Rescuing Jiwasraya Insurance Policies to IFG Life Marks a Moment in Restoring Public Trust

JAKARTA, KOMPAS.com - The migration of Jiwasraya’s insurance policies to IFG Life has been viewed as an important example in restoring public trust in the insurance industry. Herman Khaeron, a member of Indonesia’s House of Representatives from Commission VI, said the migration rate of Jiwasraya policyholders to IFG Life has now reached 100 percent. Alongside this, IFG Life is also reported to have posted operating profit within the insurance sector. ‘This, in my view, will restore public trust,’ he said at Kompas.com Talks: A New Standard in Insurance Governance and Customer Protection in Indonesia, on Thursday (5 March 2026).

Policyholders who agreed to migrate to IFG Life have followed the restructuring scheme offered by the government. Herman added that although the migration process involved reductions in policy benefits (haircuts), there is a more certain future once the policies are transferred. ‘There is something reviving; it’s not about hoping too much, but rather something tangible becoming better with IFG Life,’ he added. He recounted that when he met with the DPR, the Ministry of State-Owned Enterprises was asked to resolve this with options acceptable to the public. ‘After all, the policyholders themselves have a right to negotiate,’ he said. He noted that Jiwasraya’s failure to pay insurance claims occurred around 2017-2018. A year later, the default issue came to light. In other words, the DPR has paid attention to this incident for around seven years. ‘This is the state’s responsibility in solving problems with its people,’ he said.