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Oct 2018

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Indonesia: Non-life insurers see robust 1H premium growth

Source: Asia Insurance Review | Oct 2018

The general insurance market posted gross premium of IDR33.1tn ($2.2bn) in the first half of 2018, growing by 11% compared to the corresponding period last year, says the Indonesian General Insurance Association (AAUI).
 
AAUI statistics, research, analysis, IT and actuarial division chair Trinita Situmeang, said the largest contributions came from property insurance (IDR8.35tn; 25% market share) and motor insurance (IDR9.21tn; 28%).
 
“Almost all business lines recorded positive growth in the first semester of this year except marine hull, energy and engineering insurance, compared to the same period last year,” he said. 
 
Gross claims grew by 3.3% to IDR12.9tn in 1H2018. Decreases in claims occurred in the property, transportation, marine hull, aviation and satellite, energy and liability lines. Credit, personal accident, miscellaneous and motor recorded an increase compared to the same period last year.
 
“Meanwhile, the claim ratio in the first half of 2018 was recorded at 38%, down from last year’s 41.8%,” Mr Situmeang said. A 
 
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