An EMIS Insights Industry Report
Indonesia Insurance Sector
Report 2024-2025
Indonesia Insurance Sector Report 2024-2025
An EMIS Insights Industry Report
Any redistribution of this information is strictly prohibited.
Copyright © 2024 EMIS, all rights reserved.
Executive Summary
Sector Overview
Introduction
Indonesia's insurance sector has seen a steady growth over the past few years, supported by the country’s
economic expansion and a rising public awareness of the benefits provided by insurance products. The
relatively low penetration rate, with gross insurance premiums at 1.4% of GDP, suggests the sector offers
plenty of scope for expansion. As of end-2023, the sector comprised 148 insurance companies and 220
insurance intermediaries. Social insurance dominates the market, representing 46% of the total gross
insurance premiums collected, followed by life insurance at 30% and non-life insurance at 18%. Mandatory
insurance types contribute 1.3% of total premiums, while gross contributions from Sharia-compliant
insurance make up less than 5% of overall insurance revenue.
Entry Modes
The country's Financial Services Authority, OJK, is required to licence insurance and reinsurance
companies and brokers. In 2021, the government put the sector on the Positive Investment List, meaning it
is now fully open to FDI. The biggest challenge for new entrants is distribution as established players have
already built distribution networks. New investors will need to find alternative channels and develop niche
products to target new segments. Another way of gaining exposure to the local market is by purchasing a
minority stake in existing local players. Foreign reinsurers will need to consider acquiring a local carrier
since, in 2016, OJK stipulated that Indonesian insurers were required to place all reinsurance of motor,
health, personal accident, credit, life and suretyship business with domestic Indonesian reinsurers.
Segment Opportunities
The fact that over 75% of the population is uninsured presents vast potential for growth in all sectors of the
insurance industry. As the Indonesian economy continues to grow and its middle class expands, the life
insurance segment will experience sustained growth. Local insurance companies should prioritise
investing in increasing awareness of life insurance products among the mass consumer market. In
addition, due to the insufficient social healthcare system, health and personal accident insurance are
expected to experience rapid growth in the coming years. Sharia-compliant insurance will also grow, as it
has a relatively low penetration rate in the world's largest Muslim-populated country. Digital-based
insurance, which caters to a younger demographic, is also a promising area for growth.
Government Policy
Indonesia’s insurance sector is more liberalised than those of other countries in the ASEAN region. In 2021,
the government eased foreign investment restrictions for its insurance sector, and it is now open to 100%
foreign ownership. Insurance and reinsurance companies and brokers must be licensed by the Financial
Services Authority (OJK).
Sector Snapshot
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In 2023, Indonesia's insurance industry saw steady growth, supported by the country’s economic progress
and a rising public awareness of the benefits provided by insurance products. According to OJK, total
gross premiums for insurance and reinsurance increased by 3.4% y/y to IDR 540.4tn. However, this growth
was uneven across the various market segments.
Social insurance continued to lead, accumulating gross premiums of IDR 248.6tn, a 7% increase from the
previous year. This segment primarily caters to employees in the public and private sectors, excluding the
self-employed.
The general insurance, or non-life insurance, segment saw a significant rise in premium income, with a 27%
increase to IDR 99.4tn in 2023, as reported by OJK. This boost was largely driven by the credit and
engineering insurance branches. Notably, engineering insurance premiums surged by 63.4% to IDR 5.2tn,
largely fuelled by the Nusantara Capital City (IKN) projects. These government-led infrastructure initiatives
greatly increased demand for engineering insurance. Credit insurance premiums also experienced a
significant rise, increasing by 56% to IDR 22.3tn. This significant growth can be attributed to the credit
expansion by Indonesian banks, as more banks and financial institutions became acquainted with and
started to realise the benefits of credit insurance products. The suretyship segment also grew, with
premium revenues climbing to IDR 1.8tn from IDR 1.36tn the previous year.
Property insurance represents a crucial and expanding component of the non-life insurance sector. The
segment's premium income has surged alongside commercial and residential property market growth in
recent years. In addition, substantial government investments in infrastructure have further bolstered this
growth, as new constructions require comprehensive insurance coverage. However, the property insurance
market only saw a modest annual increase of 1% to IDR 26.5tn in 2023. The sector's recent slowdown can
be largely attributed to market hardening, which has diminished reinsurance capacity.
The Indonesian automotive sector had a mixed performance in 2023, with a noticeable shift in consumer
preferences from passenger cars to two-wheelers. Despite this, motor vehicle insurance premium income
grew by 7.4% y/y to IDR 19.5tn. Meanwhile, the health and personal accident insurance segment also
experienced growth, with premium income rising from IDR 8.5tn in 2022 to IDR 9.5tn in 2023. This increase
reflects a growing awareness and prioritisation of health and safety among the Indonesian population,
driven by enhanced consumer knowledge of insurance benefits and potentially by public health trends and
economic factors that have made such insurance options more attractive or necessary.
The life insurance segment in Indonesia has been notably troubled since 2019, primarily due to the crisis at
the state-owned insurer PT Asuransi Jiwasraya. Reflecting this crisis, the Financial Services Authority
(OJK) data shows that total gross life insurance and reinsurance premium income decreased by 7.4% y/y
to IDR 163tn in 2023. The industry's revenue is now predominantly driven by traditional life insurance, which
garnered IDR 92.3tn, marking a 14.1% increase from 2022. Conversely, investment-linked products, also
known as unit-link products, saw a substantial decline, with premium income dropping by 22.6% to IDR
85.3tn.
According to the Indonesian Life Insurance Association (AAJI), the industry's growth is chiefly propelled by
continuous premiums, which rose slightly by 1.3% from IDR 72.78tn to IDR 73.73tn in 2023. New
policyholders contributed IDR 103.93tn in premiums, although this figure represents a 12.2% decline y/y.
This suggests that while the base of existing policyholders remains relatively stable, the industry struggles
to attract new customers.
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Sector Outlook
The International Monetary Fund (IMF) forecasts that the Indonesian economy will grow by 5% in 2024 and
2025. According to the fund, emerging markets have been resilient, with stronger-than-expected growth
and stable external balances, partly due to improved monetary and fiscal frameworks. However, divergence
in policy between countries may spur capital outflows and currency volatility. Indonesia's government debt
ratio in 2023 is at 39% of total GDP, relatively low compared to neighbouring countries.
As the economy continues to grow robustly, the Indonesian Life Insurance Association (AAJI) forecasts
that the life insurance market in Indonesia is poised to experience significant growth in 2024. It projects an
expansion rate of 7-10% in 2024. As the economy improves, more people are likely to seek financial
security through life insurance policies, recognising the benefits of such coverage in times of uncertainty or
adversity. In addition, an expanding economy often leads to higher employment rates and wage growth,
further increasing the public’s ability to afford insurance.
The projected growth in the life insurance sector also reflects broader trends, such as demographic shifts.
The growing middle class is becoming increasingly aware of the importance of financial planning.
Furthermore, innovations in insurance distribution channels, particularly digital platforms, make life
insurance more accessible to a broader audience, potentially driving up policy sales. Thus, AAJI's
prediction highlights the expected financial health of the life insurance sector and signals broader
economic optimism. It suggests a cycle of mutual reinforcement in which economic gains drive insurance
growth, contributing to financial resilience and stability in the wider economy.
The Indonesian General Insurance Association (AAUI) anticipates robust growth in the general insurance
sector, projecting a 14.8% increase in premium income for 2024. This optimistic forecast is primarily
attributed to a combination of favourable regulatory reforms, an increase in demand for natural
catastrophe insurance policies and concerted government support. Regulatory changes aimed at
enhancing insurers' operational environment are expected to lower barriers and streamline processes,
thereby attracting more players and expanding the market. In addition, with the increasing frequency of
natural disasters, there is a heightened awareness and demand for natural catastrophe insurance, which
offers protection against losses from events such as earthquakes, floods and other calamities.
Government initiatives, particularly infrastructure development, are also pivotal to this growth forecast.
With substantial budgets allocated to enhancing and expanding infrastructure, there is a direct impact on
related insurance products. Construction and engineering projects necessitate comprehensive coverage,
including property and liability insurance, to manage the risks associated with large-scale developments.
Moreover, a broader public understanding of the benefits of insurance is likely to further stimulate market
growth. As more individuals recognise the value of financial protection in mitigating unforeseen events,
demand for various insurance products, especially in the health and personal accident segments, is
expected to surge.
Drivers and Constraints
Drivers
The Indonesian government, together with industry stakeholders, is proactively enhancing insurance
penetration with initiatives that include financial education programmes and the creation of new, affordable
insurance products. This effort coincides with a growing middle class and a flourishing economy, which
Indonesia Insurance Sector Report 2024-2025
An EMIS Insights Industry Report
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are expected to further boost sector growth. Substantial government investment in infrastructure is also
poised to stimulate demand for various insurance products related to the construction, engineering,
property and liability sectors. Liberalising the insurance market to foreign investment will introduce
heightened competition and diversify product offerings. Given Indonesia's vast population and currently
low insurance penetration, the market has significant potential for expansion. The life insurance segment,
in particular, is dominated by prominent regional and global multinationals known for their robust brands,
capital access and innovative product offerings.
Strong economy. As Indonesia’s economy progresses and its middle class swells, the appetite for
insurance products is likely to grow, further propelling sector expansion. Government investment in
infrastructure is set to boost demand for related insurance products covering construction, engineering
and property. In contrast, the burgeoning property market has already increased the need for insurance.
Rising household incomes also enhance the propensity to save, with unit-linked life insurance products
becoming a popular investment vehicle.
Favourable government policy. Efforts by the government and industry participants to deepen insurance
penetration through educational programmes and the development of accessible, cost-effective insurance
products are ongoing. The full opening of the insurance sector to foreign capital in 2021 is expected to
intensify competition and broaden the range of available products, following long-standing appeals from
foreign investors to remove investment restrictions.
