Indonesia

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%.

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

Information for Indonesia can be seen in:

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.