Heaptalk, Jakarta — Allianz Indonesia has officially spun off PT Asuransi Allianz Life Syariah Indonesia as a separate entity that provides Sharia-based life insurance protection devoted to the premium to micro customers.
The launch of this Sharia insurance company was directly inaugurated by Indonesia’s Vice President, Ma’ruf Amin. He delivered his support for the growth of the Sharia economy in Indonesia through the presence of the Sharia insurance industry.
“The Sharia insurance industry is expected to take a significant role in the Sharia economic and financial ecosystem chain in increasing inclusion and public awareness of the importance of insurance.” affirmed the Vice President.
According to Indonesia’s OJK report, Sharia finance experienced significant growth, with total Sharia non-bank financial industry (IKNB) assets reaching Rp146.12 trillion, with an asset growth rate of 20.88% by the end of 2022. Regarding the market share side, Sharia-based insurance also has tremendous potential, attaining 5.62% last year.
For this reason, Ma’ruf Amin appealed to this entity to implement several strategies to maintain public expectations, including:
- Strengthening the principles of good governance following applicable regulations,
- Maintaining prudential aspects in risk management, and
- Retaining the application of Sharia principles in all insurance products and services.
As the most significant Muslim population worldwide, Allianz company perceived Indonesia’s halal industry to possess tremendous potential. For this reason, Allianz Life Syariah aims to enhance financial literacy and insurance penetration in Indonesia.
During the launch agenda held in Jakarta (11/17), the President Director of Allianz Life Syariah Indonesia, Achmad Permana, said, “The presence of the new Allianz Syariah entity is concrete evidence of our efforts to improve the Sharia economy through sharia-based insurance business. Together with this launch, we are also launching the Movement to Insure 10,000 Indonesian People.”
In the third quarter (Q3) of 2023, Allianz Syariah has recorded a robust enhancement for Annualized Premium Equivalent (APE) up to 47%., with a market share of up to 22,8%. Two primary distribution channels, Keagenan and Bancassurance, have contributed to this company’s significant progress.
Officially operating as a separate entity on November 1st, 2023, Allianz Life Syariah has also disbursed a claiming insurance and benefits payment worth Rp890 billion, whereby 61% includes claiming insurance. On the other hand, this Sharia-based insurance product has reached about 120,000 individual customers and 9 million micro customers.
“In 2022, Allianz Indonesia has managed to protect more than 10 million insured customers. With the separation of Allianz Syariah, we will continue to provide quality protection for all levels of society in the archipelago. By leveraging the company’s reputation, technological infrastructure, human resources, and financial strength, we will continue providing Sharia-based products to protect more customers.” The Country Manager and President Director of Allianz Life Indonesia, Alexander Grenz, affirmed.
