Indonesian insurtech startup Qoala has announced that it has successfully raised $65m in a Series B funding round led by European investment firm Eurazeo.
Insurance companies say that there is no impact on insurance business following the imposition of value added tax (VAT) on services provided by insurance agents, direct brokerages and reinsurance brokerages that took effect on 1 April 2022.
A survey of SME businesses in South and Southeast Asia has highlighted a gap in their current protection levels and the risks they currently face.
The Indonesian Life Insurance Association (AAJI) has launched a roadmap for the life insurance industry, aiming to develop the sector, strengthen governance and promote digital transformation.
Data related to Indonesia's life insurance industry shows that unit-linked insurance plans (ULIPs) remain the dominant product line for life insurers despite a spate of customer complaints about mis-selling.
Maskapai Reasuransi Indonesia (Marein) is tightening its risk monitoring and ensuring premium-rate adequacy to improve profitability, says Fitch Ratings.
The non-life combined ratio of Reasuransi Indonesia Utama (Indonesia Re) increased to 107.5% in 2021 (2020 audited: 104%) due to higher claims from its fire, health, credit life, and credit insurance businesses and a reserve top-up, while premiums declined, notes Fitch Ratings Indonesia.
The Financial Services Authority (OJK) has voiced its concern over intense competition and capital issues in the general insurance industry.
The Indonesian General Insurance Association (AAUI) and credit insurers have held meetings to discuss improvements in the management of risk in credit insurance business, according to Ms Trinita Situmeang, AAUI's deputy head of Statistics, Research & Analysis.
The Indonesian Life Insurance Association (AAJI) has recorded life insurance redemption sums totalling IDR91.24tn ($6.38bn) in 2021.