Large population. Home to approximately 267mn individuals, Indonesia's substantial, youthful and growing
middle-class population sets a promising stage for the insurance sector's expansion in the coming years.
Low penetration. Current insurance penetration in Indonesia sits below both global and regional averages,
which indicates strong potential for market growth if awareness of insurance products can be increased.
With 75%-80% of the population still uninsured, the sector's growth opportunity from this low baseline is
substantial.
Access by foreign investors. Foreign companies are now able to freely enter the Indonesian insurance
market, bringing with them world-class expertise and innovative products. This influx not only enhances
consumer choice but also positively impacts the overall market landscape. In the life insurance segment,
the presence of major global and regional multinationals with substantial resources continues to play a
pivotal role in shaping the industry through the introduction of novel and competitive products.
Constraints
The Indonesian insurance sector faces significant challenges, including mismanagement scandals at a
state-owned insurer, declines in equity and bond prices in 2022, the nation's vulnerability to natural
disasters, a general lack of awareness about insurance and widespread poverty.
Mismanagement scandals. Recent years have seen a decline in demand for life insurance, largely due to
the collapse of a state-owned life insurance company plagued by mismanagement issues, which ultimately
required a bailout. These scandals have significantly damaged public confidence in the insurance industry
and stunted the market's development, which remains substantially underpenetrated.
Investment losses. There were concurrent drops in equity and bond markets in 2022, adversely affecting
the value of unit-linked insurance products and potentially leading to investment losses for policyholders.
These products are subject to management fees, which can diminish returns, especially when both equity
Indonesia Insurance Sector Report 2024-2025
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and bond markets are down, causing these fees to consume a larger portion of the policyholder's fund
value and further erode investment returns.
Natural disasters. The insurance industry in Indonesia has also been impacted by a series of natural
disasters over the past decade, leading to a surge in claims, further challenging the sector.
Lack of awareness. Insurance penetration in Indonesia remains low compared to other countries in the
region, partly due to a widespread lack of awareness and understanding of insurance products among the
population and low levels of insurance literacy. This limited knowledge about the benefits of insurance
constrains market potential and affects customer retention, placing additional pricing pressures on
industry players. The reach of life insurance is especially limited in remote areas, as insurers tend to focus
on more affluent, accessible urban markets.
Widespread poverty. Despite rising incomes, poverty remains a significant issue in Indonesia, with about
half of the population living at or below the poverty line. This economic reality makes traditional insurance
products inaccessible to many. In addition, the non-life insurance segment is highly fragmented, and most
companies lack the necessary scale, leading to competitive pricing pressures. Foreign investors in this
sector also contend with operational risks from an unpredictable regulatory, legal and political landscape.
Sources
AAJI, AAUI, EMIS Insights, IMF
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Sector in Focus
Main Economic Indicators
Name
2020
2021
2022
2023
GDP, Current Prices, IDR bn
15,443,353.2
16,976,751.4
19,588,089.9
20,892,376.7
Real GDP, y/y change, %
-2.1
3.7
5.3
5.0
Insurance and Pension Funding GVA, Current Prices, IDR bn
159,064.7
162,703.2
167,882.5
173,161.8
Population, mn people
270.2
272.2
274.9
277.4
Unemployment Rate, %
7.1
6.5
5.9
5.3
CPI, y/y change, %
2.0
1.6
4.2
3.7
PPI, y/y change, %
0.4
6.3
10.1
2.3
Monetary Policy Rate (Seven-Day Repo Rate), period-end, %
3.8
3.5
5.5
6.0
USD/IDR Exchange Rate, period-average
14,105.0
14,278.0
15,592.0
15,439.0
Current Account Balance, % of Nominal GDP
-0.4
0.3
1.0
-0.1
Total Exports, USD mn
163,191.8
231,609.5
291,904.3
258,797.1
Total Imports, USD mn
141,568.8
196,190.0
237,447.1
221,886.2
Foreign Trade Balance, USD mn
21,623.0
35,419.5
54,457.3
36,911.0
FDI, USD mn
19,175.1
21,213.1
24,702.0
21,894.2
FDI, % of Nominal GDP
1.8
1.8
1.9
1.6
Government Debt, % of Nominal GDP
39.3
40.7
39.5
39.0
Sources: CEIC, BPS, IMF, BI
Economic Overview
Indonesia's economic growth eased to 5.1% in 2023 from 5.3% the previous year, according to figures
published by the country's Statistics Office. This slowdown primarily stemmed from falling commodity
prices, adversely impacting the export sector, and a restrictive monetary policy curtailing domestic
consumer spending.
Throughout the year, there was a significant reduction in the prices of major Indonesian commodities such
as palm oil, coal and nickel. This downturn coincided with weakened demand from major trade partners
due to a global economic slowdown. Additionally, the monetary tightening by Bank Indonesia, which
included a cumulative increase of 250 basis points in interest rates from August 2022 to October 2023,
further dampened domestic consumption.
Despite these economic pressures, Indonesia's manufacturing sector was a resilient growth pillar,
registering a 4.1% increase. Household consumption and gross fixed capital formation also experienced
growth, increasing by 4.8% and 4.4%, respectively. Moreover, the transportation and warehousing sectors
displayed remarkable expansion, with a growth rate of 14%.
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Looking ahead, the Indonesian government is optimistic about the economic prospects for 2024,
projecting an acceleration of 5.2%. This growth is expected to be driven by heightened expenditure related
to the general elections and a resurgence in private sector investments. Nonetheless, expert forecasts for
2024 are mixed, with some analysts anticipating a slowdown in household expenditure and a subdued
public investment scenario that could temper the economic pace.
If the Central Bank opts to lower interest rates in 2024, consumer demand could also be boosted. Bank
Indonesia Governor Perry Warjiyo has hinted at the possibility of rate cuts in the latter half of the year, with
economic growth projections ranging from 4.7% to 5.5%, as reported by Reuters. This potential easing of
monetary policy may help counteract some of the economic headwinds faced in 2023, fostering a more
favourable environment for growth.
Main Sector Indicators
Name
2019
2020
2021
2022
2023
Gross Premium Income
636.6
490.9
511.0
522.6
540.4
Social Insurance Premiums
179.2
211.8
224.0
232.4
248.6
Life Insurance Premiums
191.2
177.8
189.7
175.7
162.6
General Insurance Premiums
69.8
67.3
66.8
78.1
99.4
Reinsurance Premiums
17.2
22.5
18.9
19.8
22.8
Compulsory Insurance Premiums
179.2
11.5
11.7
16.5
7.0
Total Claims
479.8
351.5
360.2
385.9
444.2
Number of Insurance Companies
151.0
148.0
149.0
150.0
148.0
Number of General Insurers
79.0
77.0
77.0
78.0
78.0
Number of Life Insurers
60.0
59.0
60.0
59.0
58.0
Sources: CEIC, OJK, Indonesia Financial Services Authority
Sector Penetration
The insurance sector in Indonesia remains significantly underdeveloped, with minimal integration into the
broader economy. Official data from the Statistics Office indicates that the sector's contribution to the
nation's GDP – comprising insurance and pension funding at current prices – was only 0.83% in 2023, a
decrease from 1.03% in 2020.
Furthermore, Swiss Re's analysis highlights that Indonesia's total insurance penetration rate was a mere
1.4% of GDP in 2022, with life insurance accounting for 0.9% and general insurance making up 0.5%. This
penetration level is substantially lower compared to regional counterparts – for example, Thailand records
a total penetration of 5.3%, Malaysia 5%, Vietnam 2.3% and the Philippines 1.9%. In contrast, the global
average for insurance penetration stood at 6.8%, divided between 2.8% for life insurance and 4% for general
insurance in 2022.
The insurance density metric, which assesses per capita premiums collected, was just USD 68 in Indonesia
for 2022. This figure is considerably less than the global average of USD 853 and even falls short of the
emerging Asia average of USD 229 per capita. This stark discrepancy underscores Indonesia's insurance
market's challenges and growth potential relative to global and regional benchmarks.
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Insurance Sector Contribution to GDP
200
1.040
149.9
0.96
0.9
159.1
162.7
173.2
167.9
150
1.0
1.0
0.88
100
IDR tn
%
1.120
50
0.9
0.8
Share of GDP
0.8
0
2019
2020
2021
Insurance and Pension Funding GVA
2022
2023
Share of GDP
Sources: CEIC, BPS
Insurance Companies
As of December 2023, the Indonesian insurance landscape comprised 148 companies, as reported by the
Financial Services Authority (OJK). This diverse market includes 78 companies offering non-life insurance
products, 58 focusing on life insurance and eight dedicated to reinsurance.
The structure of this sector has evolved significantly over recent years, reflecting a notable shift toward
consolidation, particularly in the non-life segment, in which the number of firms decreased from 84 in 2012.
Conversely, the life insurance sector has seen robust growth, expanding by 31 companies during the same
period. The reinsurance market also grew, adding four new entities.
The brokerage landscape has similarly expanded, with 220 insurance brokers recorded at the end of 2023,
an increase from 150 in 2012. Reinsurance brokers grew from 29 to 41 over the same timeframe. This
growth in brokerage firms enhances the accessibility and distribution of insurance products, contributing to
a more dynamic market. These developments underscore a transformative phase in Indonesia's insurance
industry, characterised by strategic consolidations and market entries reshaping its structure and capacity.
