brokers and targeting the MSME segment.
Meanwhile, regarding vehicle insurance, Jasindo targets premium growth of 40% to IDR 238 billion amidst the momentum of Ramadan and Eid.
What are Jasindo's targets and strategies to encourage premium increases, including vehicle insurance lines? For further details, see the dialogue from the Director of Business Development of PT Asuransi Jasa Indonesia (Jasindo), Diwe Novara at Power Lunch,CNBCIndonesia (Tuesday, 18/03/2024)