OJK Focuses on Building Strong Foundation for Insurance Sector Reform

Yogyakarta (ANTARA) - The Chief Executive of Insurance, Guarantee and Pension Fund Supervision at the Financial Services Authority (OJK), Ogi Prastomiyono, has affirmed that the institution is focusing on building a strong foundation for national insurance sector reform. “Over the past four years, OJK has focused on building a strong foundation for insurance sector reform,” he said during a press conference on the sidelines of the Indonesia Insurance Summit 2026 in Yogyakarta on Friday. According to him, this effort is carried out through four main pillars: strengthening capital and deepening the market, enhancing governance and risk management, reinforcing the industry ecosystem, and aligning with international standards and best practices. “Therefore, we view 2026 as a crucial phase to strengthen the implementation of the various reform agendas that have been established,” he stated. Ogi further explained that OJK’s main focuses in 2026 include the first phase of capital strengthening, the implementation of sharia unit spin-offs, the development of a New Risk-Based Capital (New RBC) framework, and the enhancement of insurance product governance and quality. “This also includes preparations for the implementation of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, specifically the Policy Guarantee Programme and the strengthening of the insurance company resolution framework,” he said. Meanwhile, Chairperson of the OJK Board of Commissioners, Friderica Widyasari Dewi, asserted that the insurance sector plays an increasingly strategic role in supporting national economic resilience. “For OJK, insurance is not merely a risk management instrument, but part of the national economic infrastructure that supports community resilience, business continuity, and economic stability,” she said. According to her, the prospects for developing Indonesia’s insurance sector remain vast, with a population of over 280 million and continuously increasing protection needs, leaving significant room for industry growth. As of April 2026, she noted, total insurance industry assets were recorded at Rp1,202 trillion, growing by 3.39 percent year-on-year. The Indonesia Insurance Summit is an annual forum for the national insurance industry organised by the Indonesian Insurance Council together with all national insurance associations. Through this forum, the Indonesian insurance industry is expected to strengthen its capacity to face future challenges while enhancing its contribution to financial system stability, public protection, and sustainable national economic development. “This forum serves as a collaborative platform for regulators, industry players, academics, and strategic partners to discuss current issues, opportunities, and the direction of Indonesia’s insurance industry development,” said Chairman of the Indonesian Insurance Council (DAI) Yulius Bhayangkara.