Asuransi Jasa Indonesia (Jasindo) is optimistic that the property insurance line will grow this year, driven by factors such as the construction of high-rise buildings.
Tugu Reasuransi Indonesia's (Tugure) non-life combined ratio averaged at 105.2% during 2018-2020, notes Fitch Ratings which has affirmed the reinsurer's National Insurer Financial Strength (IFS) Rating at 'A+(idn)' with a 'Stable' outlook.
Zurich Asuransi Indonesia is projecting promising opportunities for the general insurance industry in Indonesia in 2022.
The insurance industry in Indonesia could develop more rapidly if the unhealthy competition in the credit insurance business line is immediately addressed.
The general insurance industry is expected to expand this year and next, with growth next year forecast to outstrip this year's, according to General Insurance Association of Indonesia (AAUI), basing its predictions on current economic growth.
Prudent underwriting and selective portfolio expansion have helped credit insurers and guarantors in Indonesia to limit the spike in claims due to the economic downturn caused by the COVID-19 pandemic, Fitch Ratings says.
Indonesia's retirement income system has been ranked in the 35th position among the 43 systems worldwide covered this year by the Mercer CFA Institute Global Pension Index. This represents a fall of five places from 30th position in 2020 out of 39 systems ranked that year.
The Indonesian Life Insurance Association (AAJI) has said that investment-related life insurance products or unit-linked products are still driving the growth of the life insurance industry nationwide.
Indonesian lawmakers last week passed the Harmonised Tax Law, (HPP) that among other things, imposes a minimum VAT of 5% on insurance services.
Sales of traditional life insurance products (pure protection plans) increased at a faster pace in the first half of 2021 compared to those of unit-linked or investment-related plans, according to data from the Indonesian Life Insurance Association (AAJI).