Main Article Content
Abstract
Purpose – This research has purposes to scrutinize over the role of premium income, expenses claim and underwriting results towards profitability of Indonesia Joint Enterprises Insurance Companies.
Design/methodology/approach – The sample used is general insurance company that presents complete financial statements during 2018-2021 and listed by Otoritas Jasa Keuangan through its official website. Purposive sampling used as sampling technique with several samples are 48 data. Panel data regression used as analysis technique which then processed by Eviews-9 application.
Findings – Its results showed that only underwriting results which significantly affect on profitability, while the others variables such as premium income had significantly negative affect on profitability so did with the expense claims which turn out had no affect towards profitability. At the level of significance (α = 0.05), it has small effect, while at the significance level of (α = 0.10), the expense claims seem had significant negative affect on profitability of Indonesia general insurance industry.
Research limitations/implications – This research has certainly limitations such as the research object used relatively small only the joint general insurance companies which submitted complete financial reports which are listed by Otoritas Jasa Keuangan and followed by the company’s official website.
Practical implications – This research indicates that those companies are noticed about an increase in premiums, but on the other hand they have also received many claims, therefore those premiums will be diverted to finance the claims which occur lately, then this certainly would decrease an income or profitability of the insurance company itself.
Originality/value – This research also has a different research object and research period compared to previous research, therefore it can be used as a complement the research which have done before.
Keywords
Article Details
Copyright (c) 2023 Markonah Markonah, Hedwigis Esti Riwayati, Riska Kumalasari
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References
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- Braunsteins, P., & Mandjes, M. (2023). The Cramér-Lundberg model with a fluctuating number of clients. Insurance: Mathematics and Economics, 112, 1–22. https://doi.org/10.1016/J.INSMATHECO.2023.05.007
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- Gifford, S. (2010). Risk and Uncertainty. In Handbook of Entrepreneurship Research (IHSE, pp. 303–318). Springer New York. https://doi.org/10.1007/978-1-4419-1191-9_12
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- Imanda, P. (2017). Pengaruh Klaim, Premi, Hasil Investasi dan Beban Operasional terhadap Pertumbuhan Aset Perusahaan Asuransi Kerugian Syariah di Indonesia [Universitas Islam Negeri Raden Fatah]. http://repository.radenfatah.ac.id/9783/1/Putri Imanda %2813190208%29.pdf
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- Munawir, S. (2016). Analisis laporan keuangan. Salemba Empat.
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- Otoritas Jasa Keuangan. (2017). Direktori Asuransi. Otoritas Jasa Keuangan. https://ojk.go.id/id/ojk-pedia/default.aspx
- Outreville, J. F. (1998). Theory and practice of insurance. Springer Science & Business Media.
- Peraturan Otoritas Jasa Keuangan Nomor 1/POJK 05/2018 tentang Kesehatan Keuangan bagi Perusahaan Asuransi Berbentuk Badan Hukum Usaha Bersama, Pub. L. No. No. 1/POJK 05/2018 (2018). https://ojk.go.id/id/regulasi/Pages/Kesehatan-Keuangan-bagi-Perusahaan-Asuransi--Berbentuk-Badan-Hukum-Usaha-Bersama.aspx
- Persatuan Aktuaris Indonesia. (2023). Siapa itu Aktuaris? Persatuan Aktuaris Indonesia. https://www.aktuaris.or.id/page/content/4/siapa-itu-aktuaris
- Prahasti, V. (2020). Pengaruh Pendapatan Premi, Hasil Underwriting, Hasil Investasi dan Risk Based Capital Terhadap Laba Perusahaan Asuransi Umum yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018. Jurnal Manajemen, 15(1), 165–175.
- Law of The Republic Indonesia No. 40 Year 2014, Pub. L. No. No. 40 Year 2014 (2014). https://ojk.go.id/en/kanal/iknb/regulasi/asuransi/undang-undang/Pages/Law-of-Republic-Indonesia-No.-40-Year-2014.aspx
- Riani, F. (2014). Pengaruh solvabilitas, premi, klaim, investasi, dan underwriting terhadap pertumbuhan laba perusahaan asuransi umum syariah. Universitas Islam Negeri Sunan Kalijaga.
