Do You Still Need Covid-19 Insurance? ~ Insurance Academy

The implementation of the Java-Bali Community Activity Restrictions (PPKM) ends today, Monday (23/5/2022). The decision to extend PPKM in the Java-Bali region is contained in the Instruction of the Minister of Home Affairs (Inmendagri) Number 24 of 2022. This regulation states that there are no areas that are in PPKM Level 4.

As we know, insurance companies that respond to health insurance, personal accident insurance plus and travel insurance by adding Covid-19 coverage have a significant increase in production. The Indonesian Life Insurance Association (AAJI) noted that in line with economic growth, the life insurance industry posted a total revenue of IDR 241.17 trillion throughout 2021. The total revenue grew 11.9 percent year-on-year (yoy).

Covid-19 has pushed people to think about the importance of insurance. Along with the rise of community economic activity and increasing public awareness for insurance, it has pushed life insurance premium income. By buying insurance with a covid-19 guarantee, many people have been helped by the very large benefits of reimbursement for hospital costs. There is even a colleague who tells the experience of buying insurance in three months, and immediately get insurance benefits that are hundreds of times greater than the premium paid.

But after this PPKM ends, do you still need Covid-19 insurance? However, insurance companies still have to complete their insurance products with coverage for Covid-19 and all other forms of pandemic disease. People who have started to realize the benefits of insurance, will anticipate various attacks of diseases and viruses that are increasingly developing by providing insurance products with the most complete guarantees. Slow in responding to the needs of the community in providing quality insurance products, insurance companies will lose the opportunity to be trusted by the public as the insurance company of choice. (ABP)

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