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Number of Insurance Companies
160
151
151
150
149
148
148
Total
Unit
120
79
80
79
60
77
60
78
77
60
59
78
59
58
40
7
7
3 2
0
2018
7
3 2
2019
2020
Total
General Insurers
Mandatory Insurers
Social Insurers
7
3 2
8
3 2
2021
8
3 2
2022
3 2
2023
Life Insurers
Reinsurers
Sources: CEIC, Indonesia Financial Services Authority
Number of Insurance Auxiliary Service Providers
320
236
Unit
240
160
229
166
228
160
223
160
223
155
220
Total
155
151
80
43
27
42
27
42
41
26
27
41
41
27
28
0
2018
2019
Insurance Brokers
2020
2021
Reinsurance Brokers
2022
Loss Adjusters
2023
Total
Sources: CEIC, Indonesia Financial Services Authority
Premium Income
In 2023, Indonesia's insurance industry experienced consistent growth, buoyed by the nation's economic
advancement and increasing public awareness of the advantages offered by insurance products. Data
from the Financial Services Authority (OJK) indicate that total gross premiums for insurance and
reinsurance climbed by 3.4% y/y to IDR 540.4tn. However, this growth varied across different segments of
the market.
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Social insurance remained the dominant segment, accruing gross premiums of IDR 248.6tn, marking a 7%
increase from the previous year. This segment predominantly serves public and private sector employees,
excluding the self-employed.
The non-life insurance segment, also known as general insurance, witnessed a remarkable increase in
premium revenue, with OJK reporting a 27% surge to IDR 99.4tn in 2023. This spike was primarily fuelled by
the credit and engineering insurance branches. Specifically, engineering insurance premiums skyrocketed
by 63.4% to IDR 5.2tn, due mainly to the Nusantara Capital City (IKN) projects. These government-led
infrastructure developments significantly propelled the demand for engineering insurance. Furthermore,
credit insurance also saw a substantial increase, with premiums jumping by 56% to IDR 22.3tn. In addition,
the suretyship segment expanded, with its premium income growing to IDR 1.8tn from IDR 1.36tn the
previous year.
Despite an inconsistent performance in the motor vehicle market, insurance premiums from this sector
grew by 7.4% y/y to IDR 19.5tn in 2023. This growth underscores strong demand for motor vehicle
insurance, driven by the compulsory insurance requirements for specific vehicles and the broader
economic factors influencing vehicle ownership and usage.
Conversely, the life insurance segment has struggled, primarily due to financial troubles at state-owned
Asuransi Jiwasraya. The company's difficulties meeting its financial obligations to policyholders emerged
in January 2020, leading to government intervention and a comprehensive restructuring by February 2021.
Despite resuming operations, the fallout from the Asuransi Jiwasraya case has profoundly impacted the
sector, resulting in heightened scrutiny and regulatory reforms aimed at enhancing governance and risk
management within the industry.
Overall, the total gross life insurance and reinsurance premium income decreased by 7.4% y/y to IDR 163tn
in 2023, a significant drop from IDR 197tn in 2018. The industry's revenue is now primarily driven by
traditional life insurance, which saw a 14.1% increase to IDR 92.3tn. By contrast, investment-linked
products experienced a sharp decline, with premium income falling by 22.6% to IDR 85.3tn.
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Gross Premium Income
600
540.4
Total
522.6
511.0
IDR tn
450
300
248.6
232.4
224.0
189.7
175.7
162.6
150
22.8
19.8 16.5
18.9 11.7
0
99.4
78.1
66.8
2021
2022
2023
Social Insurance
Life Insurance
General Insurance
Reinsurance
Compulsory Insurance
Total
7.0
Sources: CEIC, OJK
Gross Premium Income Structure, 2023
1.3 %
4.2 %
18.4 %
46.0 %
30.1 %
Social
Life
General
Reinsurance
Mandatory
Sources: CEIC, OJK
Insurance Claims
According to data from the Financial Services Authority (OJK), the Indonesian insurance industry
experienced a 15% increase in total claims, reaching IDR 444tn in 2023. This growth was reflected across
various industry segments, albeit with mixed claim frequencies and types of dynamics.
In the general insurance sector, claims grew by 17.6% y/y to IDR 48tn in 2023. This increase was
widespread across nearly all lines of business, with credit insurance and property insurance seeing the
most significant rises. Claims in the life insurance segment showed a slight increase of just 1.4% y/y to
reach IDR 153tn.
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Insurance Claims
600
444
Total Claims
IDR tn
450
386
360
352
300
212
150
149
133
37
0
163
32
16 16
2020
153
41
13 18
2021
13 19
2022
48
15 16
2023
Social Insurance Claims
Life Insurance Claims and Benefits Paid
General Insurance Claims
Reinsurance Claims
Compulsory Insurance Claims
Total Claims
Sources: CEIC, OJK
Insurance Assets
According to data from OJK (Financial Services Authority of Indonesia), by the close of 2022, the
Indonesian insurance industry was managing assets totalling IDR 1,776tn. This figure represents 8.5% of
the country's nominal GDP, underscoring the sector's significant role in Indonesia's economy. Over the
preceding five years, these assets grew at a compound annual growth rate (CAGR) of 10%, fuelled by
expansion across all insurance categories.
The social insurance segment held the largest share of these assets, accounting for IDR 758tn. This
segment also saw the most rapid growth, with an impressive CAGR of 18% from 2017 to 2022. Following
this, the life insurance segment managed assets worth IDR 618tn, making it the second largest in the
sector. The general (non-life) insurance segment came third, with IDR 200tn in assets. The growth rates for
these segments were also notable, with life insurance assets increasing at a CAGR of 7% and general
insurance assets at an 8% CAGR over the same five-year period.
The investment portfolio composition of these insurers is also worth noting. It predominantly comprises
government bonds consisting of 40% of the aggregate investment portfolio. This is followed by stocks
listed on the Indonesian Exchange and corporate bonds, representing 17% and 15%, respectively. Mutual
funds and deposits each account for 13% of the portfolio, illustrating a diversified investment strategy to
balance risk and return within the sector. This strategic asset allocation highlights the industry's
conservative approach to managing policyholder funds and capitalising on Indonesia's economic
landscape.
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Insurance Assets
2,000
1,776
Total Assets
1,644
IDR tn
1,500
1,450
1,357
1,000
758
575
459
500
651
575
30
27
0
2019
Social
32
2020
Life
Non-Life
200
191
174
165
618
2021
Mandatory
36
2022
Reinsurance
Total Assets
Sources: CEIC, OJK
Assets by Insurance Segment, 2022
2.04 %
9.24 %
11.28 %
34.77 %
42.68 %
Life Insurance
Social Insurance
Mandatory Insurance
Reinsurance
Non Life Insurance
Sources: CEIC, OJK
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Investment Portfolio
0.16 %
2.82 %
14.55 %
39.75 %
12.52 %
16.97 %
13.25 %
Securities Issued/Guaranteed by the Government
Mutual Funds
Publicly Listed Stocks
Time Deposit
Bonds and Islamic Bonds
Direct Investments
Policy Loans
Sources: CEIC, OJK
Global Positioning
In 2022, Indonesia was the fifth largest emerging Asian insurance market, according to Swiss Re. The
country earned USD 18.9bn in insurance premiums in 2022, accounting for 2.1% of the total for Emerging
Asia. Indonesia is better positioned in the non-life insurance segment, in which it placed fourth but
accounted for a smaller share of 1.8% of the region's total in 2022. Indonesia earned 2.2% of the region's
premium income in the life insurance segment.
Indonesia's insurance density is significantly lower than other emerging Asian nations. Malaysia, China and
Thailand have the highest insurance density in the region, with total insurance premiums per capita at USD
592, USD 489 and USD 369, respectively. Indonesia's insurance density was just USD 68, placing it near the
lower end of the scale among the emerging Asian countries.
Global Positioning
Emerging Asia-Pacific Premium Income, USD bn, 2022
Country
China
India
Thailand
Malaysia
Indonesia
Vietnam
Philippines
Bangladesh
Other Emerging Asia Countries
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Total
Business
697.8
131
25.2
20.1
18.9
11.3
7.7
2.1
6.5
Life
Non-life
364.4
99.5
13.8
14.7
11.8
8.3
5.4
1.6
5.1
333.4
31.5
11.4
5.4
7.1
3.0
2.3
0.5
1.4
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Total Emerging Asia
920.6
524.5
396.1
Source: Swiss Re
Global Positioning
Insurance Density in Emerging Asia, Premiums per Capita, USD, 2022
Country
Malaysia
China
Thailand
Vietnam
India
Indonesia
Philippines
Bangladesh
Total Business
592
489
369
95
92
68
67
12
Life
432
255
235
66
70
43
46
9
Non-life
159
234
134
30
22
26
20
3
Source: Swiss Re
Employment and Wages
National Statistics data from 2023 indicate that approximately 1.64mn individuals are employed in the
finance and insurance sector, slightly more than the previous year. The industry offers a higher salary than
the national average, making it an appealing career path. In 2023, the average monthly wage for this sector
was IDR 5.1mn, 80% greater than the country's average monthly wage. From 2013 to 2022, the industry's
average salary increased at a compound annual growth rate of 7.5%, slower than the growth rate of the
country's wages (CAGR 5.7%).
Financial and Insurance Sector Employment
2,000
Person th
1,500
1,558
1,598
1,626
1,637
2020
2021
2022
2023
1,000
500
0
Financial and Insurance Employment
Sources: CEIC, BPS
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Sector Wages
6
5.17
IDR mn
5
4.14
5.10
4.13
4
3
2.77
2.45
2.44
2020
2021
2.89
2
Monthly Average Wage
2022
2023
Financial and Insurance Monthly Average Wage
Sources: CEIC, BPS
Sources
CEIC, OJK, Statistics Office, Swiss Re
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Competitive Landscape
Highlights
Overview
Indonesia's insurance industry is characterised by intense competition, featuring domestic and
international firms competing for dominance. As the Financial Services Authority (OJK) reported in
December 2023, the sector included 148 registered insurance companies. This tally comprises 58 life
insurance companies, 82 non-life insurance companies and eight reinsurance companies. The market also
supports a specialist segment of 16 pure Sharia-compliant insurance firms, contrasting with 132
conventional insurance providers. Additionally, the industry's structure is supported by 220 insurance
intermediaries. This group is diversified into 151 insurance brokers, 41 reinsurance brokers and 28
companies specialising in loss assessment. The diversity and scale of these entities underline the dynamic
nature of Indonesia's insurance market, with various players offering a broad array of services to cater to
the population's diverse needs.
Market Structure
Over the past few years, the two principal segments of the insurance industry in Indonesia – life and nonlife – have exhibited diverging trends. The non-life insurance segment has consolidated, with the most
prominent firms capturing an increasing share of total premium revenues. By contrast, the life insurance
segment has become more fragmented, intensifying competition. Life insurance is generally more
concentrated and tends to be dominated by foreign-owned companies. At the same time, the non-life
sector is more dispersed, with local firms holding a more significant presence. To streamline operations,
the government has merged four of its six state-owned insurance companies into a single holding entity,
Bahana Pembinaan Usaha Indonesia (Indonesia Financial Group, IFG). This group includes Jasa Raharja,
specialising in travel accident insurance; Asuransi Jasa Indonesia, covering non-life insurance; Asuransi
Kredit Indonesia, focusing on financial and general insurance; and Asuransi Kredit Guarantee, which offers
credit insurance.
Stricter minimum equity requirements for Indonesian insurers are set to decrease the number of operators
in the industry, fostering a more competitive environment. The Financial Services Authority (OJK) plans to
increase these requirements substantially by the end of 2026. A subsequent phase, scheduled for
completion by the end of 2028, will further elevate the minimum equity thresholds for all insurers,
particularly those providing a comprehensive suite of products, such as credit insurance, who will be
subject to even higher requirements. The equity benchmarks for reinsurers will also increase from the end
of 2026, with a tiered system coming into effect by the end of 2028.
Main Players
The leading Indonesian insurance market entities encompass local and international firms. In the non-life
sector, PT Asuransi Kredit Indonesia, a state-owned insurer that provides coverage for loans to small and
medium enterprises, ranks as the largest based on net premiums from insurance and reinsurance.
Following it is PT Reasuransi Nasional Indonesia, another state-run company with a significant position in
the property insurance market. The private company PT Asuransi Astra Buana leads the motor vehicle
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insurance segment. PT Asuransi Allianz Life Indonesia, a global Allianz insurance group subsidiary, is the
top life insurance provider. PT Prudential Life Assurance and local PT Asuransi Simas Jiwa are also key
players.
Entry Modes
Insurance and reinsurance companies and brokers in Indonesia must obtain a license from the OJK. In
2021, the sector was included in the Positive Investment List, opening it up entirely to foreign direct
investment (FDI). This new policy also eliminates the earlier requirement for a local partner to be an entity
wholly owned by Indonesian nationals. One of the most significant hurdles for newcomers is establishing
distribution networks, as existing market leaders have already developed robust channels. New entrants
must, therefore, identify alternative distribution methods and create niche products aimed at untapped
market segments. Another strategy for foreign entities to gain market presence is acquiring minority
stakes in existing local firms. Additionally, foreign reinsurers should consider purchasing a local company,
especially since OJK mandated in 2016 that all reinsurance in critical categories like motor, health and life
must be placed with domestic Indonesian reinsurers. Furthermore, the government plans to significantly
increase the minimum equity requirements for insurers as of end-2026, compelling insurers who may need
to meet these criteria to seek additional capital or pursue mergers and acquisitions.
Non-Life Insurance Market
The Indonesian general insurance market is undergoing a significant consolidation trend. Data from the
OJK reveals that operating insurers decreased from 84 in 2012 to 78 in 2023. The largest players in the
market are capturing a growing share of premium income, indicating a move towards less market
fragmentation. In 2018, the top ten insurers accounted for 53.6% of the total net premium income in nonlife insurance and reinsurance, which rose to 57% by 2021.
Local companies predominantly control the non-life insurance segment. As of 2021, the leading firm was
state-run PT Asuransi Kredit Indonesia (Askrindo), which held a 12.3% market share. Established in 1971,
Askrindo aims to bolster micro, small, and medium enterprises (MSMEs) to facilitate Indonesia's economic
development. The company is crucial to guaranteeing banking institutions for loans issued to MSMEs. In
2020, Askrindo became part of the Indonesia Financial Group (IFG) following a merger with Insurance and
Guarantee BUMN.
PT Reasuransi Nasional Indonesia is another significant player, holding 9.5% of the total net insurance and
reinsurance premium income. Founded in 1994, this national reinsurance company offers a diverse range
of products, including property, motor vehicle, engineering, cargo, marine hull, aircraft hull, credit, surety
bond, satellite, energy, liability, personal accident, miscellaneous and life reinsurance, available in both
conventional and Sharia-compliant formats. The company offers various reinsurance products, including
reinsurance of property, motor vehicles, engineering, cargo, marine hull, aircraft hull, credit, surety bond,
satellite, energy, liability, personal accident, miscellaneous and life reinsurance, both for conventional
reinsurance and Sharia reinsurance.
Looking ahead, the competitive dynamics in the Indonesian non-life insurance sector are expected to
intensify. Local and international insurers are keen to expand their market share through innovative product
offerings, enhanced customer service and strict adherence to regulatory standards. Many companies are
diversifying their portfolios to include niche products like microinsurance and mobile insurance, targeting
specific demographics and adapting to the changing needs of the Indonesian market.
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Non-Life Insurance Market Structure
Market Shares by Net Premiums, 2021
12.33 %
9.47 %
42.84 %
6.85 %
6.48 %
5.57 %
2.77 %
4.99 %
3.04 %
3.13 %
Asuransi Kredit Indonesia
Reasuransi Nasional Indonesia
Asuransi Sinar Mas
Asuransi Astra Buana
Reasuransi Indonesia Utama
Asuransi Bangun Askrida
Lippo General Insurance Tbk.
Asuransi Jasa Indonesia
Zurich Asuransi Indonesia Tbk.
Maskapai Reasuransi Indonesia
Others
Sources: CEIC, OJK
Property Insurance Market Structure
Market Shares by Net Premiums, 2021
15.25 %
11.59 %
43.40 %
6.55 %
4.23 %
2.61 %
3.58 %
3.04 %
3.40 %
Reasuransi Nasional Indonesia
Reasuransi Indonesia Utama
BRI Asuransi Indonesia
Asuransi Jasa Indonesia
Asuransi Wahana Tata
Asuransi Sinar Mas
Maskapai Reasuransi Indonesia
Asuransi Central Asia
Tugu Reasuransi Indonesia
Asuransi MSIG Indonesia
Others
Sources: CEIC, OJK
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Motor Vehicle Insurance Market Structure
Market Shares by Net Premiums, 2021
15.15 %
35.94 %
12.28 %
7.34 %
6.34 %
3.48 %
4.82 %
4.13 %
4.29 %
Asuransi Astra Buana
Asuransi Sinar Mas
Asuransi Ramayana Tbk.
Zurich Asuransi Indonesia Tbk.
Asuransi Central Asia
Asuransi Wahana Tata
Asuransi Umum BCA
Asuransi Raksa Pratikara
Asuransi Tokio Marine Indonesia
Asuransi Bina Dana Arta Tbk.
Others
Sources: CEIC, OJK
Life Insurance Market
As of December 2023, the Indonesian insurance market included 58 active life insurers, a notable increase
from 47 in 2012, as reported by the OJK. This rise in the number of providers has intensified competition
within the market, leading to greater saturation and fragmentation. A key driver of this competition is
pricing strategies – insurers are continuously striving to offer more attractive premiums and enhanced
coverage options to win over customers.
Beyond pricing, product innovation and customer service are critical battlegrounds for these companies.
There is a significant push towards leveraging digital technology to improve the customer experience and
increase engagement, with insurers investing heavily in these areas. The regulatory landscape in Indonesia
is evolving swiftly, with new policies aimed at boosting transparency and consumer protection, which
further fuels competitive dynamics as companies aim to stand out by not only meeting but exceeding
regulatory standards.
In 2022, market dynamics shifted, with the top ten life insurers holding a combined market share of 70%, a
slight decrease from 73.9% in 2021. Similarly, the five largest insurers accounted for 43% of total net
premium income in the life insurance segment, down from 47% the previous year.
PT Prudential Life Assurance, a subsidiary of the global insurance titan Prudential Plc, stood out as the
largest life insurer in Indonesia in 2022, claiming 11.8% of the total net premium income. Established in
1995, PT Prudential Life Assurance operates under the umbrella of Prudential plc, a prominent UK-based
financial services group. The company has established a strong presence in Indonesia, particularly in unitlinked products, with a head office in Jakarta and additional marketing offices across major Indonesian
cities. It serves approximately 2.5mn insured individuals with the support of over 172,000 licensed
marketers. UK-based Prudential Plc entered Indonesia in 1995 following the merger of Prudential and Bank
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Bali Indonesia, which resulted in Prudential BancBali Life Assurance. Indonesia is one of Prudential's key
markets in East and Southeast Asia.
PT Asuransi Simas Jiwa followed closely, holding an 8.5% market share in 2022, making it the second
largest life insurer by net premium earned. As part of the diverse Sinar Mas Group, it benefits from the
conglomerate's extensive reach across various sectors.
In 1996, Allianz began its operations in Indonesia by establishing PT Asuransi Allianz Life Indonesia,
entering into life insurance, health and pension funds. Today, Allianz Indonesia, which includes its general
insurance operations, boasts over 1,000 employees and more than 40,000 marketers, supported by a
network of banking and distribution partners. In 2022, Asuransi Allianz Life Indonesia secured 8.2% of the
total life insurance net premium income, serving more than ten million insureds nationwide.
