Premiums in the Indonesian life industry soared by 28% in the first quarter of this year, compared to the same period in 2016, according to latest data released from the Financial Services Authority (OJK). Total premiums reached IDR35.19trn (£2.05bn, €2.36bn, $2.64bn), 28% higher than the same period in 2015, show the OJK figures.
The pace of growth in the life sector has picked up, as the increase in life premiums in the first quarter of 2016 was 24%, according to local media reports.
Nelly Husnayati, head of inter-relation at Indonesian Life Insurance Association (AAJI), said the premiums accumulated in 2016 reached IDR167trn, an increase of about 30% compared to 2015.
The increase is down to a surge in the number of licensed insurance agents which rose from around 415,000 in 2014 to 543,000 in 2016, data collected by AAJI shows.
AAJI’s executive director Togar Pasaribu said: "Our hope is that this achievement can be maintained until the fourth quarter.”
He revealed that currently less than 5% of the total population of Indonesia have life insurance.
Pasaribu expects that the government’s infrastructure programme, which is focused on developing land outside the Java region, home to the nation’s capital Jakarta, will boost insurance penetration.
In April, PT Prudential Life Assurance, one of Indonesia’s largest life insurance reported total premium income of IDR26.5trn (£1.5bn, €1.78bn, $2bn) from its 3.4 million customers.
In April, PT Prudential Life Assurance, one of Indonesia’s largest life insurance reported total premium income of IDR26.5trn (£1.5bn, €1.78bn, $2bn) from its 3.4 million customers.
The figure was slightly higher than the previous year.
No comments:
Post a Comment