23 0 Indonesia: Microinsurance remains underdeveloped with availability of demand information identified as key challenge


Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2020

Indonesia: Microinsurance remains underdeveloped with availability of demand information identified as key challenge

Brought to you by:  Milliman

Based on findings from the Milliman research report: Asia Microinsurance Supply-side Study 2020. For the purpose of this study, microinsurance is broadly defined as “risk pooling products that are intentionally designed, in terms of costs, coverage, distribution and marketing, for low-income individuals, families and businesses“


With growing interest in microinsurance in the region, Milliman undertook a first-of-its-kind study examining the supply side to gather the perspectives of the insurance industry regarding the importance of microinsurance, current practices and the enabling  environment. Milliman carried out this study primarily through
a questionnaire survey, with responses from regulated insurers providing microinsurance in five countries- Bangladesh, China, India, Indonesia, and the Philippines. This article highlights some key-takeaways based on observations from Indonesia. Thirty-three insurers participated in the survey, of which 55% (eighteen insurers) currently sold microinsurance  in the Indonesian insurance market. Nine of the top 10 providers by total insurance market share in Indonesia participated in the study. A more detailed report covering insights across all geographies covered by the scope of the study will be released by Milliman in a few weeks.

Current practices: Taking a closer look at insurers’ microinsurance programs and how they implement them



Reference: 11.7% is calculated = 25.9 million lives covered / 221.4 million classified as low / middle income (as at Q3 2019).


Key contacts for microinsurance in Indonesia


Brian Colgan
Indira Gopalakrishna
Head of Life Insurance Consulting Microinsurance Specialist – Asia Pacific
Jakarta, Indonesia Singapore
brian.colgan@milliman.com Indira.gopalakrishna@milliman.com


The analyses and outcomes presented here rely on data and other reports provided by various insurance company sources that chose to remain anonymous. These data and reports have been reviewed for reasonableness. However, the information has not been audited by Milliman for accuracy. If the data or other listings are inaccurate or incomplete, this presentation may also be inaccurate or incomplete. This article is intended for educational purposes only and does not replace independent professional judgment. It is not intended to guide or determine any specific individual situation and persons should consult qualified professionals before taking specific actions. Milliman does not assume any duty or liability to parties who read this article.


Print | Share