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Jul 2019

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Indonesia: OJK expects insurance industry growth to pick up

Source: Asia Insurance Review | Apr 2019

The Financial Services Authority (OJK) has said that it expects the insurance industry’s premium growth this year to accelerate. In 2018 the growth rate was 9%, lower than in the previous five years when the average growth rate was around 19.5%.
 
At a recent conference, OJK non-bank financial services division supervision head Ahmad Nasrullah said, “This year, the target is double digits – 12-15%.”
 
According to him, insurance growth weakened in 2018 because of turbulent global economic conditions.
 
Mr Nasrullah pointed to Indonesia’s current insurance penetration rate of around 2-3% as a sign of the market potential. He also said that the willingness of foreign insurers to enter Indonesia proved that the market has room to expand. A 
 
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