Peran Asuransi Hijau Dalam Mendukung Ketahanan Keuangan dan Kelestarian Lingkungan

Abstract

Abstract

Background: Reinsurance is essential for risk exposure sharing, capital protection, and maintaining the ability of insurance companies to fulfill their obligations when facing large claims. Strengthening retention capacity and financial resilience is also relevant to insurance sustainability because continuous risk protection contributes to economic and social resilience. Objective: This study aims to analyze the role of reinsurance in improving retention capacity and financial resilience and to formulate its implications for insurance company sustainability through a case study of PT Reasuransi. Methods: This study employed a descriptive qualitative case study design. Data were collected through semi-structured interviews with 10 purposively selected informants, three months of limited participant observation, and company documents and financial data from 2021–2024. Data analysis was conducted through data reduction, initial coding, thematic categorization, matrix presentation, and conclusion verification. Data validity was strengthened through triangulation of interviews, observations, and documents, while analytical consistency was maintained through coding procedures and thematic matrices. Numerical data were analyzed descriptively without causal testing. Results: A total of 80% of informants considered reinsurance to play an important role in financial stability, while 20% emphasized the role of excess of loss protection. The client retention ratio increased from 33.0% in 2021 to 42.0% in 2024, representing a 9.0 percentage-point increase. During the same period, the Risk-Based Capital (RBC) ratio increased from 125.4% to 132.8%, liquidity increased from 115.3% to 119.4%, and equity increased from IDR 2,200 billion to IDR 2,525 billion. Thematic analysis identified risk diversification, risk transfer, capital relief, portfolio stability, regulation, and reinsurer partnerships as key themes. Conclusion: Reinsurance functions as a mechanism for strengthening capacity and providing financial buffers; however, the case study evidence does not establish a causal relationship. Therefore, retention policies should integrate capital adequacy, claims experience, risk tolerance limits, and sustainability risks to ensure the long-term availability of insurance protection.

Keywords: reinsurance; retention capacity; financial resilience; sustainability; insurance company.