Kinerja Keuangan Berbasis Early Warning System dan Risk Based Capital dengan Firm Size sebagai Moderator: Studi pada Perusahaan Asuransi dan Reasuransi Terdaftar di OJK 2020–2024

Wulandari Nursetyorini

doi:10.55606/makreju.v4i3.4463

Authors

Wulandari Nursetyorini Universitas Muhammadiyah Semarang

DOI:

https://doi.org/10.55606/makreju.v4i3.4463

Keywords:

Company Size, Early Warning System, Financial Performance, Risk-Based Capital, Underwriting Risk

Abstract

The insurance industry in Indonesia continues to face challenges such as low market penetration and recurring default cases, which undermine public trust. This study aims to investigate the influence of early warning systems (EWS) and risk-based capital (RBC) on the financial performance of insurance companies, with firm size considered as a moderating variable. A quantitative approach was employed using panel data from 105 insurance and reinsurance firms registered with the Financial Services Authority between 2020 and 2024. Data analysis was conducted through panel regression, with the fixed-effects model selected based on Chow and Hausman tests. The findings reveal that underwriting risk exerts a significant negative impact on financial performance, while RBC and firm size demonstrate significant positive effects. In contrast, liquidity, premium growth, and technical ratio show no significant influence. These results emphasize the importance of managing underwriting risk, maintaining adequate risk-based capital, and accounting for firm scale to sustain profitability and financial stability. This research advances current knowledge by highlighting internal factors that shape financial outcomes in the insurance sector and provides practical insights for regulators and managers in designing supervisory frameworks and risk management strategies. Future studies could incorporate external variables such as macroeconomic conditions and market penetration levels to refine predictive models of financial performance.

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