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As of the first half of 2024, the value of the premiums in Indonesia’s insurance industry amounted to approximately *** trillion Indonesian rupiah. As the steady growth in premiums illustrates, the Indonesian insurance market has been growing in recent years, proving its resilience amid the challenges posed by COVID-19. The industry still has considerable potential for development, given the still low penetration rate, stimulated by rising middle-class incomes. 

Life insurance in Indonesia

The life insurance sector leads the Indonesian insurance industry in terms of written premiums. The value of premiums in the life insurance sector amounted to trillion Indonesian rupiah as of 2023, ahead of premiums in the non-life insurance sector, which were worth around *** trillion Indonesian rupiah. The life insurance market is dominated by international players such as Prudential Indonesia and Manulife Indonesia. In 2024, Manulife Indonesia had total assets of around ** trillion Indonesian rupiah, followed by Prudential Indonesia, with assets of around **** trillion Indonesian rupiah.

Indonesian general insurance market

In the general insurance sector, the highest premiums were recorded in property, motor, and credit insurance. Indeed, as of 2024, property insurance accounted for ** percent of premiums written in the Indonesian non-life insurance sector, followed by credit insurance with ** percent. For these general insurance products, brokers accounted for ** percent of premiums written in the country, followed by direct marketing and leasing channels.