Indonesia: Life premiums jump by 25% in 1Q
Source: Asia Insurance Review | Jun 2021
Life insurance business in Indonesia has begun to improve, as is indicated by significant growth in the sector in the first three months of this year.
The Financial Services Authority (OJK) noted that the premium income of the life insurance industry rose by 24.77% y-o-y to IDR50.86tn ($3.6bn) in the first quarter of this year, according to a report by Kontan.
Indonesian Life Insurance Association executive director Togar Pasaribu said that the market expects business to increase this year because of the national economic recovery programme, the COVID-19 vaccination drive, the use of technology in business processes and in marketing during the pandemic.
In addition, public awareness of self-protection has also increased during the pandemic. The association too is aggressively conducting education to increase financial inclusion in society. A