Life insurance revenue down in Q1, claim payments up

The Indonesian life insurance market recorded 87.54 million individuals insured in the first quarter.

Preliminary data showed that Indonesia’s life insurance sector pencilled a Rp54.36t in revenues for the first three months of the year, according to the Indonesian Life Insurance Association (AAJI).

The revenue performance of the 56 life insurance companies remained low during the period versus the same period in 2022.

On the other hand, its sum assured was tallied at Rp5,002.29t, up 17.3% on a year-on-year (YoY). “This indicates that public awareness of the function of life insurance protection is growing,” AAJI said in a Bahasa written statement.

ALSO READ: Lexasure, AgriG8 team up to offer insurance to Indonesian farmers

Further, total claim payments made reached Rp45.56t in the three-month period, which is a 5.1% increase from the previous year.

As of end-March, the Indonesian life insurance market saw 87.54 million individuals covered.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit