Life insurance revenue down in Q1, claim payments up

The Indonesian life insurance market recorded 87.54 million individuals insured in the first quarter.

Preliminary data showed that Indonesia’s life insurance sector pencilled a Rp54.36t in revenues for the first three months of the year, according to the Indonesian Life Insurance Association (AAJI).

The revenue performance of the 56 life insurance companies remained low during the period versus the same period in 2022.

On the other hand, its sum assured was tallied at Rp5,002.29t, up 17.3% on a year-on-year (YoY). “This indicates that public awareness of the function of life insurance protection is growing,” AAJI said in a Bahasa written statement.

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Further, total claim payments made reached Rp45.56t in the three-month period, which is a 5.1% increase from the previous year.

As of end-March, the Indonesian life insurance market saw 87.54 million individuals covered.