Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2020

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Published: October 17, 2016 Report Code: GD-IS1296MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Indonesian life insurance segment, and a comparison of the Indonesian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also 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.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Indonesia:

• It provides historical values for the Indonesian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Indonesian personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Indonesian personal accident and health insurance segment with its regional counterparts.

• It provides an overview of the various distribution channels for personal accident and health insurance products in Indonesia.

• It profiles the top personal accident and health insurance companies in Indonesia, and outlines the key regulations affecting them.

Key Highlights

• In January 2014, the national health insurance scheme, Jaminan Kesehatan Nasional (JKN), was launched, and covered around 73% of the total population by the end of 2015.

• Insurers are investing in digital processes such as the development of online sites and mobile app to speed up claims processing and settlement.

• The gross written premium of the Indonesian personal accident and health segment increased at a review-period CAGR of 11.3%, due to rising healthcare expenditure, improved economic conditions and an inadequate public healthcare system.

• In August 2015, the Coordination of Benefits (COB) scheme was introduced on a pilot basis, which allows private health insurers to cover excess or additional expenses not provided by JKN. This will benefit both healthcare service providers and policyholders.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Indonesian personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Indonesian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Indonesian insurance industry, and their impact on companies and the industry's future.

PT Asuransi Jiwa InHealth Indonesia
PT Axa Mandiri Financial Services
PT Asuransi Allianz Life Indonesia
PT Asuransi Sinar Mas
PT Lippo General Insurance Tbk.
PT Asuransi Adira Dinamika
PT Asuransi Aviva Indonesia (d/h PT Winterthur Life Indonesia)
PT BNI Life Insurance
PT Asuransi CIGNA
PT Asuransi Jiwa Central Asia Raya

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross Written Premium and Penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and Investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

6 Competitive Landscape

6.1 Company Profiles

6.1.1 PT Asuransi Jiwa InHealth Indonesia – company overview

6.1.2 PT Axa Mandiri Financial Services – company overview

6.1.3 PT Asuransi Allianz Life Indonesia – company overview

6.1.4 PT Asuransi Sinar Mas – company overview

6.1.5 PT Lippo General Insurance Tbk – company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life Insurance

7.3.2 Property Insurance

7.3.3 Motor Insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Workmen compensation insurance

7.4.2 Professional indemnity insurance for insurance brokers

7.4.3 Liability for ships with respect to oil pollution

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 Financial Services Authority

7.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia)

7.5.4 The Indonesian Life Insurance Association (Asosasi Asuransi Jiwa Indonesia)

7.5.5 The Indonesian Insurance Council (Dewan Asuransi Indonesia)

7.6 Non-Admitted Insurance Regulation

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and Penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution (ADR)

8 Databook

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Assets and Investments

8.4 Personal Accident Insurance

8.5 Health Insurance

8.6 Health Insurance by Product

9 Definitions and Methodology

9.1 Definitions

9.2 Methodology

10 About GlobalData

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Indonesian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Indonesian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Value Added to Indonesian GDP (% of Total GDP), 1990–2014

Table 4: Working Population Percentages by GDP Sector (% of Total Indonesian Population), 1990–2014

Table 5: Indonesian Government Credit Ratings

Table 6: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion and US$ Billion), 2011–2015

Table 7: Indonesian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 8: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion and US$ Billion), 2015–2020

Table 9: Indonesian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 10: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR and US$), 2011–2015

Table 11: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR and US$), 2015–2020

Table 12: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2011–2015

Table 13: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2015–2020

Table 14: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 15: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 16: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion and US$ Billion), 2011–2015

Table 17: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion and US$ Billion), 2015–2020

Table 18: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion and US$ Million), 2011–2015

Table 19: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion and US$ Million), 2015–2020

Table 20: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2011–2015

Table 21: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2015–2020

Table 22: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion),2011–2015

Table 23: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion), 2015–2020

Table 24: Indonesian Personal Accident Insurance – Direct Written Premium (IDR Billion and US$ Million), 2011–2015

Table 25: Indonesian Personal Accident Insurance – Direct Written Premium (IDR Billion and US$ Million), 2015–2020

Table 26: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 27: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 28: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion and US$ Million), 2011–2015

Table 29: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion and US$ Million), 2015–2020

Table 30: Indonesian Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 31: Indonesian Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 32: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2011–2015

