Indonesia Life and Non-life Insurance Market Share | 2022-27

 

Market Overview:

The market for life and non-life insurance in Indonesia is both well-diversified and well-capitalized, supporting the segment’s stable outlook. The market’s third-largest business line, credit insurance, saw an increase in gross premium written (GPW) of 86.2% to IDR 14.6 trillion in 2019. The largest industry, property insurance, also experienced strong GPW growth of 9.7% to IDR 20.9 trillion. However, the GPW for auto insurance only saw a 0.3% growth. In the first half of 2020, there will be improved underwriting discipline, ongoing rate increases, decreased catastrophe risks, and a strengthening commercial and personal auto market. Furthermore, these elements have contributed to the Indonesian property and casualty insurance sector’s strong underwriting performance.

Over the past few years, there has been significant technological and financial development in the insurtech sector. Traditional insurance business segments like health, auto, and commercial are being revolutionised by new startups with a strong focus on the digital world. The foundation of the insurance industry, insurance data, has been redesigned by new technologies like AI and IoT.

Scope of the Report:

When a life insurance policy matures or in the event of the policyholder’s passing, a lump sum amount of the sum assured is provided. Non-life insurance policies provide financial security for a person facing health problems or losses from property damage. Market segments for life and non-life insurance in Indonesia include distribution channel and insurance type (direct, agency, banks, and other distribution channels).

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