Thursday, February 22, 2018

Life premiums in Indonesia up 28%

Data released by the Financial Services Authority (OJK) shows that life insurers in Indonesia enjoyed solid premium growth in the first three months of this year.

According to official data, premiums in the Indonesian life industry soared by 28% in Q1 of this year from a year earlier.

Total premiums reached Rp35.19 trillion (US$2.64 billion).

For the entire 2016, premiums increased about 30% from a year earlier on the back of a surge in the number of licensed insurance agents, which rose to 543,000 in 2016 from 415,000 in 2014, according to the Indonesian Life Insurance Association (AAJI).

AAJI executive director Togar Pasaribu expressed hope that the Q1 achievement can be maintained until Q4 of this year. Indonesia’s life insurance penetration is less than 5% of the population, Pasaribu said.

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