Indonesia: 1Q takaful life premiums up 50% y-o-y to US$157 mln
Source: Asia Insurance Review | Sep 2015
Islamic life insurance premiums rose by 50.35% to IDR2.12 trillion (US$156.8 million) in the first three months of this year, compared to the last corresponding period, according to the Financial Services Authority (OJK) in its report on the first quarter of this year.
The takaful life insurance industry increased in its assets and investments by 35.2% and 37.5% to IDR19.39 trillion and IDR 17.70 trillion, respectively, during the quarter, reported The Jakarta Post.
These figures back the results of a recent survey carried out by private life insurer Allianz Life Indonesia in Jakarta, Bandung in West Java, Padang in West Sumatra and Samarinda in East Kalimantan, which showed a high demand for Islamic insurance products.
“As many as 97% of around 300 respondents agreed that halal investments were important,” said Allianz Indonesia’s Head of Market Management Ms Karin Zulkarnaen.
“Furthermore, 93% of the respondents told us that they felt comfortable with Shariah products because they provided transparent investments and profit-sharing schemes in addition to the management, which is according to Islamic principles,” she said.