The Indonesian Life Insurance Association (AAJI) has said domestic life insurers booked a combined total revenue of Rp 140.94 trillion (US$9.7 billion) in the first three quarters of this year, 1.2 percent higher than the Rp 139.27 trillion booked in the same period last year.
AAJI chairman Wiroyo Karsono told reporters at a press conference over the weekend that 97 percent, worth Rp 136.71 trillion, of the total revenue came from insurance premiums.
“The life insurance industry continues to grow and plays a significant role in supporting national economic development,” he said.
Unit-linked insurance plans, which combine insurance and investment under one plan, were more popular with a 58.4 percent contribution to total premium revenue, compared to conventional plans, which contributed 41.6 percent.
Meanwhile, medical claims were recorded at Rp 7.05 trillion, a 3.2 percent increase compared to the same period last year.
Wiroyo attributed the increase to a 6.9 percent increase in individual insurance and a 0.1 percent increase in group insurance. However, group insurance remained the largest contributor (53.3 percent) to total medical claims, while individual insurance contributed 46.7 percent.Only 25 percent of adults, out of a population of 265 million, have insurance in Indonesia.
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