More and more Indonesians are taking out life insurance coverage, with the number of policies reaching 52.76 million by the end of the first quarter of 2012, up 15.1 percent from a year earlier, the Association of Indonesian Life Insurance Companies (AAJI) said on Monday.
The bulk of the policies, 43.03 million, were taken out by companies on behalf of their employees, with the remaining 9.73 million purchased by individuals.
“More and more people have realized the importance of owning life insurance as a long-term security measure. Indonesia’s positive economic growth in spite of the global economic crises also plays a role in the increase,” AAJI chairman Hendrisman Rahim said.
Total premium revenues reported the association’s 49 members in the first quarter of 2012 rose to Rp 24.3 trillion (US$2.57 billion), up by 14.8 percent over last year. Of these revenues, 68.31 percent came from premiums.
AAJI said it is expecting total premium revenues to grow by 30 percent by the end of 2012 to Rp 122.76 trillion. (tas)
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