Life Insurance Market Structure
Net Premium Income,
IDR mn, 2022
Company
PT Prudential Life Assurance
PT Asuransi Simas Jiwa
PT Asuransi Allianz Life Indonesia
PT Indolife Pensiontama
PT AXA Mandiri Financial Services
PT AIA Financial
PT Asuransi Jiwa Manulife Indonesia
PT Capital Life Indonesia
PT Asuransi BRI Life
PT Asuransi Jiwa Astra
Others
19,281,361
13,870,556
13,388,119
12,183,544
12,111,053
10,848,190
10,047,439
8,702,538
8,043,613
5,620,510
49,019,898
Market Share
9.1%
6.5%
6.3%
5.7%
5.7%
5.1%
4.7%
4.1%
3.8%
2.6%
23.1%
Source: OJK
Top Ten Insurance Companies by Operating Revenue
Company
Pt Sinar Mas Multiartha Tbk
PT Asuransi Simas Jiwa
PT Axa Mandiri Financial Services
PT Asuransi Jiwa Astra
Pt. Asuransi Jasa Indonesia (Persero)
Pt. Asuransi Astra Buana (Kota Administrasi
Jakarta Selatan; Dki Jakarta)
PT Asuransi Jiwa Manulife Indonesia
Pt Asuransi Tugu Pratama Indonesia Tbk
Pt Lippo General Insurance Tbk
PT Asuransi Allianz Life Indonesia
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Operating Revenue,
IDR bn
27,283
2022
17,647
Estimated
13,783
2021
5,448
2021
4,100
Estimated
Fiscal Year
3,937
2021
3,462
3,374
2,979
2,835
2018
2022
2023
2019
Source: EMIS Company Database
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Recent Events
In April 2022, Prudential Indonesia announced the launch of PT Prudential Sharia Life Assurance
(Prudential Syariah), a standalone Sharia life insurance entity. Prudential is the first global insurer to set up
a standalone Sharia life insurance entity in Indonesia. Prudential Syariah is dedicated to meeting
communities' health and wealth needs with solutions based on the “Sharia for All” principles. The insurer
claims to be the leader in the Sharia segment, with a 29% share of the Sharia market.
PT Asuransi Kredit Indonesia (Askrindo) cooperates with the Maluku and North Maluku Regional
Development Bank (BPD Maluku Maluku Malut) to realise regional development and strengthen the
Indonesian insurance business, ANTARA News Agency reported in February 2024. Askrindo and BPD
Maluku Malut cooperate with a coverage period of five years with a coverage ceiling of IDR 125bn and a
potential premium of IDR 9bn.
In November 2023, Allianz, one of the biggest insurance companies in the region, launched the newly
established PT Asuransi Allianz Life Syariah Indonesia. Allianz started the first Sharia business unit in 2006
and demand has significantly evolved over the years. With Allianz Sharia launched as a separate entity, it
opens the door to more opportunities with new ways to approach the growing customer base.
M&A Deals in Indonesia's Insurance Sector, 2021 – Q1 2024
Date
Target
Mar-24
Qoala
Mar-24
PT Ksk
Insurance
Indonesia
Mar-23
Deal Type
Qoala
Dec-22
PasarPolis
Sep-22
Asuransi Mega
Pratama, PT
Country of
Buyer
Deal
Value
Deal Stake %
USD (mn)
PayPal Ventures; PayPal
Holdings Inc; Eurazeo;
Mitsubishi UFJ Financial
Group Inc (MUFG);
US; France;
Minority stake
AppWorks; Flourish
Japan; China
Ventures; MassMutual
Ventures; Ohana
Holdings
47
n/a
Acquisition
n/a
n/a
Hanwha Life Insurance
Indonesia;
Indonesia, PT; Hanwha
South Korea
Life Insurance
n/a
62.6
ResponsAbility
Switzerland;
Investments AG; Eurazeo;
France;
Minority stake
AppWorks; Indogen
China;
Capital
Indonesia
7.5
n/a
Intudo Ventures;
Minority stake LeapFrog Investments;
Go-Ventures
Indonesia;
Mauritius
12
n/a
Acquisition
Singapore
n/a
n/a
Pt Lippo General
Acquisition
Insurance Tbk
Mar-23
Buyer
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Sunday Ins Co Ltd
Sea Ltd
Thailand
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Jul-22
Genesia Ventures; TransRey Assurance Minority stake Pacific Technology Fund Japan; China
(TPTF)
4.2
n/a
May-22
Eurazeo; Indogen Capital;
MDI Ventures; Mandiri
Capital; BRI Ventures;
Peak XV Partners; Daiwa
France;
PI Partners; KB
Indonesia;
Minority stake
Investment Co Ltd;
India; Japan;
SeedPlus;
South Korea;
Massachusetts Mutual Singapore; US
Life Insurance Co
(MassMutual); Flourish
Ventures; SALT Ventures
65
n/a
5400
100
25
n/a
China
1
n/a
US
5
n/a
Qoala
Oct-21
Certain life,
accident and
supplemental Acquisition
benefits assets
of Cigna Corp
Sep-21
Existing investors; CE
Innovation Capital;
FUSE NANO
Saratoga Capital
China;
Technology Co Minority stake (Singapore) Pte Ltd; Far
Singapore; US
Ltd
East Ventures; GGV
Capital; Golden Gate
Ventures
Sep-21
Rey Assurance Minority stake
Feb-21
PasarPolis
Chubb
Trans-Pacific Technology
Fund (TPTF)
International Finance
Minority stake
Corporation (IFC)
US
Source: EMIS
DealWatch
Sources
ANTARA News Agency, CEIC, Company Data, EMIS DealWatch, Fitch Ratings, OJK
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Regulatory Environment
Main Regulatory Bodies
Indonesia's Financial Services Authority (OJK) was founded in 2011 as an autonomous entity tasked with
overseeing and regulating the nation's financial sector. It officially began its role as the regulator of the
insurance industry on 1 January 2013.
Both insurance and reinsurance companies are required to obtain a licence from the OJK. A life insurance
company is restricted to conducting business in life insurance, which includes annuities, health insurance
and personal accident coverage. Conversely, a general insurance company is limited to offering general
insurance products, while reinsurance companies focus solely on reinsurance operations.
Nonetheless, under Regulation POJK 69, exceptions allow life and general insurance firms to engage in feebased activities beyond their traditional scope. For instance, general insurers can offer investment-related
insurance products and other fee-based services, such as managing employee benefits and marketing noninsurance and reinsurance products associated with financial services institutions that the OJK licences.
Regulatory Changes
Ownership Limits
In January 2020, Indonesia eased foreign investment restrictions for its insurance industry, with foreign
entities now allowed to own more than 80% of shares in locally-listed insurers. The new regulation exempts
foreign investors from the ownership cap if they can raise capital through an initial public offering in
Indonesia. The new regulation also removes the requirement that the local partner must be a local entity
wholly controlled by Indonesian citizens. Foreign investors have long been calling for the lifting of the
restriction, saying that this hampers them from injecting capital to expand as local partners often lack the
funds to keep their ownership proportional.
Minimum Capital Requirements
OJK issued a regulation in 2016 raising the minimum capital requirements for newly established insurers.
The minimum paid-up capital requirements for new insurance companies were increased from IDR 100bn
to IDR 150bn; those for reinsurance companies from IDR 200bn to IDR 300bn; those for Sharia insurance
companies from IDR 50bn to IDR 100bn; and those for Sharia reinsurers from IDR 100bn to IDR 175bn.
Own Retention
Insurance and reinsurance companies must determine their “own retention” per their risk and loss profile,
which means that the insurer must decide on the portion of the risk it retains without the support of
reinsurance. The extent of this “own retention” depends on the company’s line of business and the value of
its capital and ranges from 0.75% up to 10% of its capital. The risk of an insurance contract exceeding that
level must be transferred to a reinsurance company.
Reinsurance Covers
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Since 2016, insurers have, barring specific permission, had to place 100% of their reinsurance business for
covers such as motor, health, personal accident, credit, life and suretyship (‘simple risks’) with domestic
reinsurers. This regulation further limited the role of foreign firms in the future development of Indonesia’s
insurance market and focused on transferring more expert knowledge and skills to support local firms.
Some exceptions are allowed, subject to OJK approval. If the OJK grants an exemption, a maximum
offshore cession of 75% may be permitted, with a minimum cession to domestic reinsurers of 25%. This
75%/25% principle can also apply to other forms of insurance – so-called “non-simple risks”.
Positive Investment List
Foreign investments in the country have been regulated by the Negative Investment List (DNI), maintained
by the Indonesian Investment Coordinating Board (BKPM). The latter specifies sectors in which foreign
participation is restricted or prohibited. In 2016, President Joko Widodo's administration revised the list to
reflect the government's efforts to increase FDI inflows and Indonesia’s competitiveness within the ASEAN
Economic Community (AEC).
In 2021, Indonesia further liberalised foreign investor inflows. The government replaced the Negative
Investment List with a Positive Investment List under a new law. The Positive list shows sectors open to
100% foreign investment, effective from March 2021. The list does not entirely remove foreign investment
restrictions from all business fields. However, the restrictions have been significantly reduced from 350
business fields to just 46. The Indonesian government has categorised the four types of business lines and
the extent of foreign investment allowed as follows:
1. Priority sectors.
2. Business fields open to investment, with some restrictions.
3. Business fields open to investment, with a compulsory partnership with micro, small and mediumsized enterprises.
4. Business fields completely closed off to foreign investments.
The insurance sector is fully open to FDIs. Capital-intensive businesses over IDR 500bn receive a 100% cut
in corporate income tax for up to 20 years. Investments worth IDR 100-500bn will be granted a 50%
reduction in corporate income tax. Based on the Positive List, foreign investments also have to comply with
the following requirements:
Foreign investors can only engage in a large scale business with a minimum investment value of
more than IDR 10,000,000,000, excluding land and buildings;
Foreign investments can only be in the form of limited liability companies that are established and
located in Indonesia; and
A notable exception can be applied if the investments are carried out within special economic zones
for technology-based start-ups where the value of foreign investments can be less than IDR
10,000,000,000.
