Coronavirus Outbreak Suppress Travel Insurance
Coronavirus Outbreak Suppress Travel Insurance. The spread of CoronaVirus COVID-19 has suppressed the tourism industry. The prohibition of travel from and to the most affected countries, and the recommendation to suspend travel, will have an impact on the general insurance business, especially on travel insurance. This travel insurance is usually included in the line of personal accident insurance, and health insurance business.
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This line provides risk protection for flights delay, flight cancellation, baggage loss, or accidents on the go. The Executive Director of the Indonesian General Insurance Association (AAUI), Dody Achmad Sudiyar Dalimunthe, said that in the general insurance industry, the demand for travel insurance has certainly declined.
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He assesses, the positive thing for the insurance industry is the trust of the public to health insurance products that do not exclude the risk of the Coronavirus COVID-19 along not global pandemic. But should also look back at each policy condition, he said. Over the past year the performance of personal accident and health insurance lines in the general insurance industry has not been optimal.
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Nevertheless, Dody said, other general insurance businesses can still be the support of industrial performance throughout the 2020. Indeed until last year, the line of business that still dominates the general insurance business is property, motor vehicle, and loan. General insurance companies that worked on travel insurance, such as Asuransi Simas Insurtech have felt the impact.
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President Director of Asuransi Simas Insurtech, Teguh Aria Djana, said, since the beginning of this year there is a decline in the demand for travel insurance premium. But only around 10% because our insurance portion of domestic flight is more than 70%, said Teguh. Despite the decline in demand, the insurance premium associated with the recorded travel amounted to IDR 11.7 billion in February 2020.
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Whereas in February 2019 amount to IDR 4.7 billion, so there is an increase of 148%. Teguh Aria Djana Projects throughout the year can earn premium income from the business line of personal accident insurance and health insurance as much as IDR 300 billion. AAUI Data Records, the premium income of personal accident insurance and health insurance business line 2019 worth IDR 6.17 trillion. Last, the value was down 8.3% YoY from the achievement of 2018 worth IDR 6.73 trillion.
