Indonesia Insurance Sector Report 2023-2024

Indonesia's insurance sector is underpenetrated compared to its regional peers, given its low density and penetration rates. With gross insurance premiums at 1.6% of GDP compared to Emerging Asia's average of 3.7%, and insurance density at USD 70 per capita versus USD 232 for Emerging Asia, the industry offers plenty of scope for expansion. This is partly due to a lack of public awareness and understanding of insurance products among the general population and a relatively low level of insurance literacy. Social insurance is the largest segment, accounting for 43.6% of total premiums in 2022. This is followed by life insurance, with a 31.9% share, and non-life insurance with 16.8%. Mandatory insurance accounts for 3.1% of total premiums.

This report provides a complete and detailed analysis of the "Insurance" sector for Indonesia. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Insurance" sector in Indonesia
• Crystallise the forces both driving and restraining this sector in Indonesia
• Ascertain Indonesia’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in Indonesia.
• Build a clear picture of trends, output and consumption for specific sub-sectors