New Minimum Equity Capital Requirements
Indonesia's Financial Services Authority (OJK) has announced plans to significantly increase the minimum
equity requirements for insurers starting at the end of 2026. This escalation will be executed in two phases,
with the first set of increases taking effect in 2026 and a second, more stringent, set scheduled for the end
of 2028. Under the 2028 adjustments, insurers that provide a comprehensive range of products, including
credit insurance, must meet a higher-tier minimum. Similarly, equity requirements for reinsurers will
increase initially in 2026, followed by a more demanding two-tier system at the end of 2028.
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These regulatory changes could compel insurers needing help to meet these new thresholds to seek
additional capital or consider mergers and acquisitions as strategic alternatives. Specifically, insurers
facing profitability issues or those with limited access to shareholder capital support might find these new
minimums particularly daunting. For those insurers that can satisfy the 2026 requirements but might not
meet the 2028 criteria, there is an option to integrate into an Insurance Business Group (KUPA), which
would be underpinned by a parent or holding company meeting the 2028 equity minimums.
Moreover, the introduction of new regulations on credit insurance could have significant implications for
micro and consumer lending within the banking sector. Banks will now be required to retain a 25% share of
the default risk on insured loans – a substantial shift from the previous model where insurers could
assume up to 100% of such risks. This change will likely affect the pricing and availability of credit
insurance products, influencing lending practices and risk management strategies in the banking industry.
Minimum Equity Capital Requirements
IDR bn
Current
First Stage
Second Stage
(from end-2026)
(from end-2028)
Life and Non-Life (Group 1)
100
250
500
Life and Non-Life (Group 2)
100
250
1,000
Reinsurers (Group 1)
100
500
1,000
Reinsurers (Group 2)
100
500
2,000
Source: OJK
Sources
Asia Insurance Review, Fitch Ratings, Lloyds, KPMG, OJK, Thompson Reuters Practical Law
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Life Insurance
Highlights
Overview
The life insurance sector in Indonesia is not fully saturated and presents significant opportunities for
growth. Key participants in this market include local and international insurers, with AIA Financial,
Prudential Life Assurance and Allianz Life Indonesia being notable entities. These insurers offer a variety of
products, such as conventional life coverage, investment-linked policies and health insurance. The primary
distribution methods are bancassurance and certified insurance agents, although a growing focus is on
expanding digital platforms. Regarding product breakdown, unit-linked policies constitute 66% of total life
insurance premiums, endowments represent 25% and health insurance accounts for 4%.
Drivers and Challenges
Indonesia boasts a substantial and expanding population of over 270mn, many of whom lack adequate
insurance coverage. The country's relatively low insurance penetration rate highlights a considerable
untapped market for insurers. In addition, governmental efforts to enhance financial inclusion and broaden
access to financial services propel growth in the life insurance sector. Initiatives such as the national
health insurance scheme have raised public awareness about the benefits of insurance. However, the
market's expansion is not without obstacles. Challenges include low financial literacy levels among the
populace and a pervasive distrust of insurance providers. Moreover, Indonesia's regulatory landscape
presents complexities that can be particularly daunting for foreign insurers aiming to establish a presence
in the market.
Outlook
According to the Indonesian Life Insurance Association (AAJI), improvements in the real economic sector
will positively impact the insurance industry. AAJI predicts the life insurance market will grow by 7%-10% in
2024. The long-term prospects for the life insurance market in Indonesia are robust, bolstered by
increasing awareness among Indonesians about the advantages of life insurance products. As the
country's middle class expands, there is a corresponding rise in the demand for insurance coverage as
individuals seek to protect and enhance their financial security. As more people look for avenues to invest
their savings, there is an anticipated surge in demand for investment-linked insurance products. This trend
reflects a growing financial acumen among the populace. It highlights the potential for insurance providers
to tap into a market, gradually recognising insurance as a vital component of personal financial planning.
Premium Income
The life insurance segment in Indonesia has experienced a notable downturn since 2019, mainly due to a
crisis at state-owned insurer PT Asuransi Jiwasraya. This downturn was triggered by the insurer's failure to
fulfil client payouts in 2019 amidst allegations of mispricing, irresponsible investment strategies,
aggressive financial reporting practices and significant liquidity issues. Reports from the Jakarta Post
indicated that Jiwasraya had promised substantial returns to its clients but funnelled their investments into
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dubious stocks, leading to an inability to settle policyholder claims amounting to IDR 12.4tn. This debacle
culminated in the acquisition of Jiwasraya by another state-run insurer, PT Asuransi IFG (IFG Life), although
the damage to consumer confidence affected the entire sector.
Reflecting this crisis, data from the Financial Services Authority (OJK) shows that total gross life insurance
and reinsurance premium income decreased by 7.5% y/y to IDR 163tn in 2023, a significant drop from IDR
191tn in 2018. The industry's revenue is now predominantly driven by traditional life insurance, which
garnered IDR 92.3tn, marking a 14.1% increase from 2022. Conversely, investment-linked products, also
known as unit-link products, saw a substantial decline, with premium income dropping 22.6% to IDR 85.3tn.
According to the Indonesian Life Insurance Association (AAJI), the industry's growth is chiefly propelled by
continuous premiums, which rose slightly by 1.3% from IDR 72.78tn to IDR 73.73tn in 2023. New
policyholders contributed IDR 103.93 trillion in premiums, although this figure represents a 12.2% decline
y/y from IDR 118.3tn. This suggests that while the base of existing policyholders remains relatively stable,
the industry needs help attracting new customers.
Statistics from AAJI also show that more than 85mn Indonesians are covered by life insurance, with private
companies accounting for about 40% of the total life premium income and joint ventures holding the
remaining 60%. The unit-linked segment dominates the market, representing nearly 67% of total life
insurance premiums; endowment insurance products account for 25%; and health, personal accident and
other life insurance make up the remaining 8%. These figures highlight the continued reliance on
investment-linked products despite recent setbacks and the enduring importance of traditional life
insurance in driving sector revenue.
According to AAJI, over 10mn people were named as beneficiaries of life insurance industry claims, with
insurance companies listed as members of the association paying claims of IDR 162.8tn.
The death claims in the Indonesian insurance market decreased by 8.3% y/y to IDR 11tn. Similarly, there
was a decline in the claims related to surrenders and partial withdrawals, falling to IDR 89.9tn and IDR 17tn,
respectively. Additionally, claims arising from contract expirations totalled IDR 17.7tn.
Conversely, there was a significant increase in claims for health insurance products, which surged to IDR
20.8tn. Tampubolon highlighted that the ratio of health insurance claims to the premium income for this
product category has escalated to 138%.
AAJI attributed the sharp rise in health insurance claims to medical inflation, driven by escalating costs
associated with healthcare facilities, treatments and medications. This trend underscores the growing
financial pressures on the health insurance sector amid rising healthcare expenses.
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Life Insurance and Reinsurance Premium Income
240
36
191.2
191.2
177.8
180
189.7
175.7
24
120
12
%
IDR tn
162.6
6.7
60
1.4
-0.0
0
-7.0
-7.4
-7.5
y/y change
0
-12
2018
2019
2020
2021
Premium Income
2022
2023
y/y change
Sources: CEIC, OJK
Gross Premium Income by Type of Ownership, 2022
34.74 %
65.26 %
Joint Venture
Private Company
Sources: CEIC, OJK
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Net Premium by Type, 2022
0.36 %
1.76 %
4.13 %
5.58 %
22.56 %
65.41 %
Investment Products
Endowment
Health
Term Insurance
Whole Life
Annuity
Personal Accident
Pension Annuity
Sources: CEIC, OJK
Sum Insured, Life Insurance
6,000
5,199
IDR bn
4,500
4,584
4,611
4,685
2019
2020
2021
3,000
1,500
0
2022
Life Sum Insured
Sources: CEIC, OJK
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Number of Life Insurance Policies
48,000,000
44,393,016
45,599,010
44,698,795
43,804,411
38,213,650
36,000,000
Unit
28,570,323
24,000,000
12,000,000
0
2017
2018
2019
2020
2021
2022
Life: Business in Force: Number of Policy
Sources
AAJI, CEIC, OJK
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Non-Life Insurance
Highlights
Overview
The Indonesian non-life insurance market experienced substantial growth in 2023, driven by economic
recovery. The market saw a 27% increase in gross premium income, reaching IDR 99.4tn, with significant
contributions from the engineering, credit and personal accident and health insurance branches. Within the
non-life insurance market, the property segment was the leader in gross premiums with a 25% share,
followed by credit insurance with 22%. In 2023, the third largest segment in the non-life insurance sector
was the motor vehicles segment, with an 18.8% market share. Credit insurance has been the bright spot on
the non-life insurance market over the last couple of years as demand for credit insurance coverage
skyrocketed. Major non-life insurance players include privately owned Asuransi Sinar Mas and Asuransi
Astra Buana and state-owned PT Asuransi Jasa Indonesia.
Drivers and Challenges
Indonesia's expanding economy has boosted consumer purchasing power and asset acquisition, creating a
greater need for insurance products to safeguard these assets. The country's susceptibility to natural
disasters like earthquakes, volcanic eruptions and floods has particularly heightened the demand for
property and casualty insurance. In addition, digital technology advancements have streamlined how
insurers connect with and serve customers, making the distribution of insurance products more efficient
and cost-effective. Taking into account ongoing urbanisation and population growth, there is a growing
requirement for insurance coverage to mitigate risks associated with urban living, such as traffic accidents,
theft and property damage.
The country's widespread poverty makes general insurance products out of reach for many. Awareness of
the benefits and advantages of non-life insurance products remains low, which translates into lost
opportunities for market incumbents. On the other hand, the sector is highly competitive, which puts
downward pressure on pricing and weighs on companies’ financial performance. One major challenge
faced by non-life insurers in Indonesia is the frequency of natural disasters in the country, which exposes
insurers to high spikes in claims.
