Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja keuangan
perusahaan asuransi syariah di Indonesia sebelum dan sesudah pandemi Covid-19
selama periode 2018–2023. Metode yang digunakan adalah analisis deskriptif
kuantitatif dengan pendekatan Early Warning System (EWS) berdasarkan standar
NAIC dan ketentuan PSAK 328 dan 336. Sampel penelitian terdiri dari 51
perusahaan asuransi syariah yang dipilih melalui teknik random sampling. Analisis
data dilakukan menggunakan uji beda (paired sample t-test atau wilcoxon signed
rank test). Hasil penelitian menunjukkan bahwa secara statistik hanya rasio
likuiditas aset yang mengalami perbedaan signifikan sebelum dan sesudah
pandemi, sementara rasio profitabilitas, pertumbuhan premi, cadangan teknis, dan
Risk Based Capital (RBC) tidak menunjukkan perbedaan signifikan, meskipun
secara deskriptif terjadi fluktuasi. Rasio likuiditas meningkat sebagai respons
perusahaan terhadap risiko likuiditas selama krisis, menunjukkan adaptasi positif.
Namun, rendahnya profitabilitas dan pertumbuhan premi mencerminkan tantangan
dalam menjaga efisiensi dan meningkatkan kepercayaan peserta. Secara
keseluruhan, hasil ini menandakan bahwa perusahaan asuransi syariah relatif stabil
dan adaptif menghadapi krisis, namun tetap memerlukan perbaikan strategi dalam
pengelolaan risiko, efisiensi operasional, dan inovasi produk untuk memperkuat
ketahanan jangka panjang.
Kata Kunci: Asuransi Syariah, Kinerja Keuangan, Pandemi Covid-19, Early
Warning System (EWS), Likuiditas, Profitabilitas, Cadangan
Teknis, Risk Based Capital (RBC), Pertumbuhan Premi, Signaling
Theory.

ABSTRACT This study aims to analyze and compare the financial performance of Islamic insurance companies in Indonesia before and after the Covid-19 pandemic over the period 2018–2023. The research method employed is a descriptive quantitative analysis using the Early Warning System (EWS) approach based on NAIC standards and the provisions of PSAK 328 and 336. The sample consists of 51 Islamic insurance companies selected through random sampling. Data analysis was conducted using difference tests (paired sample t-test or wilcoxon signed rank test). The results indicate that, statistically, only the asset liquidity ratio shows a significant difference before and after the pandemic, while profitability, premium growth, technical reserves, and Risk-Based Capital (RBC) do not show statistically significant differences, although descriptive fluctuations are observed. The increase in liquidity ratio reflects a positive adaptation by companies in response to liquidity risks during the crisis. However, the low levels of profitability and premium growth highlight challenges in maintaining efficiency and building participant trust. Overall, the findings suggest that Islamic insurance companies remain relatively stable and adaptive in times of crisis but still require strategic improvements in risk management, operational efficiency, and product innovation to enhance long-term resilience. Keywords: Islamic Insurance, Financial Performance, Covid-19 Pandemic, Early Warning System (EWS), Liquidity, Profitability, Technical Reserves, Risk-Based Capital (RBC), Premium Growth, Signaling Theory.