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Apr 2025

Indonesia: Regulator studies formation of insurance consortium to cover online lending risks

Source: Asia Insurance Review | Apr 2025

The Financial Services Authority (OJK) is examining the feasibility of establishing an insurance consortium for the online lending sector, according to the agency’s chief executive of financing, venture vapital, microfinance, and other financial institution supervision, Agusman.
 
He said that his division encourages discussions between insurance industry players and online loan service providers so that the insurance industry can have complete information about business models and risks in the online loan industry, Antara News Agency reported.
 
Meanwhile, a special insurance product scheme designed for online loans is still being studied by related parties, namely, the Indonesian General Insurance Association (AAUI) and the Indonesian Joint Funding FinTech Association (AFPI). This effort is a mandate under an OJK regulation regarding risk mitigation by online lenders. A 
 
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