Analisis kesehatan perusahaan dan faktor-faktor yang mempengaruhinya di industri asuransi umum indonesia

Insurance is an agreement between two parties that aims to divide and protect from a risk that might occur. The performance of general insurance companies can be seen from the health of the company itself. One way to assess the health of insurance companies is their level of solvency. In Indonesia, the level of solvency can be viewed from the value of Risk-Based Capital (RBC) with a minimum value of 120% according to Regulation No 71 / POJK.05 / 2016. In the 2013-2017 period, RBC values tended to decline. During that period, there were also two general insurance companies that had an RBC value of less than 120%. Then there is one company that is under the supervision of the regulator, and one company is bankrupt. In Indonesia, not much research has been done on the factors that affect the health of companies in Indonesian general insurance. Therefore this study was conducted to analyze the factors that affect the health of companies in the Indonesian general insurance industry comprehensively based on internal and external factors. RBC is the dependent variable in this study and firm size, investment performance, premium growth, operating margin, liquidity ratio, underwriting result, growth rate surplus, Return on Assets (ROA), reserves, claims ratio, inflation, Gross Domestic Product (GDP) and interest rates as independent variables. Panel data regression analysis is used to analyze the factors that affect the health of companies in the Indonesian general insurance industry. Panel data regression analysis is used because the data used in this study contain elements of the cross-section and time series. Forty companies were used as samples with the period 2013-2017. Based on descriptive statistical analysis, the average RBC of general insurance companies is 351%. This value is far higher than the minimum value set by the regulator, which is 120%. This too-large RBC value means that the general insurance company in Indonesia are at a healthy level. However, the RBC value that is too large also indicates that general insurance companies have not been able to maximize existing capital so that it is over the capital. Based on panel data regression analysis of the three existing models it was obtained that the factors that influence the health of general insurance companies are firm size, investment performance, premium growth, liquidity ratio, reserves, inflation, and interest rate. Firm size, investment performance, premium growth, liquidity ratio, reserves, and inflation have a positive effect on the health of general insurance companies. While the interest rate has a negative effect on the health of general insurance companies. The results of this study indicate that management must pay attention to the factors that determine RBC. The most decisive factors based on this research are liquidity ratio, investment performance and interest rate. Management also must maintain the RBC value remains ideal so that the profits obtained remain optimal. The regulator must also keep an eye on the RBC value to stay greater than 120%. However, this RBC value should not be too large to prevent over capital so that there is a decrease in industrial performance