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.
The Indonesian General Insurance Association (AAUI) has announced that general insurance premium income in the first quarter of this year reached IDR32.7tn ($2bn), increasing by 26.1% compared to the corresponding quarter in 2023.
The Financial Services Authority (OJK) is working with relevant ministries and institutions to issue regulations covering Mandatory Third Party Liability (TPL) Insurance.
The issuance of a new regulation (POJK Number 8 of 2024) concerning "Insurance Products and Marketing Channels for Insurance Products", will facilitate the licensing of insurance products, according to Financial Services Authority (OJK).
The Indonesian Life Insurance Association (AAJI) has announced that the life market chalked up premium income of IDR46tn ($2.8bn) in the first quarter of 2024.
Sedgwick has expanded its marine claims solutions with Mr Fahrizal and Ms Kanya Manohara, both average adjusters.
The Financial Services Authority (OJK) is urging general insurance companies to develop risk mapping for electric vehicle (EV) insurance, even as the regulator encourages the development of the EV insurance market.
The Financial Services Authority (OJK) assessed that shariah insurance has great prospects in Indonesia.
The Indonesian General Insurance Association (AAUI) has called for third-party liability (MTPL) insurance to be made mandatory for all vehicles, saying that the number of motor accidents has been rising.
The Financial Services Authority (OJK) granted a reinsurance business licence to Orion Reasuransi Indonesia (Orion Reinsurance) on 4 April 2024.