A new regulation issued by the Financial Services Authority (OJK) of Indonesia will regulate the development of human resource quality for insurance companies, insurance brokers and reinsurers.
Initially scheduled to come into force in January 2025, the implementation of mandatory motor third-party liability insurance has been delayed.
According to news site Jakarta Globe, the implementation of mandatory third-party liability (TPL) insurance for motor vehicles has been delayed, as the country's regulator, Otoritas Jasa Keuangan (OJK) waits for a government regulation. The programme was to be implemented in January 2025.
additiv, a Swiss-based fintech firm specialising in embedded finance solutions, has opened a new office in Jakarta, Indonesia, as part of its Asia-Pacific expansion.
The Indonesian Financial Services Authority (OJK) has asked the insurance associations in Indonesia (AAUI and AAJI) to develop standardised policy wordings. This was in response to the Constitutional Court decision relating to Article 251 KUHD, which makes an insurance company no longer able to unilaterally cancel claims.
Indonesia will introduce free medical screenings next month as part of the country's effort to detect various diseases early and avoid preventable deaths according to the government.
The Indonesian archipelago will continue to have wet rainy season during 2025 as the impact of La Niña continues. The country can expect high intensity rainfall to occur until April and thereby increasing the risk of catastrophic events causing much disaster in the country.
Beginning 1 January 2025 Indonesia has launched a new job loss insurance programme (Jaminan Kehilangan Pekerjaan, JKP) that will provide an important support element for the laid-off employees in the country. This will benefit around 3.76m workers in 110,000 companies across Indonesia.
The Indonesian insurance industry will face great opportunities as well as significant challenges in 2025, a senior official of the Financial Services Authority (OJK) has said.
The Indonesian Life Insurance Association (AAJI) has said that there are four challenges faced by the sector which are predicted to persist into 2025.