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Indonesia Life Insurance Statistics

  • melisaknorr11
  • Nov 19, 2023

Indonesia Life Insurance Statistics – Indonesia Life and Life Insurance Market Size and Share Analysis – Growth Trends and Forecast (2023 – 2028)

The Indonesian Life and Non-Life Insurance market is segmented by type of insurance (Life and Non-Life Insurance) and distribution channel (direct, agency, banks, online and other distribution channels). Market sizes and forecasts are provided in terms of value (US$ billion) for all the above-mentioned segments.

Indonesia Life Insurance Statistics

Indonesia Life Insurance Statistics

The life and life insurance market in Indonesia is expected to grow from USD 21.54 billion in 2023 to USD 32.01 billion by 2028, with a CAGR of ‘8.24% during the forecast period (2023-2028).

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Indonesia’s life and non-life insurance market is well-expanded and underpinned by solid capitalization, supporting a stable outlook for the segment. Gross written premium (GPW) for credit insurance, the market’s third largest business line, increased by 86.2% to reach IDR 5.7 billion in 2020. Property insurance, the largest business sector, also saw a 9.7% increase in GPW to IDR 20.9 trillion. . However, GPW motor insurance grew by a quiet 0.3%. Improved underwriting discipline continued to drive rate increases in the first half of 2020, reducing crash risks and improving commercial and personal vehicle markets.

Furthermore, these factors have led to strong underwriting success in Indonesia’s property and casualty insurance industry. Indonesia’s insurance sector accounts for less than 1% of the country’s gross domestic product (GDP). Its penetration and density indicators are below the standard for the region. With gross insurance premiums at 1.99% of GDP versus an average of 3.9% for Developing Asia and an insurance density of US$82 per capita versus US$207 for Developing Asia, the industry has plenty of room for growth. According to the data of March 2022, 152 insurance companies and 227 insurance brokerages operate in the country. Life insurance is the largest segment accounting for 40% of total insurance premiums in 2020. This is followed by social insurance with a 39% share and non-life insurance and reinsurance with 19%. Compulsory insurance accounted for 2.6% of total payments. Gross premiums from Sharia insurance accounted for 3.2% of total insurance income.

The InsurTech sector has seen considerable technological and investment growth over the past few years. Traditional insurance lines of business such as health, auto and commercial are being transformed by new digital-driven startups. New technologies, such as AI and IoT, are re-architecting insurance data, the foundation of the insurance industry.

This section covers the key market trends shaping Indonesia’s Life and Non-Life insurance market, according to our research experts:

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Executives argued that the insurance sector would benefit disproportionately from the economic expansion. If the economic development is 5.8-5.9%, then the insurance market should grow by 15%. The growth in the insurance market is greater than the growth in many other industries.

In a country of 264 million people, overall insurance penetration is less than 2% (4.5 million Indonesians have a policy), one of the lowest in the world. Half of Indonesia’s population is under the age of 30, and the number of millennials (ages 17-35) in Indonesia currently stands at 79.5 million. The outlook for Indonesia’s insurance sector is balanced with life and non-life segments showing steady growth, healthy margins and adequate reinsurance protection. In addition, the forecast indicated that the risks related to owned assets are within acceptable limits and the sector is well regulated.

GDP per capita is a commonly used measure of economic growth and potential productivity growth. It is calculated by taking the GDP and dividing it by the total population of the country. GDP per capita is a very important indicator of a country’s economic health, and a positive change is an indicator of economic growth. Indonesia’s per capita income has increased in recent years and is expected to continue to increase. In Indonesia, the per capita insurance coverage is increasing year by year due to the change in living standards and the increase in the disposable income of the population. Insurance coverage is expected to increase by more than 5% during the forecast period.

Indonesia Life Insurance Statistics

Compared to rich and developing economies, Indonesia’s insurance industry is lagging behind. Key indicators for the insurance sector, insurance penetration and density are very low in Indonesia. In addition, there is a significant disparity between coverage and cost of insurance, highlighting the country’s high-risk nature. Insurance penetration (calculated as the ratio of insurance premiums paid to the country’s GDP) in Indonesia increased from about 5% in 2020 to 7–10% in 2021, as these important parameters grow at a stagnant growth rate.

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While this is a significant improvement, penetration rates are higher in the rest of the world (6.13%) and emerging Asian economies (5.62%). The insurance industry has shown steady growth in the insurance industry year after year and future growth is expected.

Indonesia’s life and insurance market is semi-consolidated. The market is dominated by some local and international players in the market. The market is buoyant as the demand for life and non-life insurance has increased tremendously due to increased insurance awareness among people after the COVID-19 pandemic.

Some of the major players in the market are Great Eastern Life Indonesia PT, GlobalSurance PT, ASURANSI RELIANCE INDONESIA, Asuransi Jasindo KC Bandar Lampung and PT KB Insurance Indonesia. The market is expected to grow during the forecast period due to increasing insurtech in the sector, various merger and acquisition activities and other factors. The growing number of digital distribution channels makes it easier for insurers to obtain insurance policies. Insurtech, messaging platforms and online sales channels are advancing the insurance landscape in the country.

Through various distribution channels, insurance companies in Indonesia offer a wide variety of products of varying complexity designed for various groups of businesses, individuals and other organizations. It offers ways to meet the emerging requirements of each end user and drives net sales.

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Local market players in the country are focusing on commercializing their competitive advantage by developing more customized plans for various sectors and developing innovative digital features.

Life insurance offers a guaranteed lump sum at maturity or on the death of the policyholder. Non-life insurance policies offer financial protection against losses due to a person’s health problems or sum of assets. Indonesia’s life and non-life insurance market is segmented by type of insurance (life and life insurance) and distribution channel (direct, agency, banks, online and other distribution channels). Market sizes and forecasts are provided in terms of value (US$ billion) for all the above-mentioned segments.

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Indonesia Life Insurance Statistics

The Indonesia Life and Non-Life Insurance market will reach USD 21.54 billion in 2023, growing at a CAGR of 8.24% and will reach USD 32.01 billion by 2028.

Insurtech Market Size, Share

Great East living in Indonesia. PT, GlobalSurance, PT. ASURANSI RELIANCE INDONESIA, Asuransi Jasindo KC Bandar Lampung and PT KB Insurance Indonesia are the leading companies operating in the Indonesian life and life insurance market.

Indonesia Life and Non-Life Insurance Market share, volume and revenue growth rate statistics to 2023 compiled by Mordor Intelligence™ Industry Reports. Life and life insurance Indonesia analysis includes market forecast to 2028 and historical overview. Get this sample industry analysis as a free PDF download report.

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Additionally, by using an embed code, you reduce the load on your web server because the image is hosted on the global content delivery network that Mordor Intelligence uses instead of your web server. Business, Distribution, Competitive Landscape and Forecast to 2027

The gross premium written for the Indonesian life insurance market reached IDR176.7 trillion ($12.2 billion) in 2022 and is expected to grow at a CAGR of more than 5% from 2023-2027. The Indonesia Life Insurance Market Research Report provides in-depth market analysis, information, insights and a detailed view by product category for the Indonesia Life Insurance segment. It also provides values ​​for key indicators such as gross premium written, entry and premium paid and cession rate during the review period and forecast period.

The report analyzes the distribution channels operating in the segment, provides detailed information on Indonesia’s economy and demographics, and provides detailed information on the competitive landscape in the country. It also provides insurers with access to information on segment dynamics and competitive advantages, as well as profiles of insurers operating in the country. In addition, it covers details of insurance regulations and recent changes in the regulatory structure.

Indonesia Life Insurance Statistics

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