The general insurance industry in Indonesia has posted an increase of 8.3% in premium income to IDR47.9trn ($3.3bn) for the first three quarters of this year, according to the Indonesian General Insurance Association (AAUI).
AAUI deputy chairman Ms Trinita Situmeang explained, there were four lines of business that saw premium declines during the period, according to a report by Katadata.
She said, "Four lines of business experienced negative growth, namely: property insurance, -6.4%; ship, -4.4%; energy, -3%; and engineering, -6.7%." She added that overall premium growth was still helped by the motor business line that is growing fast.
According to Ms Trinita, the negative performance of property insurance was due to the slowing growth of residential property sales in the third quarter of this year.
Property insurance contributed 25.5% to overall industry premium income. Meanwhile, vehicle insurance recorded growth of 10.5% to IDR13.8trn because of increased sales of vehicles.