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All Journal Jurnal Pemberdayaan Masyarakat Indonesia (JPMI) Indonesian Actuarial Journal
Nafiputra, Arzu
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Mathematics Physics Social Sciences

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Catastrophe Reinsurance Single Premium Valuation Model Based on Indonesia's Earthquake Data Nurtanio, Priscilla Natalie; Realino, Pieter; Sugiarto, Temmy; Nathaniel, Darren; Tjandra, Raymond; Angelina, Theresa; Nafiputra, Arzu; Lukman, Dave Filbert Iglesias
Indonesian Actuarial Journal Vol. 1 No. 2 (2025): Indonesian Actuarial Journal
Publisher : Persatuan Aktuaris Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65689/iajvol01no2pp113-127

Abstract

Indonesia's position along the Pacific Ring of Fire makes it highly vulnerable to catastrophic earthquakes, creating significant financial exposure for insurers through simultaneous surges in life, health, and property insurance claims.  This study develops a comprehensive valuation model for catastrophe reinsurance contracts using advanced statistical techniques to assess extreme risks and their interdependencies. The model integrates three key approaches: (1) the Peaks Over Threshold method with Generalized Pareto Distribution to analyze extreme losses from fatalities and injuries, (2) copula theory (Clayton and Gumbel) to capture dependence structures between different claim types, and (3) Monte Carlo simulations to project future event frequencies and financial impacts. Using Indonesian seismic data from 1979 to 2025 while excluding extreme outlier events, we model extreme losses in fatalities and injuries. While also employing the Fundamental Theorem of Asset Pricing to determine reinsurance premiums as the expected present value of potential claims. , with the Gumbel copula demonstrating superior fit for upper-tail dependence between variables. The model implements realistic assumptions, including: a retention limit of Rp15 billion for the primary insurer, average claims of Rp500 million per life and Rp15 million per injury, and coverage of 5% and 7% of the population for life and health policies, respectively. Applying a 5.75% discount rate (BI rate 2025) through 10,000 Monte Carlo simulations, we calculate a single reinsurance premium of Rp17,395,932,554. The results demonstrate how advanced statistical methods can effectively quantify catastrophe risk transfer, providing insurers with an actuarially sound pricing framework for managing low-frequency, high-severity earthquake exposures. However, a limitation of this study includes the exclusion of the 2004 mega-disaster, which may lead to an underestimation of worst-case scenarios, and the use of fixed assumptions for insurance coverage and claim values, which may not fully reflect real-world variability. Despite these limitations, this approach offers a valuable framework for managing earthquake-related risks in Indonesia’s reinsurance market.
Digitalisasi Pencatatan Keuangan pada Usaha Coffee & Eatery BD Dubeskabta Geovanny, Adrian Varino; Safitri, Aisya Syifa; Nafiputra, Arzu; Dewantomo, Daniella Dara; Raditoputri, Gracialla Akhasya; Santoso, Jocelyn Adrielle; Agatha, Kezia; Sului, Patricia Audra; Nurhayati, Nurhayati
Journal Pemberdayaan Masyarakat Indonesia Vol 7 No 2 (2025): Jurnal Pemberdayaan Masyarakat Indonesia (JPMI) - In Progress
Publisher : Pusat Pengabdian kepada Masyarakat (PPKM) Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/jpmi.7.2.on process

Abstract

This study explores the implementation of digital financial record-keeping at Coffee & Eatery BD Dubeskabta, a student-run MSME at SMKN 12 Kabupaten Tangerang, as part of the Community Development program by Universitas Prasetiya Mulya. Based on observations and interviews, the primary issue identified was the inefficiency and error-prone nature of manual bookkeeping. To address this, the team developed a Google Sheets-based system to automate profit, tax, and cash flow calculations. The training was conducted in three phases: a trial session (January 31, 2025), a main workshop (February 3, 2025), and subsequent monitoring. Post-implementation evaluation revealed improved efficiency and accuracy in financial recording, as well as enhanced ease for students in preparing financial reports. Despite some challenges related to mobile device data entry, the digital system proved more effective than manual methods. These findings support the integration of financial digitalization into vocational entrepreneurship curricula to strengthen students’ managerial competencies in business operations.
Co-Authors Agatha, Kezia Angelina, Theresa Dewantomo, Daniella Dara Geovanny, Adrian Varino Lukman, Dave Filbert Iglesias Nathaniel, Darren Nurhayati Nurhayati Nurtanio, Priscilla Natalie Raditoputri, Gracialla Akhasya Realino, Pieter Safitri, Aisya Syifa Santoso, Jocelyn Adrielle Sugiarto, Temmy Sului, Patricia Audra Tjandra, Raymond