BALI, ULTIMOPARADISO.COM – The Indonesian General Insurance Association (AAUI) held the 28th Indonesia Rendezvous 2024 in the Nusa Dua area, Bali, Wednesday (8/10/2024) to Saturday, October 12, 2024. Interestingly, the President Director of Sompo Insurance Indonesia, Eric Nemitz, also participated and delivered material entitled ‘Rising Health Insurance Costs & Potential Solutions – from an insurer perspective’ and was delivered in front of hundreds of attendees, both industry players and delegates from various countries including Korea, India, Malaysia, Singapore, Philippines, Hong Kong, England, United States, China, Thailand, France, Mauritius, Bahrain, and Canada.
In his presentation, Eric explained several things such as Global Health Expenditures, the Health Insurance Situation in Indonesia, Case Study Germany and potential Solutions that can be done by insurance players (Insurers).
According to Eric, current global health trends show that more than half of the global market is facing high healthcare costs in the double digits. This condition continues to increase, including in Asia Pacific.
In Indonesia, according to various reliable sources, the projected increase in medical costs in 2024 is expected to exceed the Asia Pacific average.
According to Eric, the increase in medical costs is seen as one of the main driving factors. It is undeniable that the total value of health insurance claims in Indonesia has jumped by around 25% year on year (yoy) to IDR 20.83 trillion or US$1.32 billion in 2023. This condition has grown consistently since 2022, especially after COVID-19 referring to data from the Indonesian Life Insurance Association (AAJI).
On the sidelines of AAUI activities, Eric also took the time to chat with a number of media outlets at The Patra Bali Resort & Villas on Friday, October 11, 2024. The meeting, which took place in a friendly and relaxed atmosphere, was also attended by Ruthania Martinelly, Head of Corporate Communication – PT Sompo Insurance Indonesia and Nurul Rachmawati, Marketing Supervisor of Sompo Insurance Bali Branch.
According to Eric, Sompo has been present in Indonesia since 1975 and Sompo’s presence actually started in Bali. Sompo Insurance is now present in almost all cities with 22 branches in Indonesia. Its head office is in Jakarta and currently continues to serve various corporate clients and business partners.
One of the focuses of Sompo’s business growth, according to this German man, is property insurance. According to him, property in Indonesia, including Bali, is growing very rapidly and at the same time showing good awareness to protect property assets where the Balinese people are increasingly aware of the importance of insurance for their property. Until August year-to-date (unaudited), Sompo has paid total claims specifically in Bali of around IDR. 850 million per month or equivalent to Rp. 28 million per day or Rp. 1.2 million per hour.
Sompo also provides health protection. Corporate and personal health insurance are solutions that you can get at Sompo. This is intended to ensure that you have the quality of care you need, as well as access to the high-quality health facilities you want.
Getting a health insurance policy is a form of health care management, allowing you to manage your health and reduce the risk of being burdened by the cost of preventive care or medical bills as a result of an illness.
“Sompo Insurance offers a variety of health insurance packages to suit your needs,” added Eric.
Sompo also provides safety protection, sharia asset protection, employee protection and sharia business protection facilities.
In addition, with the development of domestic and international travel (traveling).
“Sompo also has a travel insurance product. Where, Sompo realizes the importance of peace of mind when traveling. Any trip is unpredictable, if the trip is canceled or luggage is lost, there is a financial loss that we can bear the risk of as an insurance company. Likewise, if the risk of illness occurs during the trip, the basic question is, can we as individuals bear the financial loss and overcome the risk (organize) it ourselves? This is what is protected and is the scope of the insurance actor,” said Eric.
Eric also said, we started our presence in Indonesia in 1975 as PT Asuransi Antar Malayan Bali. Then in 1978 as Yasuda Scope Insurance Co., Ltd. Now, entering 50 years of dedication in Indonesia, Sompo continues to optimize performance and has succeeded in developing business and adapting to the dynamic Indonesian market.
“What we started almost 50 years ago as an insurance company has now grown into one of the companies the largest multinational general insurance in Indonesia. We protect and serve millions of Indonesians and thousands of companies. We have become part of our clients’ lives, whether they realize it or not. To achieve this, we focus on the competency of the Property & Casualty (P&C) insurance business and maximize our expertise (ease of expertise). To this day, our services cover all segments with comprehensive protection. We have proven during the pandemic — one of the most challenging times in the company’s history — that Sompo Insurance has demonstrated its reliability, financial strength, speed, and ease of claims for clients. At Sompo Insurance, we are committed to upholding the trust that has been given,” said Eric. ***ds
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