Industry Report Presented in the IFN Indonesia Forum 2012 Jakarta, 17 April 2012 MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA CAPITAL MARKET AND FINANCIAL INS TITUTIONS S UPER VIS OR Y AGENCY INS URANCE BUREAU
Islamic Insurance Life Insurance: Non Life Insurance: Reinsurance: 20 Companies 20 Companies 3 Companies Full- Full- Window: Window: Window: Fledged: Fledged: 17 Companies 18 Companies 3 Companies 3 Companies 2 Companies
10,000 4.0% 9,000 3.5% 8,000 3.0% 7,000 2.5% Biilion rupiah 6,000 5,000 2.0% 4,000 1.5% 3,000 1.0% 2,000 0.5% 1,000 0 0.0% 2007 2008 2009 2010 2011 Gross Cont ribut ion 1,387 2,525 3,029 3,690 4,978 Asset s 1,889 2,669 4,803 6,974 9,202 Gross cont ribut ion t o t ot al 2.05% 3.26% 3.34% 3.43% 3.80% indust ry's premium Asset s t o t ot al indust ry's 1.43% 1.95% 2.64% 2.95% 3.21% asset s
8,000 4.5% 4.0% 7,000 3.5% 6,000 3.0% 5,000 Billion rupiah 2.5% 4,000 2.0% 3,000 1.5% 2,000 1.0% 1,000 0.5% 0 0.0% 2007 2008 2009 2010 2011 Gross Cont ribut ion 1,093 2,028 2,509 3,022 4,026 Asset s 1,397 1,967 3,900 5,632 7,275 Gross cont ribut ion t o t ot al 2.40% 4.02% 4.06% 4.00% 4.14% life indust ry's premium Asset s t o t ot al life indust ry's 1.37% 1.92% 2.75% 2.99% 3.19% asset s
2,500 3.5% 3.0% 2,000 2.5% 1,500 2.0% Billion rupiah 1.5% 1,000 1.0% 500 0.5% 0 0.0% 2007 2008 2009 2010 2011 Gross Cont ribut ion 294 497 520 668 951 Asset s 492 702 903 1,342 1,927 Gross cont ribut ion t o t ot al non-life & reinsurance 1.33% 1.84% 1.79% 2.09% 2.83% indust ry's premium Asset s t o t ot al non-life & reinsurance indust ry's 1.65% 2.02% 2.25% 2.78% 3.32% premium
In Million Rupiah Description Life Insurance Non Life Insurance Total & Reinsurance 249.505 S urplus 162.818 86.687 Underwriting of Tabarru’ Fund 497.173 Profit of 367.528 129.645 S hareholders’ fund 27,9% Ratio of claim 25,5% 38,0% to gross contribution 53,0% Ratiof of claim 50,7% 55,6% to tabarru’ contribution 5,5% 5,7% 5,5% Return on Investment of S haria Business
Government Others, 117 Corporate S ukuk, 503 , , 2% S ukuk, 513 , 6% 7% Deposits, Mutual 3,237 , 42% Funds, 1,488 , 19% S tocks, 1,898 , 24% Value of Investment in billion rupiah
Insurance Business Insurance Law No. 2/1992 Islamic Based Insurance Business Gov Regulation 39/2008 Implement at ion of S haria Governance of islamic License for islamic Financial S oundness Islamic insurance product Principles in Insurance Business insurance company insurance business & t he dist ribut ion MOF Regulation No. MOF Decree No. MOF Regulation MOF Regulation 11/PMK.010/2011 MOF Regulation (Draft) 426/KMK.06/2003 No.18/PMK.010/2010 (Draft) Report of S hariah S olvency calculat ion S upervisory Board Chariman Chairment Regulation Regulation No. PER- No. PER-08/2011 06/2011 Format of Report Chairman Regulation No. PER-06/2011
1992 2003 2008 2010 2011 Next • No speciific • Islamic • Insurance & • S eparat ion of • Financial • Islamic rules for Insurance & reinsurance asset and soundness of insurance & islamic reinsurance may operat e in liabilit y of islamic reinsurance insurance & may be full fledge or Tabarru’ fund, insurance & business should reinsurance. operat ed in full window. shareholders’ reinsurance be operat ed in fledged or fund, and business. full fledge. • Islamic • Capit al window. part icipant ’s insurance & requirement • Guideleine on • S pin-off of invest ment reinsurance • Requirement for islamic solvency sharia unit . fund. regulat ed for licensing of insurance & calculat ion. • Transit ion equally t o islamic reinsurance. • Akad in islamic • Format of period: 3 year convent ional insurance & insurance & financial aft er t he law insurance. reinsurance reinsurance. report . enact ed. business. • Dist ribut ion of • Format of Underwrit ing shariah S urplus. supervisory • Responsibilt y t o report . provide qardh. • S upervision on t he implement ation of shariah principles.
Recommend
More recommend
