Indonesian non-life insurance market: 2023 turnover

Data from the General Insurance Association of Indonesia (AAUI) indicate that local non-life insurers have ended the 2023 financial year with a 15.3% increase in turnover. The premium volume amounted to 103 860 billion IDR (6.7 billion USD).

Property insurance dominates the sector, with premiums reaching 26 490 billion IDR (1.7 billion USD), representing a market share of 25.5% in 2023. This business is followed by the credit and motor classes, with a respective turnover of 22 340 billion IDR (1.5 billion USD) and 19 940 billion IDR (1.3 billion USD). These two classes of business account for 21.5% and 19.2% of the Indonesian non-life portfolio.

In terms of growth rates, the engineering business posted the highest increase in premiums (63.4%), followed by credit insurance (56.2%) and bond insurance (32.4%).