The Financial Services Authority (OJK) has issued a regulation concerning the governance and constitution of insurance mutuals.
The Indonesian Life Insurance Association (AAJI) does not rule out the possibility that there could be mergers and acquisitions in the sector to meet capital requirements over the longer term.
The Indonesian regulator's proposal to raise minimum paid-up capital requirements for insurers may initiate a capital inflow into the sector, strengthening insurers' capital profiles and supporting the industry's development, Fitch Ratings says.
FWD Group Holdings (FWD) is expanding its financial literacy programme, JA SparktheDream, to span seven markets in Asia as part of its 10th anniversary year community initiatives. Developed in partnership with Junior Achievement Asia Pacific (JA), the programme integrates financial, social and life skills education for students to help boost financial literacy in the region.
The Financial Services Authority (OJK) will classify insurance companies based on their core capital, alongside a proposal to increase the minimum capital of insurance and reinsurance companies.
From 2030 to 2040, Indonesia is expected to experience a demographic bonus, in that the number of people aged 15-64 years, considered as those of productive age, will be greater than those who are in the non-productive age groups.
Life insurance premiums this year are expected to post a growth of 2%-5% compared to 2022, according to Mr Reza Siregar, head of Indonesia Financial Group Progress (IFG Progress).
Asuransi Allianz Life Indonesia (AALI) is currently working on spinning off its Shariah insurance unit, namely, Allianz Syariah, with the process expected to be completed in the second half of this year.
The goal is to ensure that the insurance industry is healthy and to boost consumer confidence in the sector.
Mr Ogi Prastomiyono, chief executive of the Supervision of Insurance and Guarantee Institutions, and Pension Funds, at the OJK, said that the current minimum capital required is too low compared to the business risks faced by insurance companies.
Allianz Asia Pacific (AZAP) is partnering INSEAD, one of the world's leading business schools, to create a training and certification programme aimed at transforming and upskilling the organisation's life and health business agency salesforce.