Growth Performance Analysis for Health Insurance in Indonesia at Financial Ratio 2019-2022 Period, Case Study Pre-Pandemic and During Pandemic

The government issued several regulatory policies in response to the COVID-19 pandemic that impacted the health insurance industry in Indonesia. One example is the implementation of telemedicine services, which was authorized by the Ministry of Health in March 2020. This policy allowed health insurance providers to offer remote medical consultations to patients, reducing the need for in-person visits and helping to limit the spread of the virus. Another regulatory policy implemented by the government was the expansion of coverage for COVID-19-related treatment. In April 2020, The Ministry of Health mandated that all health insurance providers in Indonesia cover the cost of COVID-19 treatment for their policyholders. This policy aimed to ensure that individuals could access necessary medical care without incurring significant financial burdens during the pandemic. The government also implemented measures to support the financial stability of health insurance providers during the pandemic. In May 2020, the Financial Services Authority OJK issued a regulation allowing insurance companies to delay the payment of premiums for up to 120 days for policyholders affected by the pandemic. This policy provided financial relief for policyholders and helped to mitigate the risk of default for insurance companies. These regulatory policies demonstrate the government's efforts to support the health insurance industry and ensure that individuals can access necessary medical care during the COVID-19 pandemic. Besides, the market growth seems influenced by the market condition during the pandemic, whereas the market growth declined in significant amounts in the past three years.