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Indonesia

Indonesia

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

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Information for Indonesia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone

Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)

GMT +7 (WIB) / GMT +8 (WITA) / GMT +8 (WIT)
Jakarta
IDR
276.36 mn
1,155,818.47 mn
3.05%
18,354.52 (mn)
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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