Friday, April 09, 2010

Insurance: Win-win Solution in Crisis

The economic crisis that has recently happened is a big impact for the rate of world economy, including Indonesia. This of course affects the economic downturn this country. However, amid the ebb tide of economic activity, the insurance industry actually writhing in the midst of a crisis.

In fact, due to the crisis, many companies suffered losses. The indicator is easy, JCI had decreased to nearly 50%. Affected not only the company, but the exact job-threatened layoffs. Then, the problem re-appearing when customers or partners questioned the fate of property or investment.

So Insurance Solutions
Conservatively, it can be concluded that the existence of guarantees for loss (failure) is very important. Presumably, one form of collateral that can be pursued is insurance.

During this insurance is not popular among the public. This is seen from the number of new insurance industry contributions reach 1.8% (2007). This small contribution due to public awareness, both individual and corporate, the importance of insurance is still lacking. Yet, unlike other financial institutions have only disastrous if it happened only a crisis, the insurance industry can actually get "blessings" of the crisis. This is because the insurance business is a business risk and protection (, 22/10/08).

In the midst of uncertainty due to a crisis like this, people begin to understand why insurance is very important in sustaining economic growth. Awareness of the importance of insurance has increased.

Guaranteed Economy
Evelina Pietruschka, General Chairman of Indonesian Life Insurance Association, which diwawacarai Compass (16/06/09), stated that whatever the crisis, ranging from the socially, economically, until climate change, has always been a momentum of the insurance industry to grow and play a bigger role in the economy and community life.

With insurance, individuals will benefit as the protection of education, health and others. Meanwhile, for the corporation, at least two major benefits, ie, for corporate business and employment environment.

For companies, sustainability of construction projects will be ensured. Meanwhile, for the employee, of the existence of insurance will keep the work environment remains favorable. Insurance will mengingkatkan productivity due to reduced number of working days lost. In addition, the insurance also meningikatkan efficiency and quality of work, lowering health costs and insurance, to increase participation and ownership, and, lastly, the selection ratio of labor is better because of increased corporate image.

Payment-related claims, insurance companies did not avoid poured considerable funds (during the year 2008, general insurance has paid claims to Rp 8.05 trillion. This amount is equivalent to the construction of infrastructure projects, such as ports, toll roads, and power plants). However, payment of claims will increase the market optimism on the existence of the insurance industry. Of these positive signals for industrial development. This will also increase awareness, both corporations and individuals, that insurance is important in the face of adversity.

For insurance companies this is the momentum flowing coffers profit from the premium entry. This confirms that the existence of an insurance company presents a win-win solution for the country's economy. On the one hand ensured sustainability of the economy (with the payment of claims for damages), on the other hand, insurance companies are also not harmed.

Optimizing the Role

According to Mira Sih'hati, Chairman of the Federation of Indonesian Insurance Association, there are at least three things that can push the optimization of the role of the insurance industry (, 22/10/08). First, the political will of governments to create a climate conducive and stimulating for people to want to put their funds through insurance premiums in a variety of insurance programs.

Second, community participation, especially the academic community. During this public insurance awareness is very low due to ignorance do not remember the insurance industry were introduced in school. Third, innovation, and professionalism of the actors own the insurance industry, service, products and human resources.

Finally, the insurance industry should have an honored place in the midst of the Indonesian economy. Role, primarily as a guarantor of losses, helped maintain economic stability. In addition, awareness of the pivotal role played by insurance must be understood by all parties. Let insurance!

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