Country Profile

Indonesia

Towards a more resilient sector

Ahead of the 24th Indonesia Rendezvous held on 24-27 October in Bali, Asia Insurance Review speaks to the Indonesian regulator, Otoritas Jasa Keuangan (OJK), about the priorities for insurance supervision, as well as efforts to boost insurance penetration in the country.

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Indonesia makes steady progress on actuarial front

Demand for actuaries in the market remains acute, although a big jump in the number of qualified actuaries is expected in the next five years.

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Life continues its expansion

The market is seeing rising level of awareness, and a better mix of distribution channels and products than before.

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Reinsurance maintains strong position

Indonesia’s local reinsurance industry has grown significantly over the past two years, owing largely to protectionist regulations implemented by the Indonesian regulator. As the initial effect of the mandatory domestic cessions slows down, the industry continues its upward trend as Indonesian insurers close the protection gap.

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