Synopsis
Timetrics Non-Life Insurance in the Indonesia, Key Trends and Opportunities to 2019 report provides a detailed outlook by product category for the Indonesian non-life insurance segment, and a comparison of the Indonesian insurance industry with regional counterparts.
It uses key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Indonesias economy and demographics, explains the various types of natural hazard and their impact on the Indonesian insurance industry, and provides detailed information on the competitive landscape in the country.
The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.
Scope
This report provides a comprehensive analysis of the non-life insurance segment in Indonesia:
It provides historical values for the Indonesian non-life insurance segment for the reports 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
It offers a detailed analysis of the key categories in the Indonesian non-life insurance segment, and market forecasts to 2019.
It profiles the top non-life insurance companies in Indonesia, and outlines the key regulations affecting them.
Summary
Timetrics Non-Life Insurance in the Indonesia, Key Trends and Opportunities to 2019 report provides in-depth market analysis, information and insights into the Indonesian non-life insurance segment, including:
The Indonesian non-life insurance segments detailed outlook by product category
A comprehensive overview of Indonesias economy and demographics
A comparison of the Indonesian insurance industry with regional counterparts
Detailed analysis of natural hazards and their impact on the Indonesian insurance industry
Details of the competitive landscape in the non-life insurance segment in Indonesia
Details of regulatory policy applicable to the Indonesian insurance industry
Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Indonesian non-life insurance segment and each category within it.
Understand the demand-side dynamics, key market trends and growth opportunities in the Indonesian non-life insurance segment.
Assess the competitive dynamics in the non-life insurance segment.
Identify growth opportunities and market dynamics in key product categories.
Gain insights into key regulations governing the Indonesian insurance industry, and their impact on companies and the industrys future.
Key highlights
Property insurance was the largest category in the segment during the review period, in terms of gross written premium.
During the review period, the growth in the Indonesian construction market outpaced the countrys economic growth.
Foreign direct investment (FDI) is also increasing steadily contributing to the development of infrastructure and business activities across the country.
In January 2014, OJK introduced legislations to regulate tariff rates for property, engineering and business interruption insurance, as well as insurance covering natural catastrophe risks.
Motor third-party liability insurance is not mandatory in Indonesia, unlike in other ASEAN countries such as Malaysia, Singapore and the Philippines.
The Indonesian non-life segment is moderately fragmented, with the top 10 companies accounting for 55.2% of the non-life gross written premium in 2013.
Table Of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Premium
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Product
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Natural Hazards
6.1 Earthquakes
6.2 Tsunamis
6.3 Floods
6.4 Wildfire
6.5 Volcanic activity
6.6 Exposure
7 Competitive Landscape
7.1 Overview
7.2 Leading Companies in the Indonesian Non-Life Insurance Segment
7.2.1 PT Asuransi Jasa Indonesia Persero - company overview
7.2.2 PT Asuransi Astra Buana - company overview
7.2.3 PT Asuransi Sinar Mas - company overview
7.2.4 PT Asuransi Central Asia - company overview
7.2.5 PT Tugu Pratama Indonesia - company overview
7.2.6 PT Asuransi Wahana Tata - company overview
7.2.7 PT Asuransi Kredit Indonesia (Persero) - company overview
7.2.8 PT Asuransi Adira Dinamika - company overview
7.2.9 PT Asuransi MSIG Indonesia - company overview
7.2.10 PT Asuransi Ekspor Indonesia (Persero) - Company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Workmen compensation insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Financial Services Authority (OJK)
8.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia - AAUI)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetrics Services
11.4 Disclaimer
List Of Tables
Table 1: Indonesian Non-Life Insurance - Key Facts
Table 2: Indonesian Non-Life Insurance - Leading Insurers Market Share, 2014
Table 3: Indonesian Government Credit Ratings
Table 4: Indonesian Non-Life Insurance - Gross Written Premium, 2010-2014
Table 5: Indonesian Non-Life Insurance - Penetration, 2010-2014
Table 6: Indonesian Non-Life Insurance - Gross Written Premium, 2014-2019
Table 7: Indonesian Non-Life Insurance - Penetration, 2014-2019
Table 8: Indonesian Non-Life Insurance - Premium per Capita, 2010-2014
Table 9: Indonesian Non-Life Insurance - Premium per Capita, 2014-2019
Table 10: Indonesian Non-Life Insurance - Paid Claims, 2010-2014
Table 11: Indonesian Non-Life Insurance - Paid Claims, 2014-2019
Table 12: Indonesian Non-Life Insurance - Profitability Ratios (%), 2010-2014
Table 13: Indonesian Non-Life Insurance - Profitability Ratios (%), 2014-2019
Table 14: Indonesian Non-Life Insurance - Total Assets, 2010-2014
Table 15: Indonesian Non-Life Insurance - Total Assets, 2014-2019
Table 16: Indonesian Non-Life Insurance - Total Investment Income, 2010-2014
Table 17: Indonesian Non-Life Insurance - Total Investment Income, 2014-2019
Table 18: Indonesian Non-Life Insurance - Investment Portfolio (IDR Trillion), 2010-2014
Table 19: Indonesian Non-Life Insurance - Investment Portfolio (IDR Trillion), 2014-2019
Table 20: Indonesian Non-Life Insurance - Gross Written Premium by Category (IDR Trillion), 2010-2014
Table 21: Indonesian Non-Life Insurance - Gross Written Premium by Category (IDR Trillion), 2014-2019
Table 22: Indonesian Real Growth Rate Construction vs. GDP, 2009-2013
Table 23: Indonesian Property Insurance - Gross Written Premium by