The Financial Services Authority (OJK) is optimistic that insurance and reinsurance premium revenue will be able to reach IDR258 trillion (US$19.1 billion) for the whole of ths year, in line with its projections.
Mr Riswinandi, CEO of Non-Banking Financial Industry at OJK, said that insurance and reinsurance premium income amounted to IDR183.45 trillion for the first nine months of this year. "That number reached 71.1% of the projection set by OJK for the year to 31 December 2017," he said in a written statement issued last week.
Assets in the insurance industry totalled IDR628.68 trillion at 30 September, 17.6% higher than at the end of 2016. Insurance investments amounted to IDR505.6 trillion at the end of September, an increase of 22.42% compared to the end of December 2016.
For the whole of 2016, the life industry recorded a total premium income of IDR167.04 trillion, a 29.8% growth year-on-year compared with 2015. The non-life market grew at 5.1% last year to IDR61.9 trillion in terms of premiums.