B2B spending drives Indonesia's insurance sector in 2023

Indonesia's industry turnover reached $17.2b.

In 2023, B2B spending dominated the Insurance and Pension Funding industry in Indonesia, accounting for 68.4% of total demand. 

Prudential Life Assurance PT emerged as the largest company, generating 4.3% of the industry's total turnover, according to Euromonitor International. 

The industry remains fragmented, with the top five companies contributing 8.7% of total production value.

The number of companies in the industry increased to 854 units in 2023. However, rising B2B costs drove up overall industry expenses by 7.1%, leading to a decrease in profitability, which stood at 49.0% of turnover—the highest in the Asia Pacific (APAC) region. 

Indonesia's industry turnover reached $17.2b, representing 3.2% of the APAC total.