The Role of Insurance in Financial Risk Mitigation within the Banking Sector
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Abstract
The banking sector, as the backbone of the financial system, is highly exposed to various financial risks, including credit, market, operational, and liquidity risks. To address the complexity of these risks, insurance serves as a strategic instrument within the bank’s risk management framework. The qualitative component enables a nuanced interpretation of regulatory frameworks, institutional practices, and theoretical insights regarding risk mitigation strategies. Meanwhile, the use of secondary quantitative data sourced from institutional reports, such as those published by the Financial Services Authority (OJK), Bank Indonesia, and previous scholarly research strengthens the empirical validity of the analysis. By combining these two approaches, the study aims to systematically examine how insurance products are utilized to shape and influence the risk profile of banking institutions. The findings indicate that insurance products such as credit insurance, deposit insurance, and asset insurance can significantly reduce risk exposure and enhance financial stability within banks. Moreover, OJK’s regulatory support has played a crucial role in strengthening the synergy between banks and insurance companies, contributing to a more resilient financial system. This study recommends improving the integration of risk management systems between banks and the insurance industry, along with promoting financial literacy as strategic efforts moving forward.
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