The establishment of a carbon exchange in Indonesia represents an opportunity for the financial industry, including the general insurance industry sector, says Mr Bern Dwyanto, the executive director of the General Insurance Association of Indonesia (AAUI).
Takaful associations in Malaysia and Indonesia are collaborating to share knowledge, conduct joint training programmes, exchange data intelligence and provide consultations on matters related to Islamic finance and takaful. An agreement was inked by the Malaysian Takaful Association (MTA) and Secretariat of Asosiasi Asuransi Syariah Indonesia (AASI) on 27 September to begin these initiatives. The event was held during the Takaful Rendezvous in Kuala Lumpur, Malaysia.
Vietnam, Indonesia, Thailand, and the Philippines face unique emerging risks, resulting in distinct nuances within their insurance sectors, says the Singapore-headquartered regional InsurTech company, Igloo.
AXA Insurance Indonesia (formerly known as Mandiri AXA General Insurance/MAGI) has announced plans to close its Shariah business unit.
The implementation of the new financial reporting standard PSAK 74, the Indonesia form of IFRS 17, regarding insurance contracts by 2025, is not without challenges because it would require insurers to have increased capital.
AIA Indonesia has taken a pioneering step in the country's insurance industry by integrating artificial intelligence (AI) into the recruitment process for insurance agents, known as Life Planners.
Through AIA Healthy for the Nation, PT AIA Financial (AIA Indonesia) has expressed its commitment, both for Indonesia and in line with AIA Group's ambition to achieve net-zero emissions by 2050.
Asuransi Tugu Pratama Indonesia (Tugu Insurance) is currently considering spinning off its Shariah Business Unit (UUS) in 2024.
The Financial Services Authority (OJK) asked insurance and reinsurance companies to carry out a parallel run of IFRS 17, of which the local equivalent is PSAK 74 Insurance Contracts), in the first quarter of 2024.
The general insurance industry posted total premium income of IDR48.90tn ($3.2bn) in the first half of 2023, an increase of 6.2% year on year (yoy), according to the Indonesian General Insurance Association (AAUI).