Bancassurance business in Indonesia continued to fall in the third quarter of this year, reflecting a trend that started around three years ago.
Asuransi Tugu Pratama Indonesia (Tugu), one of Indonesia's biggest non-life insurance companies, has said that it would expand the company's business by establishing a life insurance company.
Asuransi Allianz Life Syariah (Allianz Syariah), a newly spun-off takaful insurer, is targeting West Java for its business.
Tugu Reasuransi Indonesia's (Tugure) GPW growth slowed to 3% year on year in the first nine months of this year (9M23), compared with 24% growth in 2022, as it aimed to improve its underwriting result rather than focus on the top-line, notes Fitch Ratings Indonesia (Fitch).
Almost all (93%) of Indonesia's insurance industry players are optimistic about the future growth of their companies over the next five years, according to the findings of a survey by the Financial Services Authority (OJK) conducted in 2023.
The Financial Services Authority (OJK) says that 39 insurance companies out of a total of 124 conventional insurers had an equity above IDR1tn ($65m) as of the end of 2022.
Indonesia's Vice President Ma'ruf Amin has urged insurance companies to spin off their Shariah business units (UUS) before the deadline of December 2026.
Given the expanding role of the Shariah insurance industry and the growing demand for Shariah insurance among the public, a comprehensive strategy is necessary to develop the Islamic insurance market, says the Financial ?Services Authority (OJK).
Indonesia's Financial ?Services Authority (OJK) has published its "Roadmap for the Development and Strengthening of the Indonesia Insurance Industry 2023-2027".
A study among emerging Asia's middle-class in the areas of improving health diagnostics, mental health, and cyber security has revealed three key opportunities for mitigating risks.