Binagriya Insurance Aims To Generate Premium Income Of IDR 314 Billion In 2023

Jakarta PT Asuransi Binagriya Upakara aims for premium income of IDR 314 billion by the end of 2023.

PT Asuransi Binagriya Upakara Senior Director Sri RM Sudarsari said on Friday (31 March 2023): “The recovered economic situation makes us optimistic that we can achieve our higher premium income target this year.”

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To achieve this goal, its subsidiaries PT Bank Tabungan Negara (Persero), Tbk (BTN) have formulated several strategies to implement this year.

The woman, known as Ari, said this year the company will focus on retail products and develop collaborations with business partners to increase the number or size of customers and improve the ecosystem of BTN banks and other financial institutions.

“To achieve the 2023 target, the company’s main products are property insurance, such as fire insurance, automobile insurance, engineering insurance, and miscellaneous insurance,” he said.

Regarding the broker meeting event, Ari said that he expressed his gratitude to the company’s business partners, the insurance brokers, through this activity. The different award categories offered are Platinum, Gold and Silver.

Through this award, it is hoped that the company’s outstanding profits will increase through win-win cooperation with excellent partners as part of its efforts to achieve performance in 2023.

“This award recognizes the company’s business partners who have made a positive contribution to the achievement of the company. We hope that this award will serve as an opportunity for insurance brokers to strengthen their cooperation with Binagriya.”

The Financial Services Agency (OJK) will implement PSAK 74 from January 1, 2025. These actions appear to be an attempt to improve the governance of the insurance industry.

“We hope that the implementation of PSAK 74 approved by IFRS 17 will overcome the problem of asymmetric information that makes it difficult for relevant stakeholders, such as consumers, investors or regulators, to obtain an accurate and complete picture of financial and operating conditions. ” said CEO Supervising Insurance, Acquisitions and Pension Fund OJKOgi Prastomiyono in a statement on Thursday (September 3, 2023).

According to Ogi, the insurance sector plays an important role in driving national economic growth. As a provider of hedging or risk management services to community and business players as well as institutional investors meeting their long-term funding needs.

He believes that a number of issues have been raised over the past few years by various actors in the insurance industry, which of course have the potential to erode public confidence in the quality and competence of national insurance industry players.

The application of PSAK 74 is consistent with the order of Law No. 4 of 2023 (UU P2SK) on Development and Strengthening of the Financial Sector. Mainly stipulated by the Financial Reporting Standards Committee to submit and prepare financial reports in accordance with the financial reporting standards set by the Financial Reporting Standards Committee as determined by the Republican decree.

As a first step in its active role in promoting the implementation of PSAK 74, OJK formed the Steering Committee for PSAK 74 Implementation on 31 October 2022, chaired by members of the OJK Committee.

It is then made up of representatives from the Ministry of State Enterprises, the Ministry of Finance, the Indonesian Association of Accountants, the Financial Accounting Standards Board, the Sharia Accounting Standards Board, and the Indonesia Association of Public Accountants.

Then there is the IKNB OJK Supervisory Deputy Director, who also chairs the Indonesian Actuaries Association, Indonesia Consultant Actuaries Association, Indonesia Life Insurance Association, Indonesia General Insurance Association and PSAK 74 Implementation Working Group.