The Compulsory Insurance Programme, including vehicle insurance, is still awaiting the issuance of rules as the regulatory framework for its implementation, according to Mr Ogi Prastomiyono, chief executive of the Financial Services Authority's (OJK) Insurance, Guarantee, and Pension Fund Supervision.
The Financial Services Authority (OJK) launched the "Roadmap for the Development and Strengthening of Indonesian Pension Funds 2024-2028".
The Financial Services Authority (OJK) has revealed that two insurance companies will spin off their takaful windows this year by establishing takaful companies.
Aon has appointed Ms Marguerita Silitonga as president director of Reinsurance Solutions in Indonesia. In her new role, she will be responsible for developing and executing strategy, driving growth and managing all operations for Aon's Reinsurance Solutions in Indonesia.
Asuransi Sinar Mas (ASM), one of Indonesia's biggest non-life insurance companies, achieved higher profitability in 2023 despite its consolidated premium declining by 2%, noted Fitch Ratings Indonesia (Fitch).
The Financial Services Authority (OJK) currently faces two big challenges in the insurance industry which must be resolved at the same time, according to Mr Ogi Prastomiyono, the regulatory agency's chief executive of Insurance, Guarantee and Pension Fund Supervision.
The Indonesian General Insurance Association (AAUI) has announced that general insurance premium income in the first quarter of this year reached IDR32.7tn ($2bn), increasing by 26.1% compared to the corresponding quarter in 2023.
The Financial Services Authority (OJK) is working with relevant ministries and institutions to issue regulations covering Mandatory Third Party Liability (TPL) Insurance.
The issuance of a new regulation (POJK Number 8 of 2024) concerning "Insurance Products and Marketing Channels for Insurance Products", will facilitate the licensing of insurance products, according to Financial Services Authority (OJK).
The Indonesian Life Insurance Association (AAJI) has announced that the life market chalked up premium income of IDR46tn ($2.8bn) in the first quarter of 2024.