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).
Life insurance premiums grew by 2.29% year on year to IDR87.99tn while general insurance and reinsurance premiums rose by 16.46% to IDR77.20tn in 1H2024.
OJK insurance, guarantee and pension fund supervision unit chief executive Ogi Prastomiyono said, "This performance is supported by solid capitalisation. The life insurance and general insurance sectors achieved risk-based capital (RBC) of 431.43% and 320.70%, respectively, far above the threshold of 120%.”
He also said that the total assets of the insurance industry reached IDR1,126.26tn as of 30 June 2024, an increase of 1.14% compared to 12 months previously.