MSIG Asia (MSIG) has announced that it has invested in a major stake in Serenity Health Partners (Serenity), a Singapore-incorporated health solutions provider.
Estimates are that, in 2023, a third of the total number of insurance companies in Indonesia (excluding Shariah business units or windows [UUS]) that have a capital of less than IDR250bn ($16m), meaning that they are unlikely to meet new minimum capital requirements by the deadline of 2026, and so will likely be involved in M&As, according to Algo Research which offers research on the Indonesian financial sector.
Indonesia's life insurance industry chalked up premium income of IDR88.49tn ($5.7bn) in the first six months of this year, 2.6% higher than in the first half of 2023, according to data from the Life Insurance Association of Indonesia (AAJI).
The community programme, called "Hoops+Health", is inspiring engagement, activity and healthy living through basketball by improving community access to courts and education across six Asian markets.
The Financial Services Authority (OJK) is strengthening the development of health insurance to promote insurance penetration and density.
Collaboration is the key to improving access and quality of health insurance services for the Indonesian people, according to the chairman of the Indonesian Insurance Council (DAI), Mr Yulius Billy Bhayangkara.
The Financial Services Authority (OJK) has organised a meeting between executives of financially-stricken Asuransi Jiwasraya and with several representatives of Jiwasraya policyholders who oppose a restructuring scheme for the financially-stricken life insurer and the transfer of policies from Jiwasraya to Asuransi Jiwa IFG (IFG Life).
Health insurance claims are on the rise in Indonesia, jumping by 29.6% to IDR5.96tn ($386m) in the first quarter of this year, according to the Indonesian Life Insurance Association (AAJI).
Locally-incorporated reinsurance players must step up to increase support for the development of the insurance industry in Indonesia and to reduce the deficit in the insurance sector's balance of payments.
Singapore-headquartered regional InsurTech Igloo has announced that it has expanded its digital platform, Ignite, to the Philippines.