- Santri, S. H., Yaswirman, Y., Warman, K., & Fauzi, W. (2022). Accountability answers company insurance life based investing against the risk of failure to pay for policyholders. Linguistics and Culture Review, 6, 427–437. http://lingcure.org/index.php/journal/article/view/2087
- Sastri, I. A. I. P., Sujana, E., & Sinarwati, N. K. (2017). Pengaruh Pendapatan Premi, Hasil Underwriting, Hasil Investasi Dan Risk Based Capital Terhadap Laba Perusahaan Asuransi (Studi Empiris pada Perusahan Asuransi yang Terdaftar di Bursa Efek Indonesia periode 2011-2015). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 7(1). https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/9409
- Solikha, R. P. (2017). Analisis pengaruh pendapatan premi, beban klaim dan hasil underwriting terhadap laba bersih perusahaan asuransi di indonesia. Perbanas Institute.
- Tabe, R., Minggu, R. I. P., & Majid, J. (2018). The Effect of Premium on Profit of Life Insurance Companies in Sharia Units of Pt Panin Dai-Ichi Life Indonesia. Tasharruf: Journal Economics and Business of Islam, 3(2), 190–200. https://doi.org/10.30984/tjebi.v3i2.789
- Willett, A. H. (1901). Insurance. In The Economic Theory of Risk and Insurance (pp. 105–126). Columbia University Press. https://doi.org/10.7312/will93384-009
- Williams, A. M., & Baláž, V. (2012). Migration, Risk, and Uncertainty: Theoretical Perspectives. Population, Space and Place, 18, 167–180. https://doi.org/10.1002/psp.663
- Winarso, W. (2014). Analisa Biaya Klaim Nasabah terhadap Laba Perusahaan Asuransi (Studi Kasus pada PT. Prudential Life Assurance). Moneter-Jurnal Akuntansi Dan Keuangan, 1(1), 79–86. https://ejournal.bsi.ac.id/ejurnal/index.php/moneter/article/view/941
- Windarto. (2018, October 18). Tingkatkan Literasi Asuransi Generasi Milenial melalui Insurance Goes To Campus. Berita Satu. https://www.beritasatu.com/ekonomi/517268/tingkatkan-literasi-asuransi-generasi-milenial-melalui-insurance-goes-to-campus
- Wondabio, L. S. (2006). Memahami Akuntansi Asuransi Kerugian. Prima Mitra Edukarya.
References
Ainul, F. N. A., Susyanti, J., & Mardani, R. M. (2017). Pengaruh premi, klaim, hasil underwriting, investasi dan profitabilitas terhadap pertumbuhan aset pada perusahaan asuransi jiwa syariah di Indonesia. Jurnal Ilmiah Riset Manajemen, 6(2).
Angima, C. B., & Mwangi, M. (2017). Effects of Underwriting and Claims Management on Performance of Property and Casualty Insurance Companies in East Africa. European Scientific Journal, 13(13), 358–373. https://doi.org/10.19044/esj.2017.v13n13p358
Beard, R. (2013). Risk theory: the stochastic basis of insurance. Springer Science & Business Media.
