TEMPO.CO, Jakarta - The Financial Services Authority (OJK) is pushing for the implementation of a mandated insurance policy for the public. The Chief Executive of Insurance, Financing Institutions, and Pension Fund Supervisor Ogi Prastomiyono stated that this mandated insurance will be implemented, for example, at a large gathering involving many people, such as football matches.

"There is no insurance for such instances since it's not mandated. As we can see from Kanjuruhan's case, there was no insurance after the investigation," he said when met in Jakarta today, Monday. "With a mandated insurance policy, the tickets could allot Rp50,000 for insurance."

The same thing is encouraged for other sectors, such as transportation since insurance only covers passengers facilitated by Jasa Raharja. Moving forward, mandated insurance will be pushed for vehicle insurance.

If implemented, Ogi added, insurance companies will launch their products or establish a consortium with other companies to launch their products.

"This will increase insurance penetration. The citizens will be protected, and damages or future risks of companies will be covered. This ensures mutual needs," Ogi said.

Earlier, the Board of Commissioner Head of OJK Mahendra Siregar mentioned that insurance penetration in Indonesia is subpar, with a 2.75 percent realization. Meaning, that only 7.5 million Indonesians have insurance from total of 275 million.

RIRI RAHAYU

Click here to get the latest news updates from Tempo in Google News