PERTUMBUHAN INDUSTRI ASURANSI JIWA DI INDONESIA: KAJIAN DARI SISI PEMBELI, PENJUAL, DAN KEBIJAKAN PEMERINTAH

Life insurance has become the need in today modern community�s life, including in Indonesia. The demand on life insurance is growing continuously in line with the increase of people�s income and awareness on the importance of risk antricipation. To fulfill this demand, the number of life insurance companies is always increase from periodically as well as various products supplied in the market. However, the contribution of insurance industry, especially life insurance, on Indonesia�s economy is relatively low. This research is aimed to analyze factors affecting the life insurance growth both from demand and supply side, and also evaluating the role of government policy. The data used including primary and secondary data. Primary data was collected through surveys by using questionnaire to 400 respondents of insurance policy holders, 400 respondents of non policy insurance holders, and 38 respondents of top managers of 15 life insurance companies. The first two groups of sample were taken by random sampling approach, while the last sample group was taken by using judgmental sampling approach. Meanwhile, secondary data was gathered from literature study, annual reports of life insurance companies, and the other relevant sources. The tools of analysis used were including validity and reliability tests, descriptive statistics, binary logistic regression, and dynamic panel regression. The result shows that the levels of income, education, and age have significant and positive impacts on people�s decision to purchase life insurance policy. Besides, the family and community�s trust on the effectiveness of government policy also have significant and positive impacts on the decision to buy life insurance policy. The other finding was the product variety has no impact on the gross premium insurance growth, number of policies, and insurance funds. On the reverse, supporting infrastructures and government policy have significant and positive impacts. According to the respondents of life insurance top managers, the role of government in regulating/supervising life insurance companies was effective and should be focused on providing tax incentives. However, according to the respondents of policy and non policy holders, the role of government in regulating/supervising life insurance companies should be optimized by prioritizing policy guarantee program. Based on those findings, several suggestions were provided to the community, life insurance companies, government, and future researchers