Comparison of Solvency Levels and Claim Payment Ability of PT Asuransi Dayin Mitra Tbk and PT Asuransi Jasa Tania Tbk Amidst 2023 Economic Conditions
DOI:
https://doi.org/10.51903/d3sdmk08Keywords:
General Insurance; Solvency; Claim Ratio; Macroeconomics; InsuranceAbstract
This study aims to analyze the comparison of solvency levels and claim payment abilities between two general insurance companies in Indonesia, PT Asuransi Dayin Mitra Tbk (ASDM) and PT Asuransi Jasa Tania Tbk (ASJT), considering the macroeconomic conditions in 2023. The methods used are qualitative and quantitative comparative analyses based on the audited financial statements and annual reports of both companies, as well as a review of macroeconomic data from official sources. The findings indicate that ASDM and ASJT managed to achieve positive performance despite economic challenges, with ASJT recording higher growth in premiums and net income. Both companies maintained solvency ratios above regulatory thresholds and controlled claims ratios. Business strategy adaptation, sound governance, and effective risk management contributed to these achievements. Macroeconomic factors such as inflation, interest rates, and exchange rates were found to influence the performance of both companies, with varying levels of sensitivity depending on their market segment focus. These findings provide valuable insights into the dynamics of the insurance business in Indonesia and highlight opportunities and challenges that industry stakeholders need to anticipate..
References
[1] O. J. Keuangan, “Perasuransian Indonesia: Satu dekade Otoritas Jasa Keuangan,” Otoritas Jasa Keuangan, 2020. [Online]. Available: https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Perasuransian-Indonesia-2020/Perasuransian Indonesia 2020.pdf
[2] M. Mwangi and J. . Murigu, “The determinants of financial performance in general insurance companies in Kenya,” Eur. Sci. J., vol. 11, no. 1, pp. 288–297, 2015.
[3] B. Indonesia, “Tinjauan kebijakan moneter Maret 2023,” 2023. [Online]. Available: https://www.bi.go.id/id/publikasi/laporan/Pages/Tinjauan-Kebijakan-Moneter-Maret-2023.aspx
[4] M. Alomari and I. Azzam, “Effect of the micro and macro factors on the performance of the listed Jordanian insurance companies,” Int. J. Bus. Soc. Sci., vol. 8, no. 2, pp. 66–73, 2017.
[5] X. Hu and J. Yu, “Managerial ownership and firm performance: Evidence from the insurance industry in China,” J. Appl. Bus. Res., vol. 31, no. 1, pp. 301–308, 2015, [Online]. Available: https://doi.org/10.19030/jabr.v31i1.9004
[6] A. S. V Suvvari, R. D. Narasimha, and S. R. S. Babu, “Financial performance assessment of non-life insurance companies: An empirical study,” . Int. J. Recent Technol. Eng., vol. 8, no. 3, pp. 4107–4112, 2019, [Online]. Available: https://doi.org/10.35940/ijrte.c5819.098319
[7] J. D. Cummins and M. A. Weiss, “Analyzing firm performance in the insurance industry using frontier efficiency and productivity methods. In G. Dionne (Ed.), Handbook of insurance (pp. 795-861),” Springer New York, 2013, [Online]. Available: https://doi.org/10.1007/978-1-4614-0155-1_28
[8] H. Malik, “Determinants of insurance companies profitability: An analysis of insurance sector of Pakistan,” Acad. Res. Int., vol. 1, no. 3, p. 315, 2011.
[9] M. Eling and R. Jia, “Business failure, efficiency, and volatility: Evidence from the European insurance industry,” Int. Rev. Financ. Anal., vol. 59, pp. 58–76, 2018, [Online]. Available: https://doi.org/10.1016/j.irfa.2018.07.007
[10] O. J. Keuangan, “Peraturan Otoritas Jasa Keuangan Nomor 71/POJK.05/2016 tentang kesehatan keuangan perusahaan asuransi dan perusahaan reasuransi,” 2017.
[11] G. T. Hidayatulloh, D. Palupiningtyas, and T. Maryani, “Dissecting Indonesian Insurance Profitability and Efficiency: Du Pont Diagnostic Tool.,” Kompak J. Ilm. Komputerisasi Akunt., 2024, [Online]. Available: https://api.semanticscholar.org/CorpusID:274452876
[12] A. L. Alhasan and N. Biekpe, “Determinants of life insurance consumption in Africa,” Res. Int. Bus. Financ., vol. 37, pp. 17–27, 2016, [Online]. Available: https://doi.org/10.1016/j.ribaf.2015.10.016
[13] H. Ameliana and R. Octafian, “The Financial Performance Reviewed Through Liquidity and Market Ratio,” J. Int. Multidiscip. Res., vol. 2, no. 5, pp. 565–571, 2024, doi: 10.62504/jimr526.
[14] R. S. Dewi and Mahfudz, “Effect of financial ratios, firm size and cash flow operating activities on income smoothing,” Diponegoro J. Account., vol. 6, no. 3, pp. 1–11, 2017.
[15] P. Haiss and K. Sümegi, “The relationship between insurance and economic growth in Europe: A theoretical and empirical analysis,” Empirica, vol. 35, no. 4, pp. 405–431, 2008, [Online]. Available: https://doi.org/10.1007/s10663-008-9075-2
[16] C. C. Lee, C. W. Lin, and J. H. Zeng, “Financial liberalization, insurance market, and the likelihood of financial crises,” J. Int. Money Financ., vol. 62, pp. 25–51, 2016.
[17] S. L. Dragos, “Life and non-life insurance demand: The different effects of influence factors in emerging countries from Europe and Asia,” Econ. Res. Istraživanja, vol. 27, no. 1, pp. 169–180, 2014, [Online]. Available: https://doi.org/10.1080/1331677X.2014.952112
[18] T. Trinh, X. Nguyen, and P. Sgro, “Determinants of non-life insurance expenditure in developed and developing countries: An empirical investigation,” Appl. Econ., vol. 48, no. 58, pp. 5639–5653, 2016, [Online]. Available: https://doi.org/10.1080/00036846.2016.1181834
[19] R. K. Yin, “Case study research and applications: Design and methods (6th ed.),” SAGE Publ., 2018.
[20] M. P. Johnston, “Secondary data analysis: A method of which the time has come,” Qual. Quant. Methods Libr., vol. 3, no. 3, pp. 619–626, 2017.
[21] J. W. Creswell and J. D. Creswell, “Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.),” SAGE Publ., 2018.
.png)
