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Opportunity to Reform Insurance Industry

The Jiwasraya case is an opportunity to totally reform the insurance industry. After the 1997-1998 economic crisis, the sector has yet to be reformed thoroughly in order to strengthen its industrial structure.

By
Kompas Team
· 4 minutes read
https://cdn-assetd.kompas.id/I-TRUN7RLvrhDKzXRd4FWzpTtbA=/1024x576/filters:watermark(https://cdn-content.kompas.id/umum/kompas_main_logo.png,-16p,-13p,0)/https%3A%2F%2Fkompas.id%2Fwp-content%2Fuploads%2F2020%2F01%2F20200116_ENGLISH-KASUS-JIWASRAYA-DAN-ASABRI_A_web_1579184834.jpg
KOMPAS/TOTOK WIJAYANTO

Customers wait their turn on Wednesday (15/1/2020) at the Cawang branch of state-owned insurance company PT Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Asabri) in Kramat Jati, East Jakarta. Asabri’s policyholders are members of the Indonesia Military (TNI) and National Police, as well as civil servants who work at the Defense Ministry and the National Police.

JAKARTA, KOMPAS – The corruption and claim default cases that hit state insurer PT Asuransi Jiwasraya (Persero) must serve as an important reminder for total reform for the non-banking financial industry, including insurance companies.

“Right now is the moment to reform nonbanking financial institutions, including in terms of regulations, monitoring and capital,” President Joko “Jokowi” Widodo” said in his speech at the 2020 Financial Service Industry Annual Meeting in Jakarta on Thursday (16/1/2020).

Editor:
Syahnan Rangkuti
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