The issuance of a new regulation (POJK Number 8 of 2024) concerning "Insurance Products and Marketing Channels for Insurance Products", will facilitate the licensing of insurance products, according to Financial Services Authority (OJK).
The Indonesian Life Insurance Association (AAJI) has announced that the life market chalked up premium income of IDR46tn ($2.8bn) in the first quarter of 2024.
Sedgwick has expanded its marine claims solutions with Mr Fahrizal and Ms Kanya Manohara, both average adjusters.
The Financial Services Authority (OJK) is urging general insurance companies to develop risk mapping for electric vehicle (EV) insurance, even as the regulator encourages the development of the EV insurance market.
The Financial Services Authority (OJK) assessed that shariah insurance has great prospects in Indonesia.
The Indonesian General Insurance Association (AAUI) has called for third-party liability (MTPL) insurance to be made mandatory for all vehicles, saying that the number of motor accidents has been rising.
The Financial Services Authority (OJK) granted a reinsurance business licence to Orion Reasuransi Indonesia (Orion Reinsurance) on 4 April 2024.
The operating performance of Asuransi Astra Buana is assessed as strong, demonstrated by its five-year average combined ratio of 88.1% and return-on-equity ratio of 17.6% (2019-2023), according to AM Best.
The Financial Services Authority (OJK) has said that there are now seven insurance companies that are under special supervision. This number has fallen from 11 at the start of February 2023.
Life reinsurer Maskapai Reasuransi Indonesia (Marein) has reported a combined ratio of 95% in 2023 compared with 97% in 2022 and an average of 97% during 2021-2023, supported by a lower net claim and commission ratio, notes Fitch Ratings.