Jakarta. Twenty-four insurers took home awards at the recent Best Insurance Award 2022 event hosted by Majalah Investor, an Indonesian-language business magazine.

The Best Insurance Award 2022 recognizes insurance firms that have successfully recorded stellar performances despite the Covid-induced economic slowdown. 

The awarding event crowned 22 insurers in three main categories, namely: life insurance, general insurance, and reinsurance. It then classified the life and general insurer winners into various subcategories, depending on their assets.

Some of the names on the winner's list include Great Eastern Life Indonesia, Asuransi Simas Jiwa, and Asuransi MSIG Indonesia, to name a few.

General insurer Asuransi Astra received a special award for posting the highest underwriting and investment returns in 2021. A special award also went to life insurance company Prudential Life Assurance for booking the highest investment return growth in the same year.

“Best Insurance Award 2022 is an effort by us, the media, to give the highest award to the insurers for their continuous outstanding performance. We hope the award can serve as a benchmark for other industry players, as well as the public, to assess the industry’s performance," Primus Dorimulu, the news director at BeritaSatu Media Holdings, said on Thursday.

“Hopefully, the award can also motivate [the industry players] to continuously improve their performance and deliver the best service for the people,” he added.

The judging panel decided on the winners based on their track record throughout 2017-2021 in 15 different aspects. These criterias include average asset growth, average investment growth, and average underwriting returns in 2017-2021.

The judges also put high emphasis on digitalization and  governance when ranking the insurance companies. According to panel's head judge S Budisuharto, good governance and digital transformation have helped the industry overcome the impacts of the pandemic. 

Check out the full Insurance Award 2022 winners list below:

LIFE INSURANCE

Life Insurer with >Rp 25 Trillion in Assets

1. Asuransi Simas Jiwa
2. Axa Mandiri Financial Services
3. Asuransi Allianz Life Indonesia

Life Insurer with >Rp 10 Trillion - Rp 25 Trillion in Assets

1. Asuransi BRI Life
2. Asuransi Jiwa Central Asia Raya
3. Asuransi Jiwa Sequis Life

Life Insurer with >Rp 5 Trillion - Rp 10 Trillion in Assets 

1. Capital Life Indonesia
2. Great Eastern Life Indonesia
3. Asuransi Jiwa Taspen

Life Insurer with >Rp 1 Trillion - Rp 5 Trillion in Assets 

1. Pacific Life Insurance
2. PFI Mega Life Insurance
3. Asuransi Jiwa BCA

GENERAL INSURANCE

General Insurer with >Rp 5 Trillion in Assets

1. Asuransi MSIG Indonesia
2. Asuransi Tugu Pratama Indonesia
3. Asuransi Central Asia

General Insurer with >Rp 1 Trillion - Rp 5 Trillion in Assets

1. BRI Asuransi Indonesia
2. Asuransi Mitra Pelindung Mustika
3. China Taiping Insurance Indonesia

General Insurer with Rp 500 Million - Rp 1 Trillion in Assets

1. Asuransi Simas Insurtech
2. Asuransi Reliance Indonesia
3. Meritz Korindo Insurance

REINSURANCE

1. Reasuransi Nusantara Makmur

SPECIAL AWARDS

1. Prudential Life Assurance: Highest Investment Return Growth in 2021
2. Asuransi Astra: Highest Underwriting and Investment Returns in 2021

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