OJK Q-2, 2017 Updates

The OJK has issued OJK Q-2 2017 report, which offers key industry statistics: 

• The insurance penetration rate is 2.75%, up from 2.70% in March 2017. 
• Assets, investments and gross written premiums of life insurance companies are Rp 434.74 trillion (approximately USD 32 billion) , Rp 378.89 trillion (approximately US 27 billion) and Rp 73.79 trillion (approximately USD 5.4 billion), respectively.
• Assets, investment and gross written premiums of general insurance companies and reinsurance companies are Rp 140.34 trillion (approximately USD 10 billion), Rp 71.97 trillion (approximately USD 5.3 billion) and Rp 37.47 trillion (approximately USD 2.7 billion), respectively. 
• There are 27 life joint venture insurance companies and 21 general joint venture insurance companies. There are 169 insurance broker companies and 40 reinsurance brokers companies. 

During January to June 2017:

• The OJK conducted nine on-site audits/supervisions, that is, four general insurance companies, four life insurance companies and one reinsurance company.  
• The OJK received 58 change of ownership applications (16 applications were approved during this period, and others may have been since) and 13 capital increase applications (four applications were approved during this period, and others may have been since). The OJK also received fit and proper test applications for 16 new controlling shareholders (all approved), 13 new commissioners (all approved) and nine new directors (one candidate was rejected).