The Financial Services Authority (OJK) granted a reinsurance business licence to Orion Reasuransi Indonesia (Orion Reinsurance) on 4 April 2024.
The operating performance of Asuransi Astra Buana is assessed as strong, demonstrated by its five-year average combined ratio of 88.1% and return-on-equity ratio of 17.6% (2019-2023), according to AM Best.
The Financial Services Authority (OJK) has said that there are now seven insurance companies that are under special supervision. This number has fallen from 11 at the start of February 2023.
As many as 32 takaful windows or Shariah business units (UUS) of insurance and reinsurance companies in Indonesia will be spun off from their conventional insurance parents by 31 December 2026, according to the Financial Services Authority (OJK).
Life reinsurer Maskapai Reasuransi Indonesia (Marein) has reported a combined ratio of 95% in 2023 compared with 97% in 2022 and an average of 97% during 2021-2023, supported by a lower net claim and commission ratio, notes Fitch Ratings.
The Indonesian Shariah Insurance Association (AASI) is seeking support that can be lent by the halal ecosystem to expand shariah insurance business, according to the association's general chair Rudy Kamdani.
In celebration of World Women's Day which is celebrated every March, Sun Life Indonesia has launched an inspirational session of Sun Entrepreneur with hundreds of women to discuss entrepreneurial-based empowerment in the insurance agency distribution industry.
Life insurance revenue in Indonesia reached IDR219.70tn ($14bn) in 2023, dipping by 2% compared to IDR224.09tn in 2022, according to the Indonesian Life Insurance Association (AAJI).
Health insurance claims in the insurance industry increased in 2023 and the Financial Services Authority (OJK) forecasts that they will continue to climb this year.
Indonesia Financial Group (IFG), a state-owned insurance holding company, is collaborating with Indonesia Re to accelerate the standardisation of technical data in the insurance industry through an "Insurance Data Taxonomy Cooperation" agreement.