Braunsteins, P., & Mandjes, M. (2023). The Cramér-Lundberg model with a fluctuating number of clients. Insurance: Mathematics and Economics, 112, 1–22. https://doi.org/10.1016/J.INSMATHECO.2023.05.007
BPS - Statistics Indonesia. (2023). Jumlah Perusahaan Asuransi dan Perusahaan Penunjang Asuransi 2016-2018. BPS - Statistics Indonesia. https://www.bps.go.id/indicator/13/1080/2/jumlah-perusahaan-asuransi-dan-perusahaan-penunjang-asuransi.html
Fikri, M. A. A. (2009). Pengaruh Premi, Klaim, Hasil Investasi dan Underwriting Terhadap Laba Perusahaan Asuransi Jiwa (Studi Kasus PT. Asuransi Syariah Mubarakah) [IPB University]. http://repository.ipb.ac.id/handle/123456789/13660
Ghofar, A. (2012). Pengaruh premi, klaim, investasi dan profitabilitas terhadap pertumbuhan aset pada perusahaan Asuransi Syariah di Indonesia [Universitas Islam Negeri Sunan Kalijaga]. https://digilib.uin-suka.ac.id/id/eprint/10418/1/ABD. GHOFAR – NIM. 06390091 PENGARUH PREMI, KLAIM, INVESTASI.pdf
Gifford, S. (2010). Risk and Uncertainty. In Handbook of Entrepreneurship Research (IHSE, pp. 303–318). Springer New York. https://doi.org/10.1007/978-1-4419-1191-9_12
Hawarin, S. (2013). Analisis Pengaruh Pendapatan Premi dan Hasil Investasi Terhadap Laba Perusahaan Asuransi Umum di Indonesia Tahun 2007-2011 [Universitas Indonesia]. https://adoc.pub/universitas-indonesia-analisis-pengaruh-pendapatan-premi-dan.html
PSAK No. 28 concerning an Accounting for Loss Insurance. https://staff.blog.ui.ac.id/martani/files/2011/04/PSAK-28-revisi-2010-Akuntansi-Asuransi-Kerugian.pdf
Imanda, P. (2017). Pengaruh Klaim, Premi, Hasil Investasi dan Beban Operasional terhadap Pertumbuhan Aset Perusahaan Asuransi Kerugian Syariah di Indonesia [Universitas Islam Negeri Raden Fatah]. http://repository.radenfatah.ac.id/9783/1/Putri Imanda %2813190208%29.pdf
Juwita, T. (2017). Pengaruh Premi, Klaim, Investasi dan Surplus Underwriting terhadap Pertumbuhan Laba pada Industri Asuransi Syariah Tahun 2012-2016 [Institut Agama Islam Negeri Salatiga]. http://perpus.iainsalatiga.ac.id/lemari/fg/free/pdf/?file=http://perpus.iainsalatiga.ac.id/g/pdf/public/index.php/?pdf=2880/1/TRISPA JUWITA
Kasmir, K. (2017). Analisis laporan keuangan (10th ed.). Raja Grafindo Persada.
Kuncoro, M., & Suhardjono, S. (2011). Manajemen perbankan: Teori dan aplikasi. BPFE Yogyakarta.
Listio, R., & Fakrulloh, Z. (2022). Law Enforcement in the Implementation of Law Number 40 of 2014 concerning Insurance Against the Impact of the Covid-19 Pandemic for the Indonesian Insurance Society. Proceedings of the First Multidiscipline International Conference, MIC 2021, October 30 2021, Jakarta, Indonesia. https://doi.org/10.4108/EAI.30-10-2021.2315670
Liu, L., Neupane, S., & Zhang, L. (2022). Firm location effect on underwriting, subscription, and underpricing: Evidence from IPOs in China. Economic Modelling, 108, 105778. https://doi.org/10.1016/J.ECONMOD.2022.105778
Markonah, M. (2021). Analysis Relates to The Role of Premium Income, Claim Expenses, Investment Result and Risk Based Capital (RBC) Against the General Insurance Companies’ Profits Income (Case Study on General Insurance Which Registered in The Indonesia Stock Exchange. Dinasti International Journal of Economics, Finance & Accounting, 2(2), 135–149. https://doi.org/10.38035/DIJEFA.V2I2.856
Meng, H., Wei, L., & Zhou, M. (2023). Multiple per-claim reinsurance based on maximizing the Lundberg exponent. Insurance: Mathematics and Economics, 112, 33–47. https://doi.org/10.1016/J.INSMATHECO.2023.05.009
Muchlaso, C. A., Maslichah, M., & Afifudin, A. (2018). Pengaruh premi, hasil investasi, klaim, underwriting terhadap pendapatan asuransi syariah di Indonesia periode 2013-2016. Jurnal Ilmiah Riset Akuntansi, 7(3), 37–47. http://riset.unisma.ac.id/index.php/jra/article/view/919/908
Munawir, S. (2016). Analisis laporan keuangan. Salemba Empat.
