Indonesia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Indonesia Life Insurance Market Report Overview
The gross written premium of the Indonesia life insurance market was IDR176.7 trillion ($12.2 billion) in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The Indonesia life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Indonesia’s life 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 Life 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 the Indonesian economy and demographics, and provides detailed information on the competitive landscape in the country. It 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) | IDR176.7 trillion ($12.2 billion) |
CAGR (2023-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Whole Life
· General Annuity · Endowment · Term Life · Pension · Life PA&H |
Key Distribution Channels | · Direct From Insurer
· Bank · Insurance Broker · Financial Advisor · Online Aggregator |
Leading Companies | · Asuransi Allianz Life
· Prudential Life · Asuransi Simas Jiwa · AIA Financial · Indolife Pensiontama |
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Indonesia Life Insurance Market Trends
Takaful insurance, inclusive insurance, and digitalization are some of the market trends impacting the Indonesian LI market.
Takaful insurance: Life insurers in Indonesia are in the process of separating SBUs or takaful businesses from their traditional businesses to expand on growing awareness and demand for takaful products, facilitated by government support, easing of COVID-19 movement restrictions, and a recovering economy.
Inclusive insurance: The inclusive economic policy of Indonesia through the Promise II Program supported the growth of the economy. Financial inclusion of SMEs transformed the low- to middle-income economy, impacting even the life insurance sector, with more small- and medium-sized enterprises (SMEs) opting to provide their employees with insurance products.
Indonesia Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Indonesia life insurance industry are whole life, general annuity, endowment, term life, pension, and life PA&H. Endowment is the leading life insurance line of business in the sector, followed by term life insurance.
Indonesia Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Indonesia Life Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Indonesian life insurance industry are direct from insurer, bank, insurance broker, financial advisor, and online aggregator. Direct purchases from insurance companies were the most preferred channel for purchasing life insurance policies for all age groups, followed by banks and insurance brokers. Direct purchases from insurance companies were the most demanded channel for purchasing PA&H insurance policies for all age groups.
Indonesia Life Insurance Market Analysis by Distribution Channel, 2022 (%)
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Indonesia Life Insurance Market - Competitive Landscape
The leading life insurance companies in Indonesia are Asuransi Allianz Life, Prudential Life, Asuransi Simas Jiwa, AIA Financial, and Indolife Pensiontama, among others. Asuransi Allianz Life was the largest insurer, followed by Prudential Life and Asuransi Simas Jiwa in 2021. The sector was dominated by foreign insurers in 2021.
Indonesia Life Insurance Market Analysis by Companies, 2021 (%)
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Segments Covered in the Report
Indonesia Life Insurance Lines of Business Outlook (Value, IDR Trillion, 2018-2027)
- Whole Life
- General Annuity
- Endowment
- Term Life
- Pension
- Life PA&H
Indonesia Life Insurance Distribution Channel Outlook (Value, IDR Trillion, 2018-2027)
- Direct From Insurer
- Bank
- Insurance Broker
- Financial Advisor
- Online Aggregator
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in Indonesia
- Historical values for the Indonesian life insurance segment for the report’s review period and projected figures for the forecast period
- Profiles of the top life insurance companies in Indonesia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Indonesian life 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 life insurance industry’s market structure gives details of lines of business.
- The Indonesian life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Indonesian life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Indonesia life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Asuransi Simas Jiwa
Asuransi Allianz Life Indonesia
AIA Financial
Axa Mandiri Financial Services
Capital Life Indonesia
Indolife Pensiontama
Asuransi Jiwa Manulife Indonesia
Table of Contents
Frequently asked questions
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What was the Indonesia life insurance market gross written premium in 2022?
The gross written premium of the Indonesia life insurance market was IDR176.7 trillion ($12.2 billion) in 2022.
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What is the growth rate of the Indonesia life insurance market?
The life insurance market in Indonesia is expected to achieve a CAGR of more than 5% during 2023-2027.
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Which line of business holds the largest share of the Indonesia life insurance market?
Endowment is the leading life insurance line of business in the Indonesian life insurance market.
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Which distribution channel holds the highest share in the Indonesia life insurance market?
Direct purchases from insurance companies was the leading channel in 2022 in the Indonesian life insurance market.
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Which are the key companies operating in the Indonesia life insurance market?
The leading life insurance companies in Indonesia are Asuransi Allianz Life, Prudential Life, Asuransi Simas Jiwa, AIA Financial, and Indolife Pensiontama, among others.
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