The Indonesian Shariah Insurance Association (AASI) is seeking support that can be lent by the halal ecosystem to expand shariah insurance business, according to the association's general chair Rudy Kamdani.
In celebration of World Women's Day which is celebrated every March, Sun Life Indonesia has launched an inspirational session of Sun Entrepreneur with hundreds of women to discuss entrepreneurial-based empowerment in the insurance agency distribution industry.
Life insurance revenue in Indonesia reached IDR219.70tn ($14bn) in 2023, dipping by 2% compared to IDR224.09tn in 2022, according to the Indonesian Life Insurance Association (AAJI).
Health insurance claims in the insurance industry increased in 2023 and the Financial Services Authority (OJK) forecasts that they will continue to climb this year.
Indonesia Financial Group (IFG), a state-owned insurance holding company, is collaborating with Indonesia Re to accelerate the standardisation of technical data in the insurance industry through an "Insurance Data Taxonomy Cooperation" agreement.
The non-life insurance market posted a 15.3% jump in premium income to IDR103.86tn ($6.7bn) in 2023, according to the General Insurance Association of Indonesia (AAUI). This growth was supported largely by the engineering insurance branch.
The state-owned insurance holding company, IFG, has announced that it will acquire 70% of the shares of Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth). The stake is to be acquired through Asuransi Jiwa IFG (IFG Life), raising the group's total holding in Asuransi Jiwa Inhealth to 80%.
The Financial Services Authority (OJK) has said that compulsory insurance is mandated under the Financial Sector Development and Strengthening (P2SK) law. The regulator hopes that compulsory insurance could quickly take effect.
The insurance industry in Indonesia chalked up total premium income of IDR320.88tn ($20.50bn) in 2023, an increase of 3.02% over 2022, according to the Financial Services Authority (OJK).
The new equity requirements for Indonesia's takaful and retakaful sector will encourage healthy competition and spur consolidation, says Fitch Ratings, with some weaker insurers likely to fall short of the requirements.