Nadia, M. (2020). Pengaruh Pendapatan Premi, Hasil Investasi, Dan Risk Based Capital Terhadap Laba Perusahaan Asuransi (Studi pada Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2018). Jurnal Ilmiah Mahasiswa FEB, 8(2). https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/6557
Otoritas Jasa Keuangan. (2017). Direktori Asuransi. Otoritas Jasa Keuangan. https://ojk.go.id/id/ojk-pedia/default.aspx
Outreville, J. F. (1998). Theory and practice of insurance. Springer Science & Business Media.
Peraturan Otoritas Jasa Keuangan Nomor 1/POJK 05/2018 tentang Kesehatan Keuangan bagi Perusahaan Asuransi Berbentuk Badan Hukum Usaha Bersama, Pub. L. No. No. 1/POJK 05/2018 (2018). https://ojk.go.id/id/regulasi/Pages/Kesehatan-Keuangan-bagi-Perusahaan-Asuransi--Berbentuk-Badan-Hukum-Usaha-Bersama.aspx
Persatuan Aktuaris Indonesia. (2023). Siapa itu Aktuaris? Persatuan Aktuaris Indonesia. https://www.aktuaris.or.id/page/content/4/siapa-itu-aktuaris
Prahasti, V. (2020). Pengaruh Pendapatan Premi, Hasil Underwriting, Hasil Investasi dan Risk Based Capital Terhadap Laba Perusahaan Asuransi Umum yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018. Jurnal Manajemen, 15(1), 165–175.
Law of The Republic Indonesia No. 40 Year 2014, Pub. L. No. No. 40 Year 2014 (2014). https://ojk.go.id/en/kanal/iknb/regulasi/asuransi/undang-undang/Pages/Law-of-Republic-Indonesia-No.-40-Year-2014.aspx
Riani, F. (2014). Pengaruh solvabilitas, premi, klaim, investasi, dan underwriting terhadap pertumbuhan laba perusahaan asuransi umum syariah. Universitas Islam Negeri Sunan Kalijaga.
Santri, S. H., Yaswirman, Y., Warman, K., & Fauzi, W. (2022). Accountability answers company insurance life based investing against the risk of failure to pay for policyholders. Linguistics and Culture Review, 6, 427–437. http://lingcure.org/index.php/journal/article/view/2087
Sastri, I. A. I. P., Sujana, E., & Sinarwati, N. K. (2017). Pengaruh Pendapatan Premi, Hasil Underwriting, Hasil Investasi Dan Risk Based Capital Terhadap Laba Perusahaan Asuransi (Studi Empiris pada Perusahan Asuransi yang Terdaftar di Bursa Efek Indonesia periode 2011-2015). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 7(1). https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/9409
Solikha, R. P. (2017). Analisis pengaruh pendapatan premi, beban klaim dan hasil underwriting terhadap laba bersih perusahaan asuransi di indonesia. Perbanas Institute.
Tabe, R., Minggu, R. I. P., & Majid, J. (2018). The Effect of Premium on Profit of Life Insurance Companies in Sharia Units of Pt Panin Dai-Ichi Life Indonesia. Tasharruf: Journal Economics and Business of Islam, 3(2), 190–200. https://doi.org/10.30984/tjebi.v3i2.789
Willett, A. H. (1901). Insurance. In The Economic Theory of Risk and Insurance (pp. 105–126). Columbia University Press. https://doi.org/10.7312/will93384-009
Williams, A. M., & Baláž, V. (2012). Migration, Risk, and Uncertainty: Theoretical Perspectives. Population, Space and Place, 18, 167–180. https://doi.org/10.1002/psp.663
Winarso, W. (2014). Analisa Biaya Klaim Nasabah terhadap Laba Perusahaan Asuransi (Studi Kasus pada PT. Prudential Life Assurance). Moneter-Jurnal Akuntansi Dan Keuangan, 1(1), 79–86. https://ejournal.bsi.ac.id/ejurnal/index.php/moneter/article/view/941
Windarto. (2018, October 18). Tingkatkan Literasi Asuransi Generasi Milenial melalui Insurance Goes To Campus. Berita Satu. https://www.beritasatu.com/ekonomi/517268/tingkatkan-literasi-asuransi-generasi-milenial-melalui-insurance-goes-to-campus
Wondabio, L. S. (2006). Memahami Akuntansi Asuransi Kerugian. Prima Mitra Edukarya.