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Articles

Vol 1 No 1 (2026): May

Determinants of Solvency: Evidence from Sharia Life Insurance in Indonesia

Telah diserahkan
February 12, 2026
Diterbitkan
2026-05-01

Abstrak

Abstract
Purpose – This study aims to examine the effect of early warning system ratios, specifically the claim expense ratio and retention ratio, on the solvency level of sharia life insurance companies in Indonesia during the period 2020–2024. Solvency is measured using the risk based capital approach.
Methodology – his study employs a quantitative approach using panel data analysis. The sample consists of 26 sharia life insurance companies registered with the Financial Services Authority (OJK). The data are analyzed using descriptive statistics, Chow test, Hausman test, and hypothesis testing through t-test and F-test.
Findings – The results indicate that the claim expense ratio has a negative and significant effect on solvency (p = 0.0283), while the retention ratio has a positive and significant effect (p = 0.0246). Simultaneously, both variables significantly influence solvency (p = 0.011285). However, the explanatory power of the model is relatively low, with an adjusted R² of approximately 15%, indicating that other factors also play an important role in determining solvency.
Implications – These findings suggest that insurance companies should improve claim management efficiency and implement optimal risk retention strategies to maintain financial stability.
Originality – This study provides empirical evidence on the relationship between early warning system ratios and solvency in the context of sharia life insurance in Indonesia using recent panel data.

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