REPUBLIKA.CO.ID, JAKARTA - The European financial crisis has not yet affected Indonesian insurance industry. In fact, the income of insurance company and public reinsurance in the first quarter of 2012 keeps growing in accordance with national economic growth.
The conclusion is seen from the value of gross premium in public insurance in the first quarter of 2012 which increases around 12.5 percent or become 9.76 trillion IDR compared to last year period, according to the Executive Director of General Insurance Association of Indonesia (AAUI), Julian Noor. "The gross premium in the first quarter of 2011 is only 8.68 trillion IDR," Noor said on Monday.
Vehicle insurance still dominates the gross premium in around 32.1 percent followed by property insurance in around 26 percent. Compared to the same period in 2011, the premium in the first quarter of 2012 increases 817 billion IDR.
Meanwhile, the aircraft insurance boosts to 569 percent, even though the gross premium growth is not followed by the decreasing number of the claim. The gross claim in the first quarter increases around 26 percent or 3.75 trillion IDR compared to last year in around 2.98 trillion IDR.
"The increasing of aircraft insurance premium is due to satellite launching in the early of 2012. The aviation business increase extremely," Noor said.
The income of vehicle insurance has not affected the increasing of down payment. The impact may be seen on the third or forth quarter.
The highest increase is seen on hull insurance in around 150 percent. "It contributes 80.1 percent," he said.
