As one of the countries most exposed to natural catastrophes (NatCat) such as earthquakes and floods, Indonesia’s relatively low insurance penetration has historically meant that the government must shoulder the lion’s share of losses. With earthquake and flood policies usually sold as standalone covers, a growing incidence of catastrophes has...
How do you assess the roll out of the new social security system so far, and what remaining challenges will there be before full implementation?
After taking over from the Indonesia Capital Market and Financial Institution Supervisory Agency, the new Financial Services Authority (OJK) is leading a regulatory overhaul of the sector. More aggressive than its predecessor, OJK is implementing new governance rules for underwriters and has set new premium tariffs and caps on commissions for...
ter regulated because it is larger and longer established. The general sector must now try to rise to that level. Too many small players in a marketplace drives prices down, and this, by reducing margins, limits the services companies can deliver.
What lessons can the younger and still-developing general sector learn from the larger...
While still small compared to its potential, Indonesia’s insurance market is attracting global underwriters and reinsurers. Only 6% the size of China’s market, according to SwissRe – at roughly Rp147trn ($14.7bn) in combined life and non-life premiums in 2012 – Indonesia’s market has sustained annual growth of over 20% in premiums and 26% in...
In the world’s most populous Muslim nation where over 85% of the population ascribes to the faith, Indonesia’s sharia-compliant insurance segment (takaful) remains marginal at a mere 3.9% of industry assets in 2012, according to a June 2013 report by rating agency Fitch. While proportionately small compared to neighbouring countries like...
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