ILLUSTRATION. The Indonesian General Insurance Association (AAUI) projects that motor vehicle insurance performance will slow down this year
Reporter: Ferrika Sari | Editor: Herlina Kartika Dewi
KONTAN.CO.ID – JAKARTA. The auto insurance business was under pressure in the first half of this year. This can be seen from the decline in premiums to 16.0% in the second quarter of 2020.
The Indonesian General Insurance Association (AAUI) noted that the general insurance industry pocketed vehicle insurance premiums of Rp. 7.81 trillion as of June 2020. Meanwhile, the premium for the same period the previous year was still Rp. 9.30 trillion.
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The Head of Statistics, Research, IT Analysis and Actuarial Affairs AAUI Trinita Situmeang said the negative growth in vehicle insurance was in line with the decline in motor vehicle sales in the second quarter of 2020.
“Car production in the second quarter of 2020 reached 41,520 units, or decreased by 85.02% yoy,” said Trinita last week.
Meanwhile, car sales wholesale or until the dealer level in the same period reaches 24,042 units. The number decreased 89.44% yoy. Meanwhile, motorcycle sales wholesale in the second quarter of 2020 it reached 313,625 units, down 79.70% yoy.
However, motor vehicle insurance is still the second largest contributor in the industry, after property insurance. The market share for vehicle insurance is also large, namely 20.8% of the total industrial premiums.
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