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.
The Indonesian Shariah Insurance Association (AASI) is seeking support that can be lent by the halal ecosystem to expand shariah insurance business, according to the association's general chair Rudy Kamdani.
In celebration of World Women's Day which is celebrated every March, Sun Life Indonesia has launched an inspirational session of Sun Entrepreneur with hundreds of women to discuss entrepreneurial-based empowerment in the insurance agency distribution industry.
Life insurance revenue in Indonesia reached IDR219.70tn ($14bn) in 2023, dipping by 2% compared to IDR224.09tn in 2022, according to the Indonesian Life Insurance Association (AAJI).