Jakarta (ANTARA) - Indonesia's Vice President Ma'ruf Amin affirmed that the protection of customer personal data and good governance are two important aspects in maintaining public trust in the reputation of the insurance world.

"In particular, I want to emphasize that the insurance industry must guarantee and protect customers' personal data to prevent abuse," Amin noted in a speech monitored online from here on Thursday.

Speaking at the launch of PT Asuransi Allianz Life Syariah Indonesia, Amin cited the International Monetary Fund (IMF) data in 2020 while saying that cyberattacks had made the global financial sector incur losses to the tune of Rp1,400 trillion, or around US$90 million.

Hence, he called on the financial sector authorities and industry players to step up supervision of insurance activities, especially in terms of protecting customers' personal data.

In addition to customer data protection, Amin remarked that public trust in the insurance industry should be maintained by upholding and implementing good governance.

"Ensure that governance of the insurance industry and companies remains within the applicable regulatory corridors. Innovation of new insurance products needs to be encouraged but still reported and officially licensed by the authorities," he emphasized.

According to the vice president, integrity, transparency, accountability, and customer protection should always be prioritized in the insurance industry.

Amin also underscored the need for insurance companies to carry out risk management prudently amid the uncertainty in the global economy.

"Insurance companies need to carry out extra calculation and accuracy while choosing investments in assets. Avoid high-risk assets and maintain healthy finances," he stressed.

Amin also urged companies to manage their finances efficiently and carefully, albeit being agile and adaptive to the dynamics and needs of the community.

Lastly, the vice president called on insurance industry players to uphold the value of sharia goodness in all products and services.

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Translator: Andi F, Kenzu
Editor: Rahmad Nasution
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