Inforial (The Jakarta Post)
Sat 21 May 2022
As a state-owned enterprise (SOE) and strategic insurance and underwriting holding company, Indonesia Financial Group (IFG) is responsible for the growth of the national economy through the development of non-banking financial institutions (NBFIs), in particular insurance, underwriting and investment companies.
To achieve this goal, the IFG is organizing the international conference IFG 2022 on May 30 and 31 on the theme “Insurance and pension funds: transition to the ecosystem of the digital and green economy”. The event, designed to be the most progressive international conference on insurance and pension funds, is focused on building insurance and pension knowledge for economic actors, the public and relevant stakeholders. .
The IFG 2022 International Conference will be held in a hybrid fashion over two days, with limited invitations at Ballroom 3 Ritz Carlton Pacific Place, Jakarta and online at ifgconference.com. The first day of the conference will discuss the outlook for global and regional macroeconomic conditions before moving on to the effects of digitalization and the green economy as the focus of investment management strategy. The second day will focus on the insurance and pension fund sector and on important lessons learned from the ongoing insurance restructuring, including consumer protection aspects.
Keynote speakers include Coordinating Minister of Economy Airlangga Hartarto, Minister of Finance Sri Mulyani and Minister of Public Enterprises Erick Thohir. The second day will feature three keynote speakers, namely Deputy Minister of Public Enterprises Kartika Wirjoatmodjo, Deputy Chief Governor of Bank Indonesia Destry Damayanti and Executive Chairman of Supervisor of Non-Banking Financial Institutions at the Authority Financial Services (OJK) Riswinandi.
Other international and national speakers at this conference are Rajit Singh, Deputy Director of Money and Capital Markets of the International Monetary Fund, Taimur Baig, Chief Economist and Managing Director of DBS Bank Singapore, Gita Wirjawan, Former Minister of Commerce 2011- 2014, Rahul Shah, GSMA Director for APAC and Emma Sri Martini, Chief Financial Officer of Pertamina.
“IFG is committed to creating change in the financial sector, in particular responsible, prudent and transparent insurance, underwriting and investment using good corporate governance and integrity. Collaboration and synergy are the core concepts of IFG moving forward in developing an inclusive and sustainable financial sector ecosystem in Indonesia,” said IFG Chairman and CEO Robertus Bilitea, at the launch of the international conference.
“One of IFG’s initiatives to support the strengthening of the financial sector ecosystem is to establish IFG Progress as a think tank under the IFG holding company. It should be able to provide progressive thinking under the form of policy initiatives for a strategic policy for the financial services sector,” he added.
As a think tank, IFG Progress provides research products and acts as a facilitator of expert discussion forums on strategic issues in the financial services industry, particularly for the insurance and mutual fund industry. pension. Its innovation is particularly valuable for the non-banking financial sector.
“IFG 2022 International Conference also aims to understand the challenges behind low literacy in the insurance and pension fund industry. The event is expected to be a place to learn from other countries in insurance and pension fund development, discuss industry infrastructure and management, identify future challenges regarding insurance regulation and supervision industry, as well as to learn more about the ongoing insurance restructuring, including consumer protection aspects,” explained IFG Progress Senior Executive Vice President Reza Siregar.
The recent climate of the Indonesian financial sector
Ibrahim Kholilul Rohman, Senior Research Associate of IFG Progress, explained that based on a study conducted over the past five years, Indonesia’s financial asset structure is still concentrated in the banking sector with a asset contribution of 59.5% of GDP in 2020. on the other hand, non-banking financial NBFIs in the insurance and pension fund sector recorded only asset contributions of 8.5% and 2, 7% of GDP in 2020. Thus, measures to strengthen insurance and pension funds must be taken in line because the industries are quite large. investors in the financial market.
“The NBFI, especially the insurance and pension fund sector, plays an important role in maintaining financial stability and supporting the country’s economy. The insurance and pension sector also has a vital role to play in supporting national development and its participation as a source of national financing to support economic activities,” Ibrahim added during the event.
Ibrahim said while the banking sector remains dominant in developed countries, assets owned by NBFIs are also growing rapidly. This is different from Indonesia’s financial asset structure, which is dominated by the banking sector, while non-banking financial assets remain extremely limited. Indonesia, he added, should make the most of these NBFIs as a complement to the much more mature banking sector.
Further information regarding the IFG 2022 International Conference can be found on the website ifgconference.com.