Economic Outlook 2023 Optimizing Opportunity Through Uncertainty

Jakarta — The threat of a recession in 2023 is predicted to impact various industries around the world, including the insurance industry. What strategy should the insurance industry design in order to survive or even continue to grow in the midst of this global uncertainty?

This became the theme of the 2023 Economic Outlook webinar with the theme "Optimizing Opportunity Through Uncertainty" which was held by PT Tugu Reasuransi Indonesia (Tugure) Friday.

In his remarks, Tugure President Director Adi Pramana said that one of the factors causing the global recession was the geopolitical conflict between Russia and Ukraine which affected global supply chains, causing a crisis which in turn accelerated the inflation rate.

"In addition, in October 2022, the International Monetary Fund (IMF) updated its projection for world economic growth, down from the previous projections of 2.9 percent and 3.8 percent in January 2022 to 2.7 percent," he explained.

Seeing the uncertain conditions, Adi asked the insurance industry to be prepared to face the threat of recession and inflation in the coming year.

"We as players in the insurance industry must take advantage of the best possible opportunities in order to continue to create positive results amidst the challenges of economic uncertainty in 2023," he said.

In line with Adi, Chairman of IRMAPA (Indonesia Risk Management Professional Association) Charles R. Vost, who was also the keynote speaker, said that companies must be able to ensure that the function of risk management runs well.

"Apart from that, companies must also be agile in planning, execution and evaluation done more quickly, so that companies can face challenges in 2023," he said.

Apart from Charles, this webinar was also attended by a number of economic experts, namely the Chairperson of the GRC Association Achmad Daniri and Economist from INDEF Faisal Basri.