The insurance industry chalked up a premium income of IDR165.18tn ($10.2bn) in the first half of this year, 8.46% higher compared to the corresponding half in 2023, according to the Financial Services Authority (OJK).
The Financial Services Authority (OJK) is currently preparing for the implementation of compulsory motor third-party liability (TPL) insurance.
The insurance industry in Indonesia is ready to face significant digital transformation, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.
The profitability of Reasuransi MAIPARK Indonesia (MAIPARK) has improved, reflected in an increase in return on equity (ROE) to 10% in 2023, from 7% in 2022, on higher investment income, Fitch Ratings has pointed out.
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.