Magazine Table of Contents
Consistent growth in Indonesia’s economy and insurance markets has served the nation’s insurers well but increased regulatory oversight and an increasingly digital population demand that companies adjust.
The life insurance market in Indonesia experienced a slowdown in 2018, which continued through the first quarter of this year. However, there is still optimism that things will improve.
Indonesia is unique amongst Asian countries selling Islamic insurance or shariah business, seeing it is the only country left in Asia where shariah business operates as a ‘window’ within a conventional insurance company.
A low insurance penetration rate, lack of awareness of insurance and a growing digital economy provide enough impetus for InsurTechs in Indonesia.
Amidst a backdrop of dizzying changes, we speak to two reinsurers about how they are tackling some of the challenges that they face.