General Insurance Claims Soared 35.1 Percent in Quarter I/2022, Property Caused

Property insurance claims rose 71.7 percent on an annual basis in the first quarter of 2022.

Claims paid general insurance soared 35.1 percent on an annual basis ( year-on-year / yoy) during the first quarter of 2022. business line property insurance a contributor to the increase.

Based on data from the Indonesian General Insurance Association (AAUI), the total claims paid by the general insurance industry were recorded at IDR 9.09 trillion in the first quarter of 2022, up 35.1 percent yoy compared to the same period last year which was valued at IDR 6.7 trillion.

“The 35.1 percent increase in claims was contributed by the payment of property claims, which rose quite sharply 71.7 percent, from Rp. 1.36 trillion to Rp. 2.34 trillion,” said Deputy Head of Statistics, Research & Analysis AAUI Trinita Situmeang at a press conference, Friday (17/6/2022).

According to Trinita, the surge in property insurance claims was caused by claims last year which were delayed due to the impact of the Covid-19 pandemic and were only recorded in the first quarter of 2022. The property claims, said Trinita, have been reported and reserved, and processed properly by the insurance company.

“We hope that in semester II/2022 the trend of property claims will improve or not as big as what happened in the first quarter. Now it is starting to stretch again, the claims settlement processes have been carried out and the payment commitments are recorded ,” he said.

In addition to property insurance, other business lines that experienced a significant increase in claims include health insurance which also rose sharply by 84.4 percent yoy, credit insurance rose 47.7 percent, surety ship was good 41.6 percent, engineering insurance rose 37.5 percent.

“Then it was contributed by an increase in claim payments for offshore energy by 141 percent, where payments made this one quarter were Rp. 621 billion,” added Trinita.