To ensure the most relevant and up-to-date information is available to its clients, Axco has updated its non-life insurance market report for Indonesia this month with fresh information and unique analysis. The report contains must-know information such as the country’s non-admitted position, crucial tax and compliance information and breakdowns of the market’s key lines of business. It also contains the latest market statistics.
The non-life insurance market (excluding PA and health business) grew by 11.6% in 2018, according to the latest available statistics. If PA and health business is included the overall growth rate in 2018 was 11.3%. The major classes of business in 2018 were property and motor representing, respectively 24.8% and 28.0% of the total non-life market gross premium income including PA and health business.
Given the high number of insurers relative to the size of the market, it is not surprising that the direct insurance market has remained highly competitive. Although the trend of rising commission ratios appears to have stabilised, it is believed that many companies were disguising incentive payments under the heading of general expenses. It now appears that the problem may have been brought under control.
Primary rates are reported to be generally flat, but with reinsurers becoming more selective and rate increases being applied to some of the larger property, mining and energy accounts, and also to marine hull and cargo lines.
The government has signed an agreement with a consortium of insurers and reinsurers, marking the first stage of a risk-financing scheme to cover government-owned assets against the impact of natural catastrophes.
Axco’s insurance market reports offer a uniquely detailed and comprehensive insight into the global non-life (P&C) insurance industry, combining the legislative and regulatory requirements, insurance market developments, and insurance market statistics of not only Indonesia but also of over 170 territories worldwide. Reports are set out market by market and follow an easy to navigate, consistent format for ease of use.
Axco is the leading supplier of global insurance market information with over 55 years of experience in researching and publishing industry intelligence on insurance, risk and employee benefits.
Axco is the leading supplier of global insurance market information with over 55 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.