Magazine Table of Contents
What we can expect from the upcoming APAC monsoon season?
Life & health
The COVID-19 crisis looks set to curtail recovery in Indonesia’s life sector, although new regulations introduced this year provide some form of respite.
The importance of having protection at this critical time is balanced by the financial pressure of paying premiums at a time where the economy might be facing long-term headwinds, leading many customers to wrestle with the choice between keeping their policies or focusing on necessities.
Industry players hope that the long-term prospects will pick up as protection and guaranteed savings products find favour with the customers in these uncertain times.
The low number of life claims has been an eye opener for the industry regarding the huge protection gap that exists and for the need for urgent measures to bridge this gap.
It is now mandatory for all employers to provide health insurance cover to all employees. This will need a concerted effort by all three stakeholders: Insurers, employers and employees.