The top 10 life insurers in Indonesia commanded assets totalling Rp 297.67 trillion (US$22.3 billion), or 75.3% of total assets in the life sector at the end of last year.
The top 10 life insurers are: Prudential Life Assurance, Asuransi Jiwa Manulife Indonesia, Asuransi Jiwasraya, AIA Financial, Asuransi Allianz Life Indonesia, AXA Mandiri Financial Services, Indolife Pensiontama, Life Insurance Sequis Life, Asuransi Jiwa Sinarmas MSIG and Asuransi Simas Jiwa.
There are around 50 life insurance companies in Indonesia.
Despite the market concentration, the potential of life insurance in the country is still considered huge, because of the large population and the low insurance penetration rate.
Premium growth in the life sector has been in the range of 20% to 30% in recent years.
Several new players are entering the market, including Asuransi Ciputra Indonesia, Pasific Life Insurance, and Asuransi Jiwa Millenium. In addition, US-headquartered Prudential Financial last month entered the Indonesian life insurance market in a joint venture with an Indonesian financial services group, CT Corp.