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May 2021

Indonesia: Life association optimistic of double-digit growth this year

Source: Asia Insurance Review | Apr 2021

The Indonesian Life Insurance Association (AAJI) is expecting life premium income in the country to expand by double digits this year.
 
The AAJI had been recording improvements in revenue and premium income since the fourth quarter of last year, partly due to the impact of the government’s national economic recovery programme and the COVID-19 vaccination programme, said the association’s actuarial and risk management head Fauzi Arfan.
 
Life insurance revenue in the fourth quarter of 2020 was IDR91.9tn, surging by 81.7% from the previous quarter’s figure of IDR50.6tn, reported Kontan. The momentum of the quarterly increase will continue to be maintained in 2021, Mr Fauzi said.
 
The growth projection is in line with the improvement in industrial performance in the fourth quarter of 2020.
 
For the full year of 2020, AAJI data show that life insurance industry’s revenue reached IDR215.4tn ($15bn), 8.6% lower than in 2019. Of this total, premium income decreased by 6.1% y-o-y to IDR187.6tn in 2020. A 
 
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