Jakarta - Insurance Day which is celebrated every October 18, this year is the 17th year of celebration. The Indonesian Insurance Council (DAI) appointed the Indonesian Insurance Loss Assessment Association (APKAI) as the Chief Executive of Insurance Day 2023 in collaboration with the associations under DAI.
Referring to literacy and inclusion in the results of the National Survey of Financial Literacy and Inclusion (SNLIK) conducted by OJK in 2022, literacy and inclusion in the insurance sector still need to be improved to keep up with the level of other Financial Services Institutions (LJK), despite experiencing growth since two periods, this is in line with the level of penetration and density that still needs higher achievement in Indonesia.
Literacy in the insurance sector is at the level of 31.72% while inclusion is at the level of 16.63%, this achievement still needs to be improved to keep up with banking where literacy in this sector reaches 49.93% and inclusion at the level of 74.03%. This is a challenge in itself to continue to increase inclusion in the insurance industry.
In order to support this, the Insurance Day 2023 Committee organized a series of literacy and inclusion activities to the wider community with various events, both socialization and promotion from each insurance company, related institutions and also cooperation with insurance associations in Indonesia.
On this occasion it is hoped that the public will know more about insurance. It can be seen that in terms of aggregate insurance industry performance, premium income showed an increase in the August 2023 period compared to the same month in the previous year. Insurance premium income increased to Rp360.6 trillion (August 2023) from Rp351.2 trillion (August 2022).
On the other hand, the RBC of the insurance industry still meets the minimum RBC requirement of 120 percent. The capitalization of the life insurance and general insurance industries is still maintained with an average RBC of 489.93 percent and 311.54 percent, respectively. Based on OJK Statistics, the number of Claims as of August 2023 increased to Rp280.5 trillion from Rp251.01 trillion in August 2022.
This can foster trust in insurance companies as financial institutions that can provide guaranteed protection. This proves how there are still many benefits of having insurance as protection for both individuals and companies.
Chairman of the Indonesian Insurance Council (DAI), Rudy Kamdani said, introducing and socializing Insurance Day is a challenge, the cause is the low level of public understanding of insurance, which is the concern and focus of the Insurance Day Committee every year.
"Insurance people are very aware of the importance of literacy, for that the implementation of literacy activities we do in various ways both through literacy in various regions, holding press conferences to echo the celebration of insurance days and activities that have been carried out through print media, online and other social media," Rudy said.
APKAI Chairman Dikarioso said that insurance literacy to the public must be supported and improved by all insurance industry players.
"Including APKAI as part of the insurance industry will play an active role in insurance literacy to the public in order to understand the rights and obligations in insurance so that people are aware of the benefits of insurance," said Dikarioso.
The implementation of Insurance Day 2023 led by Rio Darante from APKAI (Indonesian Insurance Loss Appraisal Association) is committed to carrying out a series of "Insurance Literacy for the Country" activities in collaboration with PT Permodalan Nasional Madani, with the hope of increasing the expansion of insurance inclusion to the MSME sector, by conducting literacy activities in several cities in Indonesia.
By paying attention to the joint efforts of all insurance companies, it is hoped that public trust will grow and it is our common hope that financial education and literacy, especially insurance, can be further improved, understood and accepted by all levels of Indonesian society and in the end people understand that financial planning is needed while still paying attention to the Pillar of Protection which can provide security and comfort in the future so as to make insurance one of the most important pillars of the economy in Indonesia, "said Rio Darante, Chairman of the 2023 Insurance Day Committee.