Indonesia Insurance Market Highlights
Market Regulation:
Supervision is provided by the OJK. Axco’s reports highlight the 2026 increase in minimum capital requirements, which is expected to drive significant market consolidation.
Non-Life Market Trends:
The market is a leader in Takaful (Sharia-compliant) products; Axco’s research identifies Indonesia as a top-tier growth market for micro-insurance and digital personal accident cover.
Distribution Channels:
Bancassurance is the primary driver for Life; Axco analysis reveals an emerging ecosystem of digital "Super-Apps" as a key secondary distribution channel.
Key Risks & Outlook:
Fragmentation remains a challenge; Axco data points to significant untapped potential in the agriculture and logistics sectors as the economy digitises.
Insurance Companies:
Axco Navigator details that there are 118 insurance companies are authorised to write business in the Indonesia of which 71 operate in non-life classes and 47 in life-classes.
Insurance Statistics:
Axco reports written premiums in 2024 increased by 4.6% to IDR 96,955,050 Mn with property the largest class of business, accounting for 28% of premiums. Insurance penetration stands at 0.44%.
Insurance Intelligence
Providing expert analysis, independent market insight and company data on the insurance industry.
Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Indonesia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Indonesia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Key Benefits
- Superior market insights
- Crucial compliance information
- Risk assessment and profitability
What is the Non-Life Insurance market in Indonesia?
According to the latest information available from the regulator in the second quarter of 2025 there were 71 conventional non-life companies, plus six sharia non-life insurance companies. In addition, there were eight conventional reinsurance companies and one sharia reinsurance company.
In the Non-Life (P&C) market, PT Asuransi Sinar Mas was the market leader, recording IDR 8,361,957.38 million in written premiums and 7.36% market share in 2024. It was followed by Astra Buana (IDR 7,924,089.54 million; 6.98% market share) and PT Tugu Pratama Indonesia (IDR 5,674,198.43 million; 5.00% market share).
Among the leading non-life insurers, PT Asuransi Untuk Semua reported the strongest growth, with premiums increasing 474.2% year-on-year. 71 companies are licensed for non-life business in 2024.
Who are the top non-life insurers in Indonesia?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | PT Asuransi Sinar Mas | 2024 | 8,361,957.38 | 7.36 |
| 2 | Astra Buana | 2024 | 7,924,089.54 | 6.98 |
| 3 | PT Tugu Pratama Indonesia | 2024 | 5,674,198.43 | 5.00 |
| 4 | PT Asuransi Kredit Indonesia | 2024 | 5,588,770.95 | 4.92 |
| 5 | PT Asuransi Kerugian Jasa Raharja | 2024 | 4,923,973.71 | 4.33 |
| 6 | PT Asuransi Central Asia | 2024 | 4,846,801.86 | 4.27 |
| 7 | PT Asuransi Bangun Askrida | 2024 | 4,483,226.06 | 3.95 |
| 8 | PT Asuransi Jasa Indonesia | 2024 | 4,024,830.01 | 3.54 |
| 9 | PT Asuransi Simas Insurtech | 2024 | 3,972,143.73 | 3.50 |
| 10 | PT BRI Asuransi Indonesia | 2024 | 3,854,197.65 | 3.39 |
Source: Axco Navigator, Indonesia Insurance Market Rankings.
What is the Life Insurance market in Indonesia?
According to the latest information available from the regulator, in the third quarter of 2025 there were 58 life insurance companies including nine specialist sharia insurers. In addition, there were eight conventional reinsurance companies and one sharia reinsurance company.
In the Life insurance market, PT Asuransi Allianz Life Indonesia was the largest insurer in 2024, generating IDR 21,672,420.67 million in written premiums and holding 12.79% market share. It was followed by PT Prudential Life Assurance (IDR 20,750,693.40 million; 12.25% market share) and PT Indolife Pensiontama (IDR 12,737,240.84 million; 7.52% market share). The fastest-growing major life insurer was PT Lippo Life Assurance. 47 companies are licensed for life business in 2024.
Who are the top life insurers in Indonesia?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | PT Asuransi Allianz Life Indonesia | 2024 | 21,672,420.67 | 12.79 |
| 2 | PT Prudential Life Assurance | 2024 | 20,750,693.40 | 12.25 |
| 3 | PT Indolife Pensiontama | 2024 | 12,737,240.84 | 7.52 |
| 4 | PT Asuransi BRI Life | 2024 | 12,619,432.39 | 7.45 |
| 5 | AXA Mandiri Financial Service | 2024 | 11,865,503.07 | 7.00 |
| 6 | PT Asuransi Jiwa Manulife Indonesia | 2024 | 10,416,976.63 | 6.15 |
| 7 | PT AIA Financial | 2024 | 9,173,935.94 | 5.42 |
| 8 | PT Asuransi Simas Jiwa | 2024 | 7,612,989.61 | 4.49 |
| 9 | PT Asuransi Jiwa Astra | 2024 | 5,947,854.87 | 3.51 |
| 10 | PT BNI Life Insurance | 2024 | 5,582,557.97 | 3.30 |
Source: Axco Navigator, Indonesia Insurance Market Rankings.
Country Information
| Time-zone | GMT +7 (WIB) / GMT +8 (WITA) / GMT +8 (WIT) |
| Capital city | Jakarta |
| Currency | IDR |
| Population | 276.36 mn |
| Total GDP (2025) | 1,155,818.47 mn |
| Inflation (%) | 3.05% |
| Total GWP (USD) | 18,354.52 (mn) |
| Insurance Penetration (%) | 1.64 |
Indonesia is the world's largest archipelago with 13,677 islands stretching along the Equator. Insurance was introduced into what was the East Indies, in the nineteenth century by agents of Dutch and British insurers. In 2020 there were 73 non-life companies in the market, six reinsurance companies.
The non-life insurance market premium (excluding PA and health business) was IDR 76.88trn, Indonesian life insurance market premium was IDR 172.9trn
In 2020, the OJK reported 73 non-life companies in the market, six reinsurance companies, 52 licensed life insurance companies as a further seven specialist sharia insurers. Among life companies, 23 operate sharia units. Given the high number of insurers relative to the size of the P&C market, it is not surprising that the direct insurance market has remained highly competitive.
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