Insurance Sector in Indonesia

Finance | Insurance

Indonesia’s Insurance Sector; A Stable Outlook

As is the case with Indonesia’s banking sector, insurance in Indonesia is on the cusp of wide-reaching change.

What Social Security Reform Means for Business in Indonesia

With the deadline for companies to register their employees with BPJS I fast approaching, Indonesia’s new government has yet to show any signs of deviating from the plan to overhaul the social security system. In keeping with earlier reports, businesses in Indonesia have been told to complete the registration process by 1st January 2015.

Index by sector

Investing in the Insurance Sector in Indonesia

Indonesia's low insurance penetration level spells vast opportunities for foreign investors seeking to take advantage of its market. This section briefly explains the procedures and requirements for operating in this sector.

General Insurance

Indonesia’s General Insurance Industry; Gaining Traction

Investors in Indonesia's burgeoning insurance industry have in the past set their sights primarily on the life insurance business, and while that market segment continues to hold a lot of potential, non-life insurance services are getting increased attention.

Indonesia’s Insurance Sector; A Stable Outlook

As is the case with Indonesia’s banking sector, insurance in Indonesia is on the cusp of wide-reaching change. Given the country’s large population of nearly 250m, its growing middle class and a GDP rising at approximately 5% a year, the insurance sector stands to benefit from these fundamentals in the years ahead.

Health Insurance

Health Insurance in Indonesia: Public Coverage No Threat to Private Sector

Health insurance in Indonesia is still in its infancy, but changing lifestyles, rising disposable income, mounting health bills and increasing awareness about the benefits of insurance are set to change this.

An Overview of Indonesia’s Health Insurance Sector

Indonesia’s transition from a state funded health care system to one based on insurance and state contributions for the poor has opened up significant opportunities for the private insurance sector. This section provides an overview of the health insurance sector.

What Social Security Reform Means for Business in Indonesia – Updated

With the deadline for companies to register their employees with BPJS I fast approaching, Indonesia’s new government has yet to show any signs of deviating from the plan to overhaul the social security system. In keeping with earlier reports, businesses in Indonesia have been told to complete the registration process by 1st January 2015.

Indonesia Finance Snapshot - Insurance

Total Assets: 853 trillion IDR (2015)
Life Insurance Growth: 17% (Q2 015)
General Insurance Growth: 10% (2015)
Number of Life Insurance Companies: 50
Number of General Insurance Companies: 81 (2015)
Conventional Insurance Penetration : 2.51% (2015)
Islamic Insurance Penetration: 0.08% (2015)
Government Bodies: Bank Indonesia, Ministry of Finance, Financial Services Authority (OJK).
Relevant Law: Presidential Regulation No. 39 of 2014 on the Negative Investment List permits foreign ownership up to 80% in the sector, excluding pensions, and the 2014 Insurance Law introduced increased protection for policyholders.