Outlook
The Indonesian General Insurance Association (AAUI) predicts significant growth in the general insurance
market, forecasting a 14.8% rise in premium income for 2024. This positive outlook is largely due to
favourable regulatory reforms, a surge in demand for natural catastrophe insurance policies and strong
government backing. Regulatory adjustments that simplify and enhance the operational landscape for
insurers are expected to reduce entry barriers and streamline procedures, thus attracting additional market
participants and broadening the sector. Moreover, the increasing occurrence of natural disasters has raised
awareness and demand for natural catastrophe insurance, which provides coverage for losses from
earthquakes and floods.
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Non-Life Premium Income
In stark contrast to the life insurance sector, the non-life (general) insurance segment saw a substantial
increase in premium revenue in 2023. The Financial Services Authority (OJK) reported a 27% rise in gross
premium income for non-life insurance, reaching IDR 99.4tn, primarily propelled by the credit insurance and
engineering insurance branches.
This significant growth was catalysed by the Nusantara Capital City (IKN) projects, a series of governmentdriven infrastructure initiatives that boosted engineering insurance premiums by an impressive 63.4%,
escalating from IDR 3.2tn in 2022 to IDR 5.2tn in 2023. Insurance of credits reported a surge of 56% of the
overall premium collected to IDR 22.3tn in 2023. The suretyship segment also grew, with premium income
rising to IDR 1.8tn from IDR 1.36tn the previous year.
Key players in the non-life insurance market include major private insurers such as Asuransi Sinar Mas and
Asuransi Astra Buana, along with state-owned PT Asuransi Jasa Indonesia. These firms have significantly
contributed to this sector's robust performance.
Despite these strong results, there remains substantial room for growth in the general insurance industry,
especially as the national economy recovers. One up-and-coming development is the government’s policy
on the government-borne value-added tax incentive (PPNDTP) for house deliveries, effective from
November 2023 to June 2024. This incentive is expected to invigorate the property insurance business line
by making housing transactions more financially accessible, increasing the demand for property insurance.
This policy could serve as a critical catalyst, potentially sparking further expansion in the general insurance
sector as it aligns with broader economic recovery efforts.
Gross Premium Income
120
y/y change
27.2
30
99.4
90
20
69.8
60
78.1
67.3
66.8
60.0
10
-0.7
30
%
IDR tn
16.3
0
-3.6
0
-10
2018
2019
2020
Premium Income
2021
2022
2023
y/y change
Sources: CEIC, OJK
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Non-Life Gross Premiums by Type, 2022
8.23 %
1.61 %
32.51 %
2.88 %
2.54 %
5.93 %
21.46 %
24.14 %
Motor Vehicle
Property
Personal Accident and Life
Marine Cargo
Marine Hull
Satelit
Energy On Shore
Energy Off Shore
Engineering
Liability
Other
Sources: CEIC, OJK
Non Life Insurance and Reinsurance Retention Ratio
80
%
60
57
58
58
2017
2018
2019
54
57
56
2021
2022
40
20
0
2020
Non-Life Insurance and Reinsurance Retention Ratio
Sources: CEIC, OJK
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Non-Life Surplus Underwriting
20,000
17,848
17,509
15,000
15,861
15,585
14,392
IDR bn
13,227
10,000
5,000
0
2017
2018
2019
2020
2021
2022
Non-Life Surplus Underwriting
Sources: CEIC, OJK
Property Insurance
Property insurance represents a crucial and expanding component of the non-life insurance sector. The
segment's premium income has surged alongside commercial and residential property market growth.
Additionally, substantial government investments in infrastructure have further bolstered this growth, as
new constructions require comprehensive insurance coverage.
An encouraging development for the property insurance sector is the government's implementation of a
value-added tax incentive (PPNDTP) for house deliveries, effective from November 2023 to June 2024.
This policy is designed to invigorate the property insurance market, which only saw a modest annual
increase of 1% to IDR 26.5 trillion in 2023. The sector's recent slowdown can largely be attributed to market
hardening, which has diminished reinsurance capacity. This challenge has compelled many corporate
clients to opt for self-insurance or independently manage their insurance requirements. The new VAT
incentive is expected to reverse these trends by revitalising the market and promoting growth.
In 2023, property insurance contributed 25.5% of the total gross premiums in the non-life insurance
segment. A significant regulatory aspect favouring domestic insurers is the prohibition against foreign
companies insuring properties in Indonesia, except in cases where local coverage is unavailable. This
regulation ensures a protected market for local firms, encouraging domestic business and limiting foreign
competition in the property insurance space.
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Property Insurance Gross Premium Income
32
24
20.9
20.9
2019
2020
26.2
26.5
2022
2023
22.4
IDR tn
19.0
16
8
0
2018
2021
Premiums
Sources: CEIC, AAUI
Motor Vehicle Insurance
In Indonesia, motor vehicle insurance is compulsory only for vehicles under financing (leasing)
arrangements, commercial trucks and passenger vehicles. Nevertheless, this segment remains one of the
largest within the non-life insurance market, capturing 19% of all premiums collected in 2023. This
significant market share is partly due to Indonesia's large and increasing population and substantial vehicle
fleet, predominantly comprised of motorcycles and scooters.
The Indonesian automotive sector had a mixed performance in 2023, with a noticeable shift in consumer
preferences from passenger cars to two-wheelers. This shift was influenced by tightening monetary
policies and decreasing consumer confidence. The Central Bank's measures to curb inflation and stabilise
the Indonesian Rupiah led to a rise in the policy rate from 3.5% in 2021 to 6% by the end of 2023,
significantly affecting car loan interest rates. In addition, the country's GDP growth slowed, decreasing
from 5.3% in 2022 to 5% in 2023.
According to the Association of Indonesian Automotive Industries (Gaikindo), there was a downturn in the
automotive market, with factory-to-dealer motor vehicle shipments (excluding motorcycles) falling by 4%
y/y to just over one million units in 2023. Retail sales declined, with 998,059 units sold, representing a 1.5%
drop from the previous year. Specifically, passenger car sales slightly contracted by 0.5% y/y to 779,326
units. The commercial vehicle segment, which includes buses, trucks and pickups, experienced a more
significant decline, with sales dropping by 18% y/y to 200,794 units. This reduction reflected businesses'
reluctance to make substantial investments amid falling commodity prices and rising interest rates.
By contrast, the two-wheeler sector demonstrated remarkable resilience and growth, with sales surging by
19% year-on-year to 6.24mn units. This growth was driven by consumers seeking more economical
transportation options amid financial hardships. The electric motorcycle market, though still nascent, also
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showed significant expansion, with sales increasing to approximately 62,000 units in 2023 from 17,000 in
2022, highlighting a shift towards more sustainable transportation solutions.
Despite varied performances across the automotive market in 2023, the gross insurance premium income
from motor vehicles grew by 7.4% y/y to IDR 19.5tn. This growth indicates robust demand for motor vehicle
insurance, reflecting the compulsory nature of the coverage for specific cars and the economic dynamics
affecting vehicle ownership and use.
Motor Vehicle Gross Insurance Premium
24
18
18.7
19.5
18.7
18.1
15.7
IDR tn
14.7
12
6
0
2018
2019
2020
2021
2022
2023
Premiums
Sources: CEIC, AAUI
Other Non-Life Insurance Segments
The non-life insurance market in Indonesia also encompasses other vital segments, such as credit and
financial guarantees and health and personal accident insurance. These segments saw increases in their
gross premium collection in 2023, paralleling the broader economic expansion.
One of the primary drivers for the growth in the credit and financial guarantees insurance segment is the
activity in bank lending. According to the Indonesian General Insurance Association (AAUI), the premium
income for this segment surged by 56% year-on-year to IDR 22.3 trillion in 2023. This significant growth can
be attributed to the credit expansion by Indonesian banks, as more banks and financial institutions became
acquainted with and started to realise the benefits of credit insurance products. A pivotal government
initiative launched in 2016, aimed at expanding access to banking services, has mainly boosted lending to
micro businesses and SMEs, thereby increasing demand for credit insurance.
Moreover, a new regulation set to take effect in February 2024 will likely impact the banking sector's micro
and consumer lending practices. This regulation mandates that banks retain 25% of the insured default
risk, a significant shift from the previous arrangement in which insurers could assume up to 100% of such
risk. This change is expected to influence the dynamics of risk management in banking and could reshape
the demand for credit insurance.
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Meanwhile, the health and personal accident insurance segment also experienced growth, with premium
income rising from IDR 8.5 trillion in 2022 to IDR 9.5 trillion in 2023. This increase reflects a growing
awareness and prioritisation of health and safety among the Indonesian population, driven by enhanced
consumer knowledge of insurance benefits and potentially by public health trends and economic factors
that have made such insurance options more attractive or necessary.
Health, Personal Accident, Credit and Financial Guarantee Insurance
24
22.3
18
16.4
IDR tn
14.6
14.3
13.7
12
7.9
6
8.0
6.7
6.2
7.3
8.5
9.5
0
2018
2019
2020
Credit and Surety Bond
2021
2022
2023
Personal Accident and Health
Sources: CEIC, AAUI
Sources
AAUI, CEIC, Gaikindo, OJK
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Islamic Insurance
Highlights
Overview
The Sharia insurance sector in Indonesia was inaugurated in 1994 following the enactment of Law No.
2/1992, which governs the insurance business. Since its inception, the industry has grown substantially,
expanding from a single Sharia insurance provider in 1994 to 23 by 2021. Operating under Islamic law
principles, Sharia insurance forbids the practice of interest (riba) and gambling (maysir), and promotes
cooperation and risk-sharing among its participants. In Indonesia, Sharia-compliant insurance products
include general insurance types, such as property and casualty insurance, and life insurance products like
health and education insurance. The industry is overseen by the Indonesian Financial Services Authority
(OJK), which has instituted specific regulations tailored to Sharia insurance companies to ensure their
compliance and ethical operation within the framework of Islamic law.
Drivers and Challenges
Several factors have contributed to the expansion of the Sharia insurance sector. These include a growing
recognition of the importance of Islamic finance among the population, the development of Shariacompliant financial products and robust government support for the industry. However, the regulatory
requirement for insurance companies to spin off their Sharia operations into separate entities by 2024 may
need to be more economically feasible. This separation demands significant capital investment and the
allocation of dedicated staff and infrastructure, which could be substantial financial burdens.
In addition, the typically lower return on equity for Sharia insurance compared to its conventional
counterparts could deter further investment and growth in this niche. Challenges such as a scarcity of
qualified insurance professionals to manage standalone Sharia operations and a general lack of public
awareness about the benefits of Sharia insurance as a viable financial protection tool further complicate
this sector's expansion prospects.
Outlook
The Sharia insurance sector in Indonesia is set for sustained expansion, bolstered by the country’s large
Muslim demographic and an ascending middle class that is increasingly seeking Sharia-compliant financial
products. Indonesia, with approximately 225mn Muslims, is the most populous Muslim-majority country
globally. This vast base provides substantial market potential, suggesting the likelihood of above-average
growth in insurance premiums in the medium- to long-term.
Despite this promising outlook, the sector faces near-term uncertainties, mainly due to regulatory changes
requiring the separation of Islamic insurance operations from conventional ones. This spin-off mandate
could introduce complexities and operational challenges for existing companies, potentially affecting the
immediate growth trajectory of the Sharia insurance market. Such regulatory adjustments necessitate
careful navigation as companies strive to align with new compliance standards while continuing to tap into
the growing demand for Islamic financial services.
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Key Statistics
Indonesia hosts the largest Muslim population globally, with an estimated 225mn adherents. Traditional
insurance companies that operate Sharia-compliant units provide many Islamic insurance products in the
country. To modernise the sector and enhance and promote growth, the Indonesian government has
mandated that these companies divest their Sharia units by 2024, product quality requiring them to operate
as independent entities.
Sharia insurance fundamentally differs from conventional insurance in its approach to risk management.
Under Sharia principles, risk is shared collectively among all policyholders, unlike traditional insurance
where risk is transferred from the policyholder to the insurance company. This communal risk-sharing
aligns with Islamic laws against speculation and gambling.
Regarding financial operations, Sharia insurance operates on a mutual support system in which the
premiums paid by policyholders are pooled together. The insurance company then manages these funds
and acts more as a fund manager than an owner of the premiums. Thus, the insurance firm partly
administers the contributions as a custodian while the funds technically belong to the policyholders,
collectively or individually, depending on the policy provisions.
Financially, the Sharia insurance sector in Indonesia has shown substantial growth. As reported by the
Financial Services Authority (OJK), the total assets managed by the Sharia life and non-life insurance
sectors reached IDR 44.8tn by the end of 2022, representing about 5.3% of the total assets in the insurance
industry. This marks a significant rise from a market share of 1.9% in 2011, with the segment's assets
growing at a compound annual growth rate (CAGR) of 17% between 2011 and 2022.
In terms of contributions, the total gross contributions for Sharia insurance in 2022 were IDR 26.1tn. Sharia
life insurance contributed the majority, with IDR 21.3tn, while the non-life Sharia insurance segment
accounted for IDR 4.7tn in gross contributions. This data underscores Sharia-compliant insurance
products' increasing relevance and economic impact in Indonesia's diverse financial landscape.
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Sharia Gross Contributions
32
26.1
Total
23.9
24
21.3
IDR tn
20.6
16
13.7
11.1
15.4
12.7
17.5
16.8
15.0
14.0
8
2.8
2.6
2.8
4.7
3.2
2.5
0
2017
2018
Sharia Life Insurance
2019
2020
2021
Sharia Non Life Insurance and Reinsurance
2022
Total
Sources: CEIC, OJK
Sharia Insurance Assets
60
6.400
45.8
45
44.3
43.1
44.8
6
5.7
30
5.600
Market Share
15
%
IDR tn
40.5
5.8
41.6
5.3
5.200
5.0
0
4.800
2017
2018
2019
Sharia Insurance Assets
2020
2021
2022
Market Share
Sources: CEIC, OJK
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Gross Claim to Gross Contribution Ratio
90
85.0
80
76.5
%
74.7
70
63.8
60
50
2019
2020
2021
2022
Sharia Insurance Gross Claim to Gross Contribution Ratio
Sources: CEIC, OJK
Investments
In Sharia insurance, investment returns are typically shared among policyholders, either collectively or
individually, and with Sharia insurance companies. This contrasts with conventional insurance companies,
which generally retain investment returns except for certain products with investment features. The
distribution of profits is based on the proportion of each customer's contribution value (premium) rather
than being divided equally. Thus, customers who pay higher premiums receive a larger share of the profits.
Sharia insurance companies in Indonesia typically invest in Sharia-compliant assets, such as:
1. Islamic bonds (sukuk);
2. Sharia-compliant stocks (equities);
3. Islamic mutual funds;
4. Real estate (that meets Sharia criteria);
5. Gold and other precious metals (in physical form);
6. Trade finance facilities (e.g., Murabaha, Istisna and Salam); and
7. Sharia-compliant money market instruments (e.g., Islamic deposits and Islamic commercial papers).
These assets adhere to the principles of Sharia law, such as the avoidance of interest (riba), speculation
(gharar) and investments in businesses that deal with prohibited activities (haram), such as alcohol,
gambling and tobacco. Sharia scholars and financial experts manage the investment portfolios of Sharia
insurance companies to ensure that they comply with Sharia guidelines.
Prudential is one of the global insurers to have set up a standalone sharia life insurance entity in Indonesia.
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Sharia Insurance Investments
60
IDR tn
40
35.4
30.4
39.9
34.4
37.0
31.9
37.3
31.6
36.4
Total
29.1
35.5
29.5
20
10
8
7.3
6
5.1
5.0
5.5
6.0
5.7
4
2017
2018
Sharia Life Insurance Investments
2019
2020
2021
2022
Sharia Non Life Insurance and Reinsurance Investments
Total
Sources: CEIC, OJK
Investment Portfolio Structure, April 2023
0.04 %
0.60 %
25.11 %
9.17 %
17.50 %
19.32 %
28.26 %
Sharia Stocks
Government Sukuk
Deposits
Corporate Sukuk
Others
Property
Sharia Mutual Funds
Sources: CEIC, OJK
Sources
AASI, CEIC, OJK
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List of Abbreviations
List of Abbreviations
AAJI
Indonesia Life Insurance Association
AASI
Indonesian Shariah Insurance Association
AISI
Indonesian Motorcycles Industry Association
ASEAN
Association of Southeast Asian Nations
BKMP
Indonesia Investment Coordinating Board
CAGR
Compound Annual Growth Rate
ECM
Equity Capital Market
GAIKINDO
Association of Indonesia Automotive Industries
GDP
Gross Domestic Product
GVA
Gross Value Added
IDR
Indonesian Rupiah
IPO
Initial Public Offering
OECD
Organisation for Economic Co-operation and Development
OJK
Financial Services Authority
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An EMIS Insights Industry Report
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Copyright © 2024 EMIS, all rights reserved.
OUR OFFICES
GLOBAL HEADQUARTERS
10TH FLOOR
30 CROWN PLACE
London
EC2A 4EB
United Kingdom
VOICE: +44 20 8142 4389
AUSTRALIA
Level 3, 50 York Street,
Sydney NSW 2000
VOICE: 1300 973 062
BRAZIL
Rua Prof. Atílio Innocenti,
165 - 3º andar Sala 03-133,
CEP 04538-000
Vila Nova Conceição
São Paulo
VOICE: +55 11 4410-4250
BULGARIA
38-40 Osogovo Str.
8th floor, app. 8.1
1303 Sofia
VOICE: +359 2 816 0404
CHINA SHANGHAI
Suite C09, 22F Jing’an Kerry
Centre Office, Tower 3,
1228 Middle Yan An Road,
Jing An, district, Shanghai
200040, PR China
VOICE: +86 021-3106 3360
CHINA BEIJING
Room 01-02, 10/F,
East Tower, Twin Towers, No.B12,
Jianguomenwai Avenue
Chaoyang District,
Beijing 100022, PR China
VOICE: +86 10 6584 9209
CHINA SHENZHEN
Room 8559, 85th Floor,
Ping An Finance Centre,
No 5033 Yitian Rd,
Futian District,
Shenzhen, 518033, China
VOICE: +86 0755 21244052
COLOMBIA
Carrera 11B No. 99 -25
Oficina 05-127
Bogotá D.C. Colombia
Post code: 110111
VOICE: +571 3289138
HONG KONG SAR OF P.R.CHINA
Room 1501, 15/F, V-Point,
18 Tang Lung Street,
Causeway Bay, Hong Kong
VOICE: +852 2591 3379
INDIA
Parinee Crescenzo - AWFIS,
10th Floor, B-wing,
Plot no. C-38/39, Block -G,
Bandra Kurla Complex
Mumbai - 400051
JAPAN
706, THE HUB Ginza OCT,
8-17-5 Ginza, Chuo-ku,
104-0061, Tokyo
VOICE: +81 3 6264 7297
MALAYSIA
Suite 5-3 & 5-3A
5th Floor, Wisma UOA II
No. 21 Jalan Pinang
50450 Kuala Lumpur
VOICE: +603 21669921
PHILIPPINES
Unit 2704 One Corporate Centre,
Julia Vargas Ave. corner Meralco
Ave. Ortigas Center, Pasig City
1605 Manila
VOICE: +632 53283021
POLAND
ul. Krucza 50
00-025 Warsaw
CEDET, WeWork
VOICE: +48 725 790 800
UNITED STATES
12 E 49th St,
New York, NY 10017
VOICE: +1 212 610 2900
Any redistribution of this information is strictly prohibited. Copyright © 2024 EMIS, all rights reserved.
Indonesia Insurance Sector Report 2024-2025
An EMIS Insights Industry Report
Any redistribution of this information is strictly prohibited.
Copyright © 2024 EMIS, all rights reserved.