Indonesia General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Indonesia General Insurance Market Overview
The gross written premium of the Indonesia general insurance market was IDR75.7 trillion ($4.9 million) in 2022 and will achieve a CAGR of more than 8% during 2023-2027. The Indonesian general insurance sector rebounded strongly in 2022 after declining for two consecutive years. The growth was driven by a strong economic recovery and increased frequency of extreme weather events that led to an increase in the demand for natural catastrophic insurance products.
The Indonesia general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Indonesian general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Indonesia General Insurance Market Outlook, 2022-2027 (IDR Trillion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Indonesia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | IDR75.7 trillion ($4.9 million) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · Non-Life PA&H · Miscellaneous |
Key Distribution Channels | · Insurance Brokers
· Others |
Leading Companies | · Asuransi Sinar Mas
· Asuransi Kredit · Asuransi Astra Buana · Tugu Pratama · Asuransi Jasa |
Market Trends | · Personalized and embedded insurance products
· Proliferation of EVs · ESG |
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Indonesia General Insurance Market Trends
Personalized and embedded insurance products, ESG, and the proliferation of electric vehicles (EVs) are some of the market trends impacting the general insurance industry in Indonesia.
The growth in e-commerce and mobile commerce, along with a host of technological advances in the industry, have brought in a new age of embedded insurance. Insurers in Indonesia are experiencing a shift with personalized and embedded insurance products being offered. To give consumers embedded insurance, PasarPolis, for example, launched the TAP Insure app in collaboration with Zurich Asuransi Indonesia. Currently, it is providing travel and personal accident products through the app.
Furthermore, the government has intensified the introduction of an EV ecosystem in the country which will have an impact on the general insurance sector. The Indonesian General Insurance Association (AAUI) is reviewing insurance regulations for EVs. In January 2023, it built a special team to develop specific insurance products.
Indonesia General Insurance Market Segmentation by Line of Business
The key lines of business in the Indonesia general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. Property insurance is the largest general insurance line in the country and it will grow further in terms of GWP over 2023-2027. This can be attributed to the rise in construction activities and the country’s increased exposure to recurring NatCat events.
Financial lines insurance is the second-largest insurance line in 2022. Its growth during the forecast period will be supported by a growing economy that is driving the growth of credit insurance.
Indonesia General Insurance Market Analysis by Lines of Business, 2022 (%)
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Indonesia General Insurance Market Segmentation by Distribution Channel
The Indonesian general insurance distribution channels comprise of insurance brokers, and other distribution channels. The brokers channel was the main distribution channel for retail consumer segment in 2022 and is forecast to remain so during the forecast period. However, the Indonesian insurance industry is experiencing a significant transformation driven by digitalization to provide affordable and easily accessible insurance products for customers across Indonesia.
Indonesia General Insurance Market Analysis by Distribution Channel, 2022 (%)
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Indonesia General Insurance Market - Competitive Landscape
Some of the leading insurers in Indonesia are Asuransi Sinar Mas, Asuransi Kredit, Asuransi Astra Buana, Tugu Pratama, and Asuransi Jasa. Asuransi Sinar Mas led the Indonesian general insurance sector in 2021.
Indonesia General Insurance Market Analysis, by Companies, 2021 (%)
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Segments Covered in the Report
Indonesia General Insurance Market Lines of Business Outlook (Value, IDR Trillion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
- Miscellaneous
- Others
Indonesia General Insurance Market Distribution Channel Outlook (Value, IDR Trillion, 2018-2027)
- Insurance Brokers
- Other Distribution Channels
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Indonesia.
- Historical values for the Indonesian general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Indonesia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Indonesian general insurance segment.
- A comprehensive overview of the Indonesian economy, government initiatives, and investment opportunities.
- The Indonesian insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Indonesian general insurance industry’s market structure gives details of lines of business.
- The Indonesian general reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Indonesian general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Indonesian general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Indonesian general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
PT Tugu Pratama Indonesia
PT Asuransi Kredit Indonesia
PT Asuransi Central Asia
PT Asuransi Jasa Indonesia (Persero)
PT Zurich Asuransi Indonesia Tbk
PT Asuransi Astra Buana
PT. Asuransi Bangun Askrida
Table of Contents
Frequently asked questions
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What was the Indonesia general insurance market gross written premium in 2022?
The gross written premium of the Indonesian general insurance market was IDR75.7 trillion ($4.9 million) in 2022.
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What is the Indonesia general insurance market growth rate?
The general insurance market in Indonesia is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which line of business holds the largest share of the Indonesia general insurance market?
Property was the leading general insurance line of business in the Indonesian general insurance market in 2022.
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Which distribution channel holds the highest share in the Indonesia general insurance market?
Insurance brokers was the leading distribution channel in 2022 in the Indonesian general insurance market.
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Which are the key companies operating in the Indonesia general insurance market?
Some of the leading insurers in Indonesia are Asuransi Sinar Mas, Asuransi Kredit, Asuransi Astra Buana, Tugu Pratama, and Asuransi Jasa.
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