Indonesian life insurance customers drop 4.7% in Q1 2021

The decline was observed in group insurance.

The Indonesian Life Insurance Association (AAJI) has recorded a 4.7% decline in life insurance customers in Q1 2021, according to media reports.

The number of life policyholders dropped to 63.87 million as of end-March 2021 from 67.02 million a year ago.

The decline was observed in group insurance, said the head of AAJI’s R&D, research and IT division Edy Tuhirman, whilst the number of individual life clients jumped by 460,000.

On the other hand, life premiums rose 28.5% to $4.04b (IDR57.45t). Premium income from individual clients jumped 31% YoY to $3.5b (IDR49.9t) whilst group life premiums rose 13.3% to $530m (IDR7.55t).

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