Table 33: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2015–2020

Table 34: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 35: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 36: Indonesian Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2011–2015

Table 37: Indonesian Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2015–2020

Table 38: Indonesian Health Insurance – Loss Ratio (%), 2011–2015

Table 39: Indonesian Health Insurance – Loss Ratio (%), 2015–2020

Table 40: Indonesian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2014

Table 41: PT Asuransi Jiwa InHealth Indonesia – Key Facts

Table 42: PT Asuransi Jiwa InHealth Indonesia – Key Financials (IDR Billion), 2010–2014

Table 43: PT Axa Mandiri Financial Services – Key Facts

Table 44: PT Axa Mandiri Financial Services – Key Financials (IDR Billion), 2010–2014

Table 45: PT Asuransi Allianz Life Indonesia – Key Facts

Table 46: PT Asuransi Allianz Life Indonesia – Key Financials (IDR Billion), 2011–2015

Table 47: PT Asuransi Sinar Mas – Key Facts

Table 48: PT Asuransi Sinar Mas – Key Financials (IDR Billion), 2011–2015

Table 49: PT Lippo General Insurance Tbk – Key Facts

Table 50: PT Lippo General Insurance Tbk – Key Financials (IDR Billion), 2011–2015

Table 51: Indonesia – Insurance Regulatory Framework Key Features

Table 52: Indonesia – Life Insurance Regulatory Framework

Table 53: Indonesia – Property Insurance Regulatory Framework

Table 54: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)

Table 55: Indonesia – Tariff Rates for Flood Insurance (% of Sum Insured)

Table 56: Indonesia – Tariff Rates for Business Interruption Insurance

Table 57: Indonesia – Motor Insurance Regulatory Framework

Table 58: Indonesia – Comprehensive Motor Insurance Tariff Rates (% of Sum Insured)

Table 59: Indonesia – Total Loss Motor Insurance Tariff Rates (% of Sum Insured)

Table 60: Indonesia – Earthquake Insurance Tariff Rates for Motor Vehicles

Table 61: Indonesia – Flood Insurance Tariff Rates for Motor Vehicles

Table 62: Indonesia – Liability Insurance Regulatory Framework

Table 63: Indonesia – Corporation Tax Rates for the Financial Year 2016

Table 64: Indonesian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 65: Indonesian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 66: Indonesian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 67: Indonesian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 68: Indonesian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 69: Indonesian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 70: Indonesian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 71: Indonesian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 72: Indonesian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 73: Indonesian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 74: Indonesian Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 75: Indonesian Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 76: Insurance Industry Definitions

Figures

Figure 1: Indonesia GDP composition, 2015

Figure 2: Indonesian Real GDP (US$ Billion), 2011–2020

Figure 3: IDR–US$ Exchange Rate, 2011–2020

Figure 4: Indonesian Consumer Price Inflation (%),2011–2020

Figure 5: Indonesian Current Account Balance as a Percentage of GDP (%), 2011–2014

Figure 6: Indonesian Unemployment Rate (%), 2011–2020

Figure 7: Indonesian Population by Age Group (Million), 1991–2025

Figure 8: Number of Hospitals in Indonesia, 2011-2015

Figure 9: Healthcare Expenditure Indonesia, 2011-2015

Figure 10: Indonesian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 11: Insurance Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 12: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion), 2011–2020

Figure 13: Indonesian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 14: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR), 2011–2020

Figure 15: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion), 2011–2020

Figure 16: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 17: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion), 2011–2020

Figure 18: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion), 2011–2020

Figure 19: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2011–2020

Figure 20: Indonesian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 21: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion), 2011–2020

Figure 22: Indonesian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 23: Indonesian Personal Accident Insurance – Gross Written Premium (IDR Billion), 2011–2020

Figure 24: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 25: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion), 2011–2020

Figure 26: Indonesian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (IDR Billion and %), 2011–2020

Figure 27: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2011–2020

Figure 28: Indonesian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 29: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 30: Indonesian Health Insurance – Paid Claims (IDR Trillion), 2011–2020

Figure 31: Indonesian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (IDR Billion and %), 2011–2020

Figure 32: Indonesian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2014

Figure 33: Indonesia – Insurance Supervision and Control at Various Levels

Figure 34: Indonesia – Insurance Regulatory Frameworks for Company Registration and Operation

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