Tokio Marine Holdings has increased its shareholding in Asuransi Tokio Marine Indonesia (TMI) from 60% to 80% through its wholly owned subsidiary, Tokio Marine Asia.
The spinning-off of takaful windows into Shariah insurance companies is projected to boost the growth of the Islamic insurance sector in the medium term.
The general insurance industry is predicted to see growth in premium income of 10-15% in 2023, according to Ms Trinita Situmeang, deputy chairperson for Statistics, Research and Analysis at the Indonesian General Insurance Association (AAUI).
In the midst of the threat of a global recession and domestic economic pressures, the Shariah insurance industry in Indonesia is considered still to have huge potential for growth.
A morbidity table for critical illness is expected to be a reference for insurance companies in Indonesia in designing premium products and determining prices.
The Indonesian Shariah Insurance Association (AASI) has signed a memorandum of understanding (MOU) with the Islamic Insurance Association of London (IIAL) to cooperate on takaful.
The Financial Services Authority (OJK) is trying to accelerate the formation of a Policy Guarantee Agency (LPP) to provide protection for policyholders in the event an insurance company has its licence revoked or is in default.
The Indonesian non-life insurance segment is expected to exhibit higher growth in 2022, supported by the resumption of domestic activity and demand as the country transitions to treating COVID-19 as endemic and moves away from strict lockdowns seen up to 2021, says AM Best.
Indonesians have strong aspirations to buy insurance to protect their future, but many have not made a decision to buy, according to the DBS-Manulife Future Ready Survey 2022 conducted by DBS Treasures from Bank DBS Indonesia and Manulife Indonesia Life Insurance among the affluent.
Digitalisation through InsurTechs or traditional insurers' digital platforms will improve the insurance penetration rate in Indonesia, Fitch Ratings says in a new report. Penetration has been low with financial literacy and inclusion of insurance products improving only slightly in the past five years, according to a national survey.