New OJK Regulations Awaited, 2024 Life Insurance Claims Reach Rp160 Trillion

Jakarta – The Indonesian Life Insurance Association (AAJI) reports that the life insurance industry has paid claims and benefits amounting to Rp160.07 trillion to 9.08 million beneficiaries throughout 2024.

This was conveyed directly by the Head of AAJI’s Product, Risk Management and GCG Division, Fauzi Arfan, at a press conference in Jakarta on Friday, February 28, 2025.

“This figure shows that life insurance remains the main pillar in supporting the economic resilience of Indonesian families. Whether through life benefits, end of contract benefits, or flexibility in access to funds, the industry continues to ensure that customers get optimal financial protection,” said Fauzi.

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In more detail, several types of claims that show a positive trend in the life insurance industry include:

Death claims reached Rp11.29 trillion, ensuring customers’ families still have financial protection.

End-of-contract claims increased 13.9 percent to IDR18.30 trillion, reflecting the long-term benefits customers receive after completing their coverage period

Surrender claims fell 13.3 percent to IDR77.15 trillion, signaling better awareness of the importance of life protection.

Partial withdrawal claims rose 17 percent to IDR 19.87 trillion, showing that insurance policies remain a liquidity solution for customers who need funds without having to lose protection completely.

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In addition, health claims also increased by 16.4 percent to Rp24.18 trillion. However, this growth was more restrained compared to the previous year which reached 24.6 percent.

Optimism for OJK’s New Regulations

Fauzi added that the new rules of the Financial Services Authority (OJK) that will be issued in 2025, including further arrangements regarding Coordination of Benefit (CoB), are expected to improve the efficiency of health claims management.

“We are optimistic that with the new OJK rules that will be issued in 2025, including further arrangements regarding CoB, health claims management can be more efficient,” he added.

Thus, it will provide certainty for the private health insurance industry while ensuring that protection benefits remain optimal for the community. (*)

Editor: Yulian Saputra