The Indonesian General Insurance Association (AAUI) has announced that total non-life insurance premiums grew by 9.8% to IDR69.9trn ($4.9bn) in 2018.
The business lines that posted negative growth in 2018 were ship hull, energy and accident Insurance. The other lines recorded positive growth last year compared to the same period in 2017.
Claims in 2018 amounted to IDR30.1trn, up by 8.1% from 2017, according to AAUI deputy chairperson and chair of the association's Statistics, Research, Analysis and Actuarial Division, Ms Trinita Situmean.
"The increase in claims occurred in almost all insurance business lines. Five business lines recorded a decrease in claims, namely transport, ship hull, energy, engineering and liability insurance," she said.
The claim ratio in 2018 stood at 43.2%, down from 2017's 43.5%.
"The increase in claims occurred in almost all insurance business lines. Five business lines recorded a decrease in claims, namely transport, ship hull, energy, engineering and liability insurance," she said.
The claim ratio in 2018 stood at 43.2%, down from 2017's 43.5%.
Drivers Of Growth - Ms Trinita said that vehicle insurance and property insurance were the biggest contributors to premium growth with IDR18.67trn and IDR19.03trn respectively.
She said that motor insurance business expanded with the increased sales of motor vehicles. Based on data from the Association of Indonesian Automotive Industries and the Independent Association of Indonesian Surveyors (AISI), sales of two-wheeled vehicles grew by 8.44% to 6.38m units in 2018. Sales of cars rose by 6.74% to 1.15m units last year.
As for property insurance, Ms Trinita said that growth was seen in both the commercial and residential sectors, in particular middle-class housing and industrial land.
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