Before discussing the discussion of insurance with more depth, it helps us know in advance the history or origin of insurance itself. Yuk ...
In ancient times, before the use of money as a tool or symbol of exchange and means of buying and selling, barter is a system used by many countries around the world. In that era there was also an agreement to complement and help each other. When one person or family is affected, the other party who is bound to the agreement or agreement will help to help, rebuild or also provide the things that are deemed necessary to the affected party.
From the system of mutual assistance, then the method developed to be more organized and structured. In ancient civilizations or centuries before Christ, the Chinese and Babylonians had used the method as one of its kind. These methods and systems eventually emulated many tribes in the world and the Persians eventually developed them further. In fact the system is also used as one of the agreements in the maritime world by the sailors of Athens. The Greeks and Romans began using this ancient method of insurance around the 600th century BC.
Continuing from what used by Athenian sailors, in Genoa in the 1347th century, cooperative and protection contracts similar to those that existed and used in the insurance industry began to be created and used. The book on the contractual agreement was finally printed and has a fixed legal basis since 1552.
Due to the impact of the Great Fire of London that occurred in 1666 and resulted in the burning of more than 13 thousand homes in England, then in 1668, at a London coffee house stand Lloyd of Londons as the forerunner of conventional insurance and continues to be developed until now.
In this advanced era, insurance is one type of business that can provide financial assurance and risk transfer or risk of transfer from risk to the Insurer (insurance company) with special agreement (policy) and payment of premium and insurance protection in term certain time.
In Indonesia itself, insurance began to enter since the Dutch colonial period. The application of insurance in those days was to protect the financial side of a company in the plantation and trade sectors. The type of insurance product at that time was limited to protection against fire and transport risk only. Unfortunately, the insurance business in Indonesia had a vacuum during the Japanese invasion of Indonesia.
Because motor vehicles are still very rare and only used by few people, then motor vehicle insurance has not played a role in the colonial period. Uniquely, in the Dutch colonial period, not recorded there is any insurance company in Indonesia that mengalamin loss.
After Indonesia's independence and World War II ended, the insurance industry in Indonesia remained controlled by foreign companies, especially those from the Netherlands and the UK. Bataviasche Verzekerings Unie (BVU) is one of the Dutch-made insurance companies in Indonesia and was established in 1946. BVU introduced a collective insurance system that allows each member to gain a certain share of each insurance coverage.
In 1950, NV. Airline Insurance Indonesia is the first insurance company in the country to handle established losses. This insurance company must compete with foreign insurance companies that win in various sectors, such as capital up to technical issues.
Over the next three years, PT Reasuransi Umum Indonesia was established to handle the reinsurance issues of the Netherlands and the UK in Indonesia because the use of foreign exchange to pay reinsurance premiums abroad is still high. In 1963, the type of business of PT Reasuransi Umum Indonesia expanded with the emergence of life reinsurance products.
Then after PT Reasuransi Umum Indonesia appeared, was born many other insurance companies in the country. Unfortunately, its development is still hampered by the existence of foreign-owned private insurance that still exist in Indonesia at that time.Then since the success of Indonesia returned West Irian to the motherland, the government nationalized Dutch-owned companies, one of which was to make it an insurance company founded in 1845 under the name De Nederlanden Van to PT Asuransi Jiwa Sraya or NV Assurantie Maatshappij De Nederlandern and Bloom Vander EE became PT Asuransi Bendasraya. Finally, PT Asuransi Bendasraya merged into one with PT Umum Internasional Underwriters (PT UIU) engaged in foreign exchange insurance into PT Asuransi Jasa Indonesia or better known as Jasindo Insurance to date.
Currently, more and more indigenous Indonesian companies such as Asuransi Sinar Mas, Himalaya Protector, ACA and others, as well as overseas-based insurance companies, and joint venture with companies in Indonesia such as Prudential, Allianz, Generali, QBE, Sompo Japan, AXA, Fairfax, and many more.
Every insurance company has different capabilities to cover risks. So for an insurance company whose capacity is limited to a large risk, they share the risk to another insurance company (co-insurance), or share it to a specialized company for that company reinsurance.