Pengaruh Early Warning System Dan Risk Based Capital terhadap Kinerja Keuangan Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020–2024

Abstract

This study employed a quantitative method with descriptive and verification approaches to examine the effects of Early Warning System (EWS) and Risk-Based Capital (RBC) on the financial performance of insurance companies listed on the Indonesia Stock Exchange (IDX). The data consisted of numerical information obtained from company financial statements for the 2020–2024 period and were analyzed using statistical techniques. Based on the available population, 14 insurance companies were selected as the research sample, producing 70 observations from five years of data. The results of the partial hypothesis tests revealed that EWS had a probability value of 0.0000, below the 0.05 significance level. Therefore, the null hypothesis was rejected, indicating that EWS had a positive and significant effect on insurance companies’ financial performance. This finding suggests that better implementation of EWS indicators is associated with improved financial performance. In contrast, the RBC variable had a probability value of 0.5391, exceeding the 0.05 significance threshold. Consequently, RBC did not have a statistically significant partial effect on financial performance during the study period. These findings indicate that, although EWS indicators are significantly associated with financial performance, capital adequacy measured through RBC did not demonstrate a significant relationship in the observed sample. The study highlights the importance of monitoring early warning indicators to support insurance companies’ financial performance while emphasizing the need for further investigation into the role of capital adequacy in determining financial outcomes.