Insurance Companies In Indonesia – Indonesia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
Indonesia’s life insurance market gross written premium will be IDR 176.7 trillion ($12.2 billion) in 2022 and is expected to grow at a CAGR of over 5% during 2023-2027. Indonesia Life Insurance Market Research Report provides in-depth market analysis, insights, insights and detailed product category reviews for Indonesia Life Insurance segment. It also provides metrics for key performance indicators such as gross premiums written, premium penetration and redemption rates, and redemptions over the review period and forecast period.
Insurance Companies In Indonesia
The report analyzes the distribution channels operating in the segment, provides a comprehensive overview of Indonesia’s economy and demographics, and provides detailed information on the country’s competitive landscape. It also provides insurers with access to information on segment dynamics and competitive advantage, as well as profiles of insurers operating in the country. In addition, it includes details of insurance regulations and recent changes in the regulatory structure.
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Takaful Insurance: Life insurers in Indonesia are in the process of separating their SBU or takaful business from their traditional businesses to develop awareness and growing demand for Takaful products, facilitated by government support, the easing of travel restrictions due to the COVID- 19 and a recovering economy.
Inclusive assurance: Indonesia’s inclusive economic policy through the Promise II Program supports economic growth. Financial inclusion of SMEs has transformed low- and middle-income economies, impacting even the life insurance sector, with more small and medium-sized enterprises (SMEs) choosing to offer insurance products to their employees.
The main lines of business in the Indonesian life insurance industry are whole life, general annuity, endowment, term life, pension and life PA&H. Endowment is the industry’s leading life insurance business line, followed by term life.
Indonesia Life Insurance Market Size, Share, Growth, Trends
The main distribution channels in the Indonesian life insurance industry are direct from insurance companies, banks, insurance brokers, financial advisors and online aggregators. Direct purchase from insurance companies is the most preferred channel for purchasing life insurance policies for all age groups, followed by banks and insurance brokers. Direct purchase from an insurance company is the most sought after channel for purchasing PA&H insurance policies for all age groups.
Major life insurance companies in Indonesia are Asuransi Allianz Life, Prudential Life, Asuransi Simas Jiwa, AIA Financial and Indolife Pensiontama, among others. Allianz Life Insurance is the largest insurance company, followed by Prudential Life and Simas Jiwa Insurance in 2021. The sector is dominated by foreign insurance companies in 2021.
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Subscribing to our intelligence platform means you can monitor developments in the Indonesian life insurance market size and trends by line of business, distribution, competitive landscape and forecast to 2027 in real time. Last October, Shopee’s Main Ocean Group received permission from Indonesia’s Financial Services Authority (OJK) to rebrand the life insurance company it acquired.
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