The Indonesian government's plan to increase the Value Added Tax (VAT) from 11% to 12% starting in January 2025 will affect the bottomline of the sector, according to the chairman of the Indonesian General Insurance Association (AAUI) Mr Budi Herawan.
The average health claims loss ratio in Indonesia reached 105.7% in the first quarter of 2024 and is expected to increase even more in 2025, says WTW, a leading global advisory, broking and solutions company.
AIA has introduced the Premier Hospital & Surgical Saver (PHS Saver) to better serve consumers in relation to the increase in demand for individual health insurance products.
Oona Insurance has appointed Mr Praveen Paladugu as group head of agency distribution. In his new role, he will oversee agency distribution channels across Indonesia and the Philippines, with a mandate to elevate agent performance, align distribution efforts with corporate objectives and ensure agents are well-equipped to thrive in a rapidly evolving insurance industry.
To counter high medical inflation, the Financial Services Authority (OJK) is planning several initiatives for the health insurance market in Indonesia, the chief executive of the Insurance, Guarantee and Pension Fund Supervisory Division of OJK, Mr Ogi Prastomiyono, has said.
Tugu Reasuransi Indonesia's (Tugure) combined ratio is expected to remain volatile due to the reinsurer's exposure to claim risk from the property and credit insurance businesses, said Fitch Ratings Indonesia (Fitch).
Digital transformation is no longer an option, but a "necessity to survive and thrive", according to EY Partner Bernadeth Saoria Gultom at the 28th Indonesia Rendezvous, which ran from 9 to 12 October in Bali, Indonesia.
The Financial Services Authority (OJK) has said that there has been a shift in the life insurance portfolio mix, with endowment policies contributing the biggest share to the sector, taking the crown from unit-linked products.
Great Eastern has spotlighted 12 most inspiring customers from Singapore, Malaysia and Indonesia by turning their stories into mini films starring themselves. These shorts premiered on the outdoor screen at One Raffles Place recently.
The Financial Services Authority (OJK) has disclosed that two insurance companies have completed the spin-off of their takaful windows or Shariah Business Unit (UUS) as of 31 October 2024, more than two years ahead of the deadline to do so.