Insurance Companies in Indonesia
Indonesia has population more than 240 million and the occurrence of natural disasters is absolutely undeniable – despite that, it is expected to be the ASEAN’s leading market for latest automobile trade. In addition, Indonesia is considered to be a finest destination for insurance investments. in this article we will go display the top insurance companies in indonesia. As an agency company, we partner with some of the best.
Yet, there are some issues that need to be resolved i.e.
Low penetration rate (Insurance sales)
Lack of public awareness (Benefits of insurance coverage)
Additionally, there are some complications for foreigner investors as well, that are;
Adaptation to Indonesian culture
Qualified workforce
At present, financial awareness by private sector and Indonesian government are helping the public to undertake insurance as a means of securing health, assets, and businesses. Therefore, investors from all over the world are investing in this promising market in high spirits.
The Financial Services Authority (Otoritas Jasa Keuangan, or OJK), which is a newly-established independent regulator of Indonesian financial services. The reports by OJK in 2012 indicate that, in this year total assets increased by 15-percent to the amount of USD 67.3 Billion solely in insurance industry. Approximately 45-percent in total increased in General-insurance Assets. Yet, General-insurance Assets pace is in low momentum as compared to Life Insurance Assets.
DOWNLOAD HERE
Considering the data presented by “AAMAI” – an Indonesian Insurance Institute;
Vehicle insurance represents = 30% of the market
Property insurance = 27%
Personal accident insurance = 13%
The general insurance segment developed gradually as compared to life insurance segment of this particular industry. So far, there’s much prospect of growth when comparing low penetration rate of 1.2% of Indonesia with the related market i.e. Thailand and Malaysia with 3% and 4% respectively.
As reported by “A.M. Best” in its ‘Special Report, 2012’ – the Indonesian market had 40-percent of total paid insurance premiums. Additionally, the percentage is escalating as more Indonesian people are sharing concerns of securing their wealth and obtaining the insurance policies. Lately, the people inferred that it is an excellent way to make one’s living better than before by obtaining property, health, vehicle, and financial assets insurances.
The Regulatory Environment
In the first quarter of 2013, the increment in least amount of capital requirement condition (required by regulation No. 39 of 2008) was applied. In 2012-14, the master plan of Financial Institution Supervisory Agency (Bapepam-LK) and the Capital Market were to increase partnerships, acquisitions and mergers between enhanced capitalized foreign insurance companies and Indonesian insurance companies.
As of 2014, those conditions came in effect and scheduled to augmentation in capital requirements by USD 103 Million. It placed added pressure on middle-size insurance companies. The Negative Investment List No. 36 of 2010 permits foreign investors to control up to 80% of non-pension-fund Indonesian insurers, given that the foreign company exists and operates in related business area. Consequently, sturdy and emerging business enterprises were announced i.e. Merger between Bank Mandiri and AXA.
The Financial Services Authority (OJK) replaced both Bank Indonesia and Bapepam-LK concerning ‘financial services’ and ‘Insurance services’ respectively. The most important objective of OJK is to provide financial understanding and advocacy to enhance public awareness for insurance products – for securing their future. The Authority also makes sure that insurance companies comply with the rules, regulations and requirements of domestic, international as well as ASEAN’s FTA (Free Trade Agreement) 2015. Such inflexible requirements pressed Indonesian insurance companies to set up relationships with foreign insurance companies. Furthermore, the amendments regarding regulations for insurance companies of Indonesia, has intensified the requirements for the coverage of;
Automobile liability,
Mandatory insurance for accidents
Delays in air-travelling
Workers’ remuneration
Import/export tax levied in 2010 as of Earthquake.
Some Indonesian insurance companies are listed below:
Great Eastern Life Indonesia. PT
PT. Tokio Marine Life Insurance Indonesia
Great Eastern Life
Fistlight Indonesia. PT
Willis Indonesia Insurance Brokers. PT
Asuransi Jasindo KC Bandar Lampung
ACE Insurance Indonesia
Asuransi Jasa Indonesia. PT (Jasindo)
PT. AIG Insurance
PT AIA Financial & AIG Insurance Indonesia
PT Chubb General Insurance Indonesia
Bupa Medical International
China Taiping Insurance Indonesia. PT
PT. Zurich Insurance Indonesia
Zurich Insurance Indonesia. PT
Merimen Technologies (S) Pte Ltd
PT. Pentha International
PT KB Insurance Indonesia
QBE Indonesia
PT. Reliance Insurance Indonesia
Yet, there are some issues that need to be resolved i.e.
Low penetration rate (Insurance sales)
Lack of public awareness (Benefits of insurance coverage)
Additionally, there are some complications for foreigner investors as well, that are;
Adaptation to Indonesian culture
Qualified workforce
At present, financial awareness by private sector and Indonesian government are helping the public to undertake insurance as a means of securing health, assets, and businesses. Therefore, investors from all over the world are investing in this promising market in high spirits.
The Financial Services Authority (Otoritas Jasa Keuangan, or OJK), which is a newly-established independent regulator of Indonesian financial services. The reports by OJK in 2012 indicate that, in this year total assets increased by 15-percent to the amount of USD 67.3 Billion solely in insurance industry. Approximately 45-percent in total increased in General-insurance Assets. Yet, General-insurance Assets pace is in low momentum as compared to Life Insurance Assets.
DOWNLOAD HERE
Considering the data presented by “AAMAI” – an Indonesian Insurance Institute;
Vehicle insurance represents = 30% of the market
Property insurance = 27%
Personal accident insurance = 13%
The general insurance segment developed gradually as compared to life insurance segment of this particular industry. So far, there’s much prospect of growth when comparing low penetration rate of 1.2% of Indonesia with the related market i.e. Thailand and Malaysia with 3% and 4% respectively.
As reported by “A.M. Best” in its ‘Special Report, 2012’ – the Indonesian market had 40-percent of total paid insurance premiums. Additionally, the percentage is escalating as more Indonesian people are sharing concerns of securing their wealth and obtaining the insurance policies. Lately, the people inferred that it is an excellent way to make one’s living better than before by obtaining property, health, vehicle, and financial assets insurances.
The Regulatory Environment
In the first quarter of 2013, the increment in least amount of capital requirement condition (required by regulation No. 39 of 2008) was applied. In 2012-14, the master plan of Financial Institution Supervisory Agency (Bapepam-LK) and the Capital Market were to increase partnerships, acquisitions and mergers between enhanced capitalized foreign insurance companies and Indonesian insurance companies.
As of 2014, those conditions came in effect and scheduled to augmentation in capital requirements by USD 103 Million. It placed added pressure on middle-size insurance companies. The Negative Investment List No. 36 of 2010 permits foreign investors to control up to 80% of non-pension-fund Indonesian insurers, given that the foreign company exists and operates in related business area. Consequently, sturdy and emerging business enterprises were announced i.e. Merger between Bank Mandiri and AXA.
The Financial Services Authority (OJK) replaced both Bank Indonesia and Bapepam-LK concerning ‘financial services’ and ‘Insurance services’ respectively. The most important objective of OJK is to provide financial understanding and advocacy to enhance public awareness for insurance products – for securing their future. The Authority also makes sure that insurance companies comply with the rules, regulations and requirements of domestic, international as well as ASEAN’s FTA (Free Trade Agreement) 2015. Such inflexible requirements pressed Indonesian insurance companies to set up relationships with foreign insurance companies. Furthermore, the amendments regarding regulations for insurance companies of Indonesia, has intensified the requirements for the coverage of;
Automobile liability,
Mandatory insurance for accidents
Delays in air-travelling
Workers’ remuneration
Import/export tax levied in 2010 as of Earthquake.
Some Indonesian insurance companies are listed below:
Great Eastern Life Indonesia. PT
PT. Tokio Marine Life Insurance Indonesia
Great Eastern Life
Fistlight Indonesia. PT
Willis Indonesia Insurance Brokers. PT
Asuransi Jasindo KC Bandar Lampung
ACE Insurance Indonesia
Asuransi Jasa Indonesia. PT (Jasindo)
PT. AIG Insurance
PT AIA Financial & AIG Insurance Indonesia
PT Chubb General Insurance Indonesia
Bupa Medical International
China Taiping Insurance Indonesia. PT
PT. Zurich Insurance Indonesia
Zurich Insurance Indonesia. PT
Merimen Technologies (S) Pte Ltd
PT. Pentha International
PT KB Insurance Indonesia
QBE Indonesia
PT. Reliance Insurance Indonesia
Bagus
ReplyDeleteBngke
ReplyDeletekontol kau
ReplyDeletePepek
ReplyDelete