Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
ASABRI, the state-owned insurance company that serves members of the Indonesian military and police, has suffered investment losses estimated at IDR23tn ($1.65bn).
Public awareness of natural disaster insurance has improved but the increase in penetration was marginal only over the past year, according to the chairman of the Indonesian General Insurance Association (AAUI), Mr Hastanto SM Widodo.
Around 10 general insurance companies are ready to market unit-linked insurance products (PAYDI), as they intensify preparations to meet requirements outlined in draft regulations that would allow them to sell such plans, according to the chairman of the Indonesian General Insurance Association (AAUI), Mr Hastanto Sri Margi Widodo.
The Indonesian general insurance industry is expected to obtain approval shortly to market investment-linked insurance products (PAYDI), when it would pose competition to the life insurance sector which currently is the only segment selling the plans.
The International Finance Corporation (IFC), a part of the World Bank Group that focuses on accelerating financial inclusion and literacy in various developing countries, has officially become an investor in PasarPolis, according to a statement issued by the Indonesian InsurTech company yesterday. PasarPolis raised $5m in equity finance from IFC.
The life insurance industry has paid claims totalling IDR642.9bn ($45.9m) due to COVID-19 as of October 2020, according to data from the Indonesian Life Insurance Association (AAJI).
Tugu Reasuransi Indonesia's (Tugure) non-life combined ratio stood at 105.7% by end-2020, higher than the 103.2% by end-2019, notes Fitch Ratings. The increase was due to lower premiums, higher claim payments following floods that hit Jakarta in early 2020 and claim increases in the health business due to the pandemic.
State-owned reinsurer, Indonesia Re, is preparing a roadmap to realise its plan to become Southeast Asia's largest reinsurance company in terms of equity.
Indonesia Financial Group (IFG), the state-owned insurance and guarantee holding company, plans to boost inorganic growth this year. One of the measures is establishing IFG Life, an insurance company that will focus on life and health insurance services.