The takaful sector's contribution in Indonesia will grow by 5%-10% in 2023, further supported by the developing Islamic finance ecosystem, Fitch Ratings forecasts. However, long-term challenges persist due to very low awareness of and demand for takaful products.
The Indonesian Shariah Insurance Association (AASI) forecasts that the Islamic insurance market will grow by 9% -11% in 2023 in terms of contributions.
PT AIA Financial (AIA) has launched AIA Bahagia Bersama as its first unit link insurance to fulfil the requirements set by the Financial Services Authority (OJK), Indonesia's insurance regulatory authority.
The management of Asuransi Allianz Life Indonesia has announced a plan to spin off the company's Shariah business unit (SBU) into a new subsidiary, named Asuransi Allianz Life Shariah Indonesia.
Companies in Indonesia such as IKEA, Gojek and Shopee are customising insurance policies to suit the products they sell. It is made possible through developments in technology that have allowed them to collaborate with InsurTechs and underwriters to create policies for their customers.
The Financial Services Authority (OJK) is planning to set a minimum limit for credit insurance premiums, in the wake of a price war in this branch of business.
The Financial Services Authority (OJK) has issued a new regulation governing insurance intermediaries.
Asuransi Tugu Pratama Indonesia (TUGU) has posted strong operating performance on the back of profitable business from its parent group, Pertamina, that remains the key contributor to TUGU's strong operating performance, says AM Best.
Property reinsurance pricing on loss free risk and CAT programmes in ASEAN and China varies from +15% to +20% risk adjusted, and even larger increases are seen in Taiwan and Korea, says Gallagher Re in its January 2023 "1st View Market Report" released on 1 January.
The Indonesian Parliament's approval of Indonesia Insurance Deposit Corporation's (LPS) new mandate to guarantee insurance policies will help to restore consumer trust in the industry after recent defaults, says Fitch Ratings.