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.
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".