Indonesia: 93% of population devoid of life insurance
Source: Asia Insurance Review | Dec 2018
Only 6.6% of Indonesians have a life insurance policy, which means that 93.4% of the market remains untapped the Indonesian Life Insurance Association executive director Togar Pasaribu has said.
Pointing to another indicator of the life market’s potential, he also said, “The average growth of new premiums for life insurance from the second quarter of 2014 to the second quarter of 2018 was 18.3%.”
In the second quarter of 2018, new life premiums amounted to IDR59.85tn ($4.1bn) and renewal premiums stood at IDR33.73tn, taking the total premiums to IDR93.58tn. He added that the contribution of life insurance to Indonesia’s GDP has been stable in recent years. It reached 2.5% in the second quarter of 2018. A