Indonesian Life & Non-Life Insurance Market Report 2022-2027: Lucrative Opportunities in the Insurance Landscape Owing to Lower Density of Life and Non-Life Insurance Per Capita – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Life & Non-Life Insurance Market in Indonesia – Growth , Trends, COVID – 19 Impact, and Forecasts ( 2022 – 2027 )” report has been added to ResearchAndMarkets.com’s offering.

Indonesia’s life and non-life insurance market is well-diversified and underpinned by solid capitalization, supporting a stable outlook assigned to the segment. Gross premium written (GPW) for credit insurance, the market’s third-largest business line, increased by 86.2% to IDR 14.6 trillion in 2019.

Property insurance, the largest business segment, also posted solid GPW growth of 9.7% to IDR 20.9 trillion. However, motor insurance GPW recorded muted growth of 0.3%. Improved underwriting discipline continued rate increases, lower catastrophe risks, and an improving commercial and personal auto market drove demand in the first half of 2020. Moreover, these factors have led to strong underwriting success in the Indonesian property and casualty insurance industry.

InsurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Key Market Trends

Increase in GDP per Capita

GDP per capita is a measurement often used to determine economic growth and potential increases in productivity and is calculated by taking the GDP and dividing it by the total population in the country. GDP per capita is a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth.

Per capita income of the country has increased in recent years and expected to continue. In addition, insurance density per capita in Indonesia is increasing year by year with the changing living standards and surged disposable income of the population. The insurance density is expected to grow by more than 5% in the forecast period.

Lucrative Opportunities in the Insurance Landscape Owing to Lower Density of Life and Non-Life Insurance Per Capita

The Indonesian insurance sector is underperforming, as compared to the developed and emerging economies. Insurance penetration and density, which are the key performance indicators of the insurance industry, are especially low in Indonesia. Furthermore, there is a significant gap between insurance coverage and value, which highlights the high-risk state of the country.

Since these vital parameters are improving at a stagnant growth rate, insurance penetration (measured as the ratio of insurance premium paid and GDP of the country), has increased from approximately 5% in 2019 to 7-10% in 2021, in Indonesia.

Although this is a significant development, considering the volume of business, it lags the penetration levels in the rest of the world (6.13%) and in the emerging Asian economies (5.62%). The insurance sector has reported a consistent increase in the insurance penetration year by year, which is expected to increase further in the future.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Porters 5 Force Analysis

4.4.5 Intensity of Competitive Rivalry

4.5 Impact of COVID – 19 on the Market

5 MARKET SEGMENTATION

5.1 By Insurance type

5.1.1 Life Insurance

5.1.1.1 Individual

5.1.1.2 Group

5.1.2 Non – Life Insurance

5.1.2.1 Home

5.1.2.2 Motor

5.1.2.3 Others

5.2 By Channel of Distribution

5.2.1 Direct

5.2.2 Agency

5.2.3 Banks

5.2.4 Other distribution channels

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

• Great Eastern Life Indonesia. PT
• GlobalSurance
• PT. Asurani Reliance Indonesia
• Asuransi Jasindo KC Bandar Lampung
• PT KB Insurance Indonesia
• PT. Tokio Marine Life Insurance Indonesia
• Fistlight Indonesia
• Willis Indonesia Insurance Brokers
• ACE Insurance Indonesia*

For more information about this report visit https://www.researchandmarkets.com/r/5weicz