114 million Indonesians insured in H1 2024, up 28.4%

Bancassurance generated the highest premium income at $2.33b.

Indonesia’s January to June (H1 2024), total premium income reached $5.57b (IDR88.49t), a 2.6% year-on-year (YoY) increase from $5.43b (IDR86.24t) during the same period in 2023, Life Insurance Association (“AAJI” or Asosiasi Asuransi Jiwa Indonesia) data showed.

According to AAJI Chairman Budi Tampubolon, the growth was driven by strong performance across all distribution channels.

Bancassurance generated the highest premium income at $2.33b (IDR36.92t), a 13% YoY jump from last year. The agency channel contributed $1.76b (IDR27.94t), growing by 3.4% YoY, whilst the Alternative Distribution Channel saw a 38% YoY surge to $1.49b (IDR23.64t).

The total insured population also rose, up 28.4% to 113.68 million people. This includes 18.61 million individuals and 95.07 million group policyholders, the latter growing by 54.9% YoY.

Total industry assets increased slightly by 0.3% to $38.87b (IDR616.91t), reflecting stable financial management and policyholder confidence despite economic challenges.

Total industry income for the period reached $6.63b (IDR105.25t).

Budi emphasised that the consistent growth across premiums, insured numbers, and assets indicates the industry’s resilience and trustworthiness.

($1.00 = IDR15946.01)