Insurance: 2023-2027 Indonesian non-life market forecasts

GlobalData expects Indonesia's non-life insurers to achieve an average annual increase in their overall turnover to 37 100 billion IDR (2.4 billion USD) in 2027.

The premium growth would be mainly driven by stronger demand for natural catastrophe insurance, favorable government policies and the transition to cleaner energy.

In 2022, Indonesia recorded 3 531 natural catastrophes with insured losses amounting to 2 200 billion IDR (151.1 million USD).

For GlobalData, the country's high exposure to this type of events would likely contribute to an increased marketing of insurance policies including coverage against extreme weather events.