Bank Indonesia: Insurance Industry Total Asset Reach Rp1,637 Trillion
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31 May 2022 17:06 WIB
TEMPO.CO, Jakarta - Bank Indonesia (BI) senior deputy governor Destry Damayanti on Tuesday recorded that a total asset from the insurance industry as of March 2022 reached Rp1.637 trillion, which is a 12.9 percent growth year on year.
“The insurance industry in Indonesia shows positive progress in terms of investment,” said the deputy governor on May 31, Antaranews reported. It constituted 82 percent of the total investment or Rp1,345 trillion.
According to the central bank data breakdown, the total pension fund net asset reached Rp329 trillion or 6 percent growth (you). It comprised Rp321 trillion (27.5 percent) investments from the entire pension funds.
Bank Indonesia deputy governor believes the development of institutional investors, such as insurance and pension funds, is very important to deepen Indonesia's financial market.
"Investors in insurance and pension funds have great potential for long-term savings which are very suitable for long-term investments such as infrastructure financing," she said.
Pension funds and insurance allow the economy to better manage risk. Even so, she added, Indonesia's current domestic financial market is still relatively shallow, which is evident in the limited volume of transactions, instruments, and market-goers.
ANTARA
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