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).
FWD Group Holdings Limited marked its 10th anniversary since the FWD brand was introduced on 14 August 2013, by announcing its '10 grants in 10 markets' charitable initiative for local communities.
The Indonesian Islamic insurance industry is expected to continue to grow positively this year, according to the chairman of the Indonesian Shariah Insurance Association (AASI), Mr Rudi Kamdani.
The Financial Services Authority (OJK) has announced that 40 insurance companies in Indonesia did not employ actuaries as of the end of July 2023.
The Financial Services Authority (OJK) has given an update on the status of problem-hit insurance companies, stating that the number of such insurers under special supervision has fallen to seven at present from 11 in April 2023.