06 March 2025
Widya Sartika Hasibuan, SE., M.Ec.
The Faculty of Economics and Business, Universitas Sumatera Utara (FEB USU) together with the Lembaga Penjamin Simpanan (LPS) have successfully held an Insurance Seminar entitled "Insurance Prospects and Challenges in Indonesia". This event aims to discuss the opportunities, challenges, and prospects of the insurance industry in Indonesia in relation to the regulations that regulate and supervise the financial services sector.
This seminar was attended by 277 academics from 22 universities in North Sumatra and Aceh, who actively participated in discussions related to the development and dynamics of the insurance industry. In his opening, the Dean of FEB USU, Dr. Fadli, S.E., M.Si., highlighted the strategic role of insurance in maintaining economic stability and financial protection, but also underlined the low level of public trust in this industry.
This event presented two main speakers, namely the Head of the Insurance Supervision and Supporting Services Department of the Otoritas Jasa Keuangan (OJK), Dewi Astuti, and the Director of the LPS Research Group, Seto Wardono. The two speakers provided insight into the supervision of the insurance industry in Indonesia and the role of LPS in the policy guarantee program, which is now part of their new mandate under Undang-Undang Pengembangan dan Penguatan Sektor Keuangan (Financial Sector Development and Strengthening Law; UU P2SK).
In his presentation, OJK explained that the insurance industry in Indonesia continues to face major challenges, especially related to public trust in the claims process and transparency of insurance companies. For this reason, stricter supervision and increased education to the public are important steps in building a more credible industry.
LPS also explained that in the policy guarantee scheme, every insurance company is required to be a participant, provided that only companies that meet certain financial health standards can join. Currently, the health criteria are still in the preparation stage to ensure the effectiveness of their implementation.
This seminar is a forum for discussion between academics and regulators in understanding the current condition of the insurance sector and the steps that can be taken to improve protection for the public. With this discussion, it is hoped that the synergy between academics and the financial industry can be further strengthened to create a more stable and reliable insurance system.
