Asuransi is an Indonesian word for safe. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a payment. The main concept of insurance, that of risk sharing, has existed since human existence.

The first methods of risk transfer or distribution were practiced by Chinese and Babylonian traders from 3,000 to 2,000 years before Christ, that is, about 5,000 years ago. Chinese merchants used to travel with many valuable things, they traveled by land and water. When they traveled across the island, they spread their goods over several ships to limit the loss due to the capsizing of a single ship. While the Babylonians developed a system that was recorded in the famous Code of Hammurabi around 1750 B.C. It was practiced by the first Mediterranean navigation merchants. A trader who wanted to ship trades from him would receive a loan to finance shipping from him. If the shipment arrived in good condition, the merchant must repay the loan to the lender with an additional sum in exchange for the lender’s guarantee to repay the loan if the shipment is stolen.

In England, insurance was first established in the late 17th century. But before that time, there were “societies of friends” in England. Each member donated amounts of money in a lump sum that could be used for emergencies. Near the end of the 17th century, the growing importance of London as a commercial center increased the demand for marine insurance. While in the United States, in 1752, the Philadelphia Contribution for the Insurance of Homes Against Fire Losses became the first mutual fire insurance company in the United States.

Insurance in Indonesia began in the Dutch colonial period, associated with the success of the country’s companies in the plantation sector and trading in Indonesia. To ensure your survival, then insurance is absolutely necessary. During World War II, insurance activities in Indonesia virtually came to a standstill, mainly due to the closure of Dutch and British owned insurance companies.

After the World War ended, the British company and the Dutch company resumed their operations in Indonesia after its independence. Until 1964, the market for the insurance industry in Indonesia was still dominated by foreign companies, especially Dutch and English ones.

Approximately 10 years later, in 1975, the forerunner of Avrist began when Mr. Harry Diah officially established PT Asuransi Jiwa Ikrar Abadi (AJIA) in November 1975. AJIA’s headquarters is located in one of the properties on Jalan Saharjo, Jakarta. AJIA launched the Group Management Division, which offered a variety of group insurance and pension fund products and services. In 1984, AJIA entered into a joint venture with American International Assurance. Co., Ltd. (AIA) and became the first multinational joint venture life insurance company in Indonesia. In 2009, AIA Indonesia changed its name to PT Avrist Assurance and became an independent company, supported by more than one million loyal customers, an extensive network of distribution channels, and a reputation as one of the leaders in the insurance market. Indonesian insurance.