Life Report

Product Insurance Market Reports Life Rev Indonesia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Indonesia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Indonesia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Indonesia

The Indonesia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Indonesia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Indonesia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Indonesia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Indonesia is available.

Axco’s report describes the regulatory framework that applies to the Indonesian domestic life insurance sector, including whether non-admitted insurance is permitted in Indonesia; as well as the legislation necessary to know regarding Indonesia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Indonesia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Indonesian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Indonesia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Indonesia pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Indonesia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Indonesia Life and Benefits Report Extract

Below are brief extracts of information from the Indonesia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The fundamental scale and potential of the Indonesian life insurance market from its rapid economic development have long made it an attractive growth proposition. McKinsey forecast a tripling in the consumer class between 2012 and 2030 from 45mn to 135mn, with financial services the principal beneficiary.

Foreign life insurance groups have flocked to the market in recent years and their expertise and commercial resource has helped grow the market


Pension provision is modest and underdeveloped in Indonesia. Social security reform from 2015, however, has sought to enhance pillar I provision through reforms which consolidate over time various schemes into a single national pension system comprising two schemes:

  1. Jaminan Pensiun (JP) - a mandatory defined benefit pension for formal sector workers and
  2. Jaminan Hari Tua (JHT) - a mandatory defined contribution scheme for formal sector workers, which is accessible also for the larger proportion of informal sector workers on a voluntary basis.


Over a five-year period between 2014 and 2019 Indonesia rolled out universal health cover (UHC) under the National Health Insurance Program (Jaminan Kesehatan Nasional/JKN). This program brought access to free inpatient medical services to all Indonesians for the first time across this large archipelago nation, including working expatriates contributing to the social insurance scheme for six months or more ....

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