Indonesia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Indonesia Life Insurance Market Report Overview
The gross written premium of the Indonesia life insurance market was IDR164.6 trillion ($10.8 billion) in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028. The Indonesia life insurance market research report provides an in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Indonesia Life Insurance Market Outlook, 2023-2028 (IDR Billion)
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The Indonesia life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Indonesian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, 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 (2023) | IDR164.6 trillion ($10.8 billion) |
CAGR (2024-2028) | >3% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Whole Life
· General Annuity · Endowment · Term Life · Pension |
Key Distribution Channels | · Direct from Insurer
· Bank · Insurance Broker · Financial Advisor · Online Aggregator · Other |
Leading Companies | · Prudential Life Assurance
· Asuransi Allianz Life Indonesia · Asuransi Simas Jiwa · Axa Mandiri Financial Services · Indolife Pensiontama |
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Indonesia Life Insurance Market Trends
Takaful Insurance, a growing focus on environmental, social, and governance (ESG), and digitalization are the recurring trends in the Indonesian life insurance market.
- Indonesian life insurers are separating takaful businesses from traditional businesses to expand on the growing demand for takaful products, aided by government support, eased COVID-19 restrictions, and a recovering economy. The Financial Services Authority of Indonesia (OJK) issued new regulations in July 2023. In line with the new regulation, Allianz launched PT Asuransi Allianz Life Syariah Indonesia in November 2023 to provide services that cater to the values of Sharia principles.
- ESG has been a major theme for all large businesses for a few years now and will remain a central part of any leading business’s strategy over the coming years. Investments in ESG are equally important as financial indicators for investors. Moreover, insurance companies play a significant role in promoting sustainability and climate resilience by engaging clients in ESG practices.
Indonesia Life Insurance Market Segmentation by Lines of Business
Endowment accounted for the highest share of the Indonesia life insurance market in 2023
The key lines of business in the Indonesian life insurance industry are whole life, general annuity, endowment, term life, and pension. Endowment insurance is the largest product in the Indonesian life insurance industry; accounting for 73% of the premiums in 2023. However, whole life insurance will witness the fastest CAGR growth during the forecast period. This can be attributed to the growing number of affluent consumers in Indonesia who prefer whole life insurance products for legacy and wealth management.
Indonesia Life Insurance Market Analysis by Lines of Business, 2023 (%)
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Indonesia Life Insurance Market Segmentation by Distribution Channels
In 2023, customers in Indonesia preferred to purchase life insurance directly from insurers
A few of the key distribution channels in the Indonesian life insurance industry are directly from insurers, banks, insurance brokers, financial advisors, online aggregators, and others. Direct from an insurer channel had the highest preference rate among the 55–64 age group for life and health insurance.
Indonesia Life Insurance Market Analysis by Distribution Channels, 2023 (%)
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Indonesia Life Insurance Market - Competitive Landscape
Prudential Life Assurance accounted for the highest share of the Indonesia life insurance market in 2022.
A few of the leading life insurance companies in Indonesia are:
- Prudential Life Assurance
- Asuransi Allianz Life Indonesia
- Asuransi Simas Jiwa
- Axa Mandiri Financial Services
- Indolife Pensiontama
Indonesia Life Insurance Market Analysis by Companies, 2022 (%)
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Indonesia Life Insurance Market - Latest Developments
- On January 8, 2024, the OJK issued Financial Services Authority Regulation (Peraturan Otoritas Jasa Keuangan; POJK) No. 22 of 2023 which stipulated strengthening the consumer and public protection in the financial services sector, including insurance.
- On December 22, 2023, the OJK issued Regulation No. 24 of 2023 which stipulated a comprehensive update to the regulatory framework governing the business licensing and institutional arrangements for insurance broker companies, reinsurance broker companies, and loss assessment companies.
Segments Covered in the Report
Indonesia Life Insurance Lines of Business Outlook (Value, DKK Billion, 2019-2028)
- Whole Life
- General Annuity
- Endowment
- Term Life
- Pension
Indonesia Life Insurance Distribution Channel Outlook (Value, DKK Billion, 2019-2028)
- Direct from Insurer
- Bank
- Insurance Broker
- Financial Advisor
- Online Aggregator
- Other
Scope
- Get a comprehensive analysis of the life insurance segment in Indonesia.
- Get historical values for the Indonesian life insurance segment for the report’s review period and projected figures for the forecast period.
- Analyze profiles of the top life insurance companies in Indonesia and outline the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Indonesia’s life insurance segment.
- A comprehensive overview of Indonesia’s economy, government initiatives, and investment opportunities.
- Indonesia’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Indonesia’s life insurance segment’s market structure gives details of lines of business.
- Indonesia’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Indonesia’s life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Indonesia’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Indonesia’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Asuransi Allianz Life Indonesia
Asuransi Simas Jiwa
Axa Mandiri Financial Services
Indolife Pensiontama
AIA Financial
Asuransi BRI Life
Asuransi Jiwa Manulife Indonesia
Capital Life Indonesia
Asuransi Jiwa Astra
BNI Life Insurance
Sun Life Financial Indonesia
Asuransi Jiwa Starinvestama
Great Eastern Life Indonesia
Table of Contents
Frequently asked questions
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What was the Indonesia life insurance market gross written premium in 2023?
The gross written premium of the Indonesian life insurance market was IDR164.6 trillion ($10.8 billion) in 2023.
-
What will the Indonesia life insurance market growth rate be during the forecast period?
The life insurance market in Indonesia is expected to achieve a CAGR of more than 3% during 2024-2028.
-
Which line of business held the highest share of the Indonesian life insurance market in 2023?
Endowment accounted for the highest share of the Indonesian life insurance market in 2023.
-
Which distribution channel held the highest share in the Indonesian life insurance market in 2022?
In 2022, customers in Indonesia preferred to purchase life insurance directly from insurers.
-
Which are the key companies operating in the Indonesian life insurance market?
A few of the leading life insurance companies in Indonesia are Prudential Life Assurance, Asuransi Allianz Life Indonesia, Asuransi Simas Jiwa, Axa Mandiri Financial Services, and Indolife Pensiontama.
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