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BANYUWANGI - Several business classes of liability insurance are predicted to still have potential growth in 2023. This was revealed by Farid Susilo, Casualty & Energy Group Head of PT Tugu Reasuransi Indonesia (Tugure), during the "Historical Background and Underwriting Practice of General Liability Insurance" Sharing Session held by Tugure on 27-29 July 2023 in Banyuwangi, East Java.
According to Farid, based on data from the Indonesian General Insurance Association (AAUI), the recorded premium value of liability insurance in the general insurance industry (data from 71 non-life insurance companies) in the fourth quarter of 2022 grew 16.6% year on year (YoY) from IDR 3.037 trillion in 2021 to IDR 3.54 trillion in 2022.
This trend continued into the current year. "In the first quarter of 2023, the recorded premium was IDR 1.46 trillion, an increase of 39.4% YoY from IDR 1.05 trillion in the first quarter of 2022," he explained.
"This indicates that the liability insurance line is a favorite for insurance companies," he emphasized.
Potential Business Classes
In 2023, Farid stated that the Comprehensive General Liability and Public Liability business classes in liability insurance have several potentials, especially in non-direct oil and gas projects, pollution or waste, and non-tunneling mining or mineral drilling.
"Additionally, there is also potential in the Product Liability business class, especially in the Indonesian jurisdiction and B2B product liability."
On the other hand, Farid warned that several projects in the liability insurance business class should be cautious about this year. One of them is direct drilling oil and gas operation.
"Furthermore, in the Professional Liability class, there are SPPI and Contractor/Construction, Architect, Consultant, as well as in Product Liability, particularly in mining and automotive manufacture," he explained.
Farid added that there are still challenges faced in the liability insurance business line.
Firstly, it is related to the determination of liability insurance rates. "In practice, many underwriters still tend to follow market drive rather than underwriting principles," he said.
Secondly, Farid mentioned the issue of wording since each insurance company uses different wordings. "It is essential for liability underwriters to comprehensively understand the wordings they use, including the extent of coverage provided, clear establishment of claim triggers to minimize potential disputes in the future, and an adequate premium rate for such coverage," he concluded.
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