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Dec 2019

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Indonesia: Credit insurance to push growth of non-life business

Source: Asia Insurance Review | Dec 2019

The general insurance business is expected to continue to grow on the back of an expansion in credit insurance business which is in turn fuelled by bank lending.
 
“Credit insurance seems to have grown in line with the disbursement of bank loans, both for small businesses and consumer loans,” Indonesian General Insurance Association executive director Dody Dalimunthe told Kontan.
 
The projected increase is also due to the government’s commitment to promoting micro credit, backed by an insurance plan where the premium is subsidised.
 
In the first six months of this year, credit insurance posted premiums of IDR5.75tn ($409m), an increase of 107.6% year on year. A 
 
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