Indonesia Financial Group (IFG), the state-owned insurance and guarantee holding company, plans to boost inorganic growth this year. One of the measures is establishing IFG Life, an insurance company that will focus on life and health insurance services.
The Indonesian life insurance industry is predicted to perform better this year compared to 2020, on the back of optimism generated by COVID-19 vaccines and new state owned insurer IFG Life.
The state-owned insurance and guarantee holding companyIndonesia Financial Group (IFG) plans to boost inorganic growth this year, with one measure being the establishment of IFG Life, an insurance company that will focus on life and health insurance services.
Singapore-based FinTech startup firm GoBear, which began operations as platform for comparing insurance plans of different insurers, has announced that it will cease operations and close its business.
Bumi Cakrawala Perkasa (BCP), and ZhongAn's ZA Tech recently announced a strategic JV to create an InsurTech platform in Indonesia, aimed at fast-tracking digitalisation of the nation's insurance industry and improving financial inclusion.
Sedgwick has announced new leaders for its operations in Indonesia following Paul Hough's appointment as CEO Singapore effective 1 January 2021.
Supportive government policies and a COVID-enforced spike in digital activity are pushing consumers - and their insurance needs - online. The growing presence of e-commerce and digital wallet apps presents opportunities for innovative partnerships between insurers and digital platforms to bridge the $498bn health protection gap in India, Indonesia and Malaysia, according to the latest Swiss Re study.
The Indonesian General Insurance Association (AAUI) released a standard code of practice for general insurance agents.
The Indonesian General Insurance Expert Agents Association (A3UI) is lobbying the Financial Authority (OJK) to revise a 2016 regulation so that general insurance agents would be able to collaborate with more than one insurance company at any one time.
The Ministry of Finance has revealed that the total value of state assets that need to be covered by insurance is estimated at $80bn.