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Jakarta Post

Jiwasraya starts paying claims, but only to small number of policyholders

  • Riska Rahman

    The Jakarta Post

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Jakarta   /   Wed, April 1, 2020   /  03:45 pm
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The office of state-owned insurance company PT Asuransi Jiwasraya in Jakarta.(Antara/Galih Pradipta)

State-owned insurer PT Asuransi Jiwasraya has begun the payment of its policyholders’ claims, which are estimated to reach Rp 16.7 trillion (about US$1 billion) in total. However, in the first stage Jiwisraya will pay only claims of the company’s traditional policyholders, which total only about Rp 470 billion, while other policyholders, particularly those who bought its JS Saving Plan, have to wait until it receives funds from the sales of its assets. Jiwasraya’s president director Hexana Tri Sasongko said in Jakarta on Tuesday that the insurance company, in the first stage, would pay claims to 15,000 traditional or conventional policyholders before the end of March. He said that due to limited funds, the insurer was prioritizing payments to conventional life insurance policyholders that had been verified by an independent auditor. “For the first stage o...