Premiums written in insurance industry Indonesia 2013-2023

In 2023, the value of the premiums in Indonesia’s insurance industry increased to approximately 551.4 trillion Indonesian rupiah from about 186.3 trillion rupiah in 2013. As the steady growth in premiums illustrates, the Indonesian insurance market has been growing in recent years, proving its resilience amid the challenges posed by COVID-19. The industry still has considerable potential for development, given the still low penetration rate, stimulated by rising middle-class incomes. 

Life insurance in Indonesia

The life insurance sector leads the Indonesian insurance industry in terms of written premiums. The value of premiums in the life insurance sector amounted to 76 trillion Indonesian rupiah as of June 2023, ahead of premiums written in the non-life insurance sector, which were worth around 49 trillion Indonesian rupiah. The life insurance market is dominated by international players such as Prudential Indonesia and Manulife Indonesia. In 2022, Prudential Indonesia had total assets of around 61 trillion Indonesian rupiah, followed by Manulife Indonesia, with assets of around 59 trillion Indonesian rupiah.

Indonesian general insurance market

In the general insurance sector, the highest premiums were recorded in property, motor, and credit insurance. Indeed, as of June 2023, property insurance accounted for 25.7 percent of premiums written in the Indonesian non-life insurance sector, followed by motor insurance with 20.1 percent. For these general insurance products, brokers accounted for 33.2 percent of premiums written in the country, followed by direct marketing and leasing channels.