Opportunity is still great, this is the growth of the insurance industry in Solo Raya

As of the first quarter of 2022, total insurance premiums in the Solo Raya area were recorded at Rp. 140.42 billion, an increase of 2.67 percent compared to the same period the previous year.

Head of the Financial Services Authority (OJK) Surakarta Office, Eko Yunianto, said that the Solo Raya area still has a large market opportunity for the insurance.

Eko said, up to the first quarter of 2022, the total insurance premiums in the Solo Raya were recorded at Rp. 140.42 billion, an increase of 2.67 percent compared to the same period the previous year.

Meanwhile, the number of claims was recorded at Rp53.58 billion. This number increased by 37.36 percent compared to the same period last year.

“The Solo Raya area still has great opportunities in the insurance industry sector, so it is necessary to get mutual attention so that financial understanding and public access to insurance financial products and services can be further improved in the future,” said Eko in his remarks at the Financial Literacy event for MSMEs in the City.

Surakarta with PT Asuransi Sinar Mas and PT Sinarmas Credit Guarantee, Saturday (11/6/2022).

Meanwhile, for the insurance office network in Solo Raya, OJK noted that there are 24 insurance branch offices. In addition, there are 66 insurance marketing offices, 3 offices other than branch offices, and 1 office other than branch offices in the form of a sharia business unit.

Furthermore, Eko said that the level of financial literacy and inclusion in Indonesia is still relatively low. Based on the results of the 2016 – 2019 OJK survey, the level of financial literacy increased from 29.66 percent to 38.03 percent, while financial inclusion increased from 67.82 percent to 76.19 percent.

Meanwhile, Eko said, the level of insurance literacy is still relatively small, which only reached 19.4 percent, while financial inclusion only reached 13.5 percent.

“Of course this shows that the insurance sector can still grow bigger so that it can achieve the 2024 financial inclusion target set by the government to reach 90 percent. This target is a big challenge for OJK, financial service players and stakeholders,” said Eko .

He also appealed to all stakeholders with OJK to always work together and coordinate to achieve financial literacy and inclusion targets in 2024.

Meanwhile, PT Asuransi Sinar Mas provides financial literacy to 100 MSMEs in Surakarta City. This is the company’s commitment to support the OJK program to improve financial literacy for the Indonesian people.

“The targets of our literacy participants are MSME actors. We realize that MSMEs are an important part of the Indonesian economy and the importance of MSMEs to have knowledge about finance,” said Dumasi MM Samosir, Director of Asuransi Sinar Mas.

The determination of MSMEs as financial literacy targets is also in accordance with the OJK program in 2022 in order to accelerate national economic recovery through inclusive financial literacy.

Financial literacy materials were provided by the literacy team from PT Asuransi Sinar Mas and PT Simas Penjaminan Kredit. The education delivered includes how to manage finances, manage risk, knowledge of insurance and micro insurance, as well as credit guarantees that are suitable for MSMEs.