Insurance industry posts 5.91 percent growth despite Jiwasraya debacle

first_imgThe industry has generated Rp 281.2 trillion through commercial insurance premiums (8 percent yoy), Rp 179.1 trillion through life insurance premiums (4.1 percent yoy), and Rp 102.1 trillion through general insurance premiums.The positive performance was supported by the industry’s finances as reflected by its risk-based capital, with the collective capital ratio retained by general insurance and life insurance firms reaching 345.35 percent and 789.37 percent respectively, exceeding the 120 percent threshold, according to the OJK.“This shows that the insurance industry has maintained positive performance amid efforts to rescue Jiwasraya and the subsequent legal proceedings. Jiwasraya’s insurance assets are evaluated at Rp 22.03 trillion or about 1.6 percent of the industry’s total assets,” the OJK said in the statement.Read also: Jiwasraya scandal sends ripples through financial industry The insurance industry maintained its positive performance throughout last year despite a somewhat dire outlook following revelations of serious liquidity issues facing state-owned insurer PT Asuransi Jiwasraya, according to the Financial Services Authority (OJK).In a statement issued on Tuesday, the OJK noted that the insurance industry in general had grown by 5.91 percent year-on-year to Rp 913.8 trillion in 2019 from Rp 862.8 trillion in the previous year. Factoring in the numbers from the Social Security Agency (BPJS), the industry booked an overall Rp 1.37 trillion of revenue. In an effort to maintain and improve the industry’s performance, the OJK said that it had committed to accelerating the country’s non-bank finance industry reforms to ensure that it would thrive and become a robust and trustworthy alternative.It has been previously reported that Jiwasraya’s investment mismanagement case sent ripples through other companies in the financial industry.Insurance companies, investment management businesses and even cooperatives have been reportedly having liquidity problems after the Jiwasraya revelations.On Feb. 12, privately-owned life insurer PT Asuransi Jiwa Adisarana Wanaartha (WanaArtha Life) issued a letter to its policyholders acknowledging that its securities accounts had been frozen by the Attorney General’s Office (AGO) in connection with the office’s investigation into a corruption case pertaining to Jiwasraya’s fund management.On Jan. 24, the AGO ordered the suspension of 800 securities accounts related to Jiwasraya as part of its ongoing investigation to uncover alleged corruption in the ailing insurer, which is suspected to have resulted in the company’s failure to repay policyholders’ claims totaling Rp 16 trillion (US$1.17 billion) as of January. (rfa)Topics :last_img read more

Clippers to stage G League tryouts in Glendale, Rancho Cucamonga and San Diego

first_imgThe L.A. Clippers shared their preseason plans with fans Thursday morning, including a pair of games in Hawaii against the Houston Rockets and China’s Shanghai Sharks. For other planning purposes, the organization also has released the dates and times of their forthcoming G League tryouts.The Agua Caliente Clippers of Ontario announced Wednesday that it will hold three open tryouts, on Sept. 7, 21 and 28, for prospects to compete for an invitation to the Agua Caliente Clippers’ training camp in November.Tryouts on Sept. 7 will be from 9 a.m.-2 p.m. at Academy USA, at 1219 Los Angeles St., in Glendale; on Sept. 21, they’ll be from 8 a.m.-2 p.m. at TriFytt Sports Academy, at 9650 9th Street Unit D4 in Rancho Cucamonga; and on Sept. 28, the event will be from 9 a.m.-2 p.m. at Sol City, at 10455 Pomerado Road, San Diego.Staff members from both the Agua Caliente Clippers and the L.A. Clippers will evaluate hopefuls in a series of skill work and live scrimmages. Newsroom GuidelinesNews TipsContact UsReport an Error Availability is on a first-come, first-served basis, and all participants must meet the NBA G League eligibility requirements. Submit registration and release forms, as well as a non-refundable registration fee of $250 at aguacaliente.gleague.nba.com/team/tryouts/.last_img read more

Florida Driver Accidentally Spins, Reverses onto Two Cars

first_imgDeputies explain the driver “cut the wheel” and continued reversing around the curve until he jumped the curb back into the parking lot and reversed on top of two parked cars.A photo from the scene shows the white Cadillac SUV on top of the vehicles.No injuries were reported, and deputies are still investigating the incident. A driver in Central Florida created quite a scene recently while driving in a bank parking lot.The messy situation happened on May 4.According to the Citrus County Sheriff’s Office, the person reversed out of the drive-thru and over a curb, then onto a road and back into the parking lot, where the vehicle ended up on top of two other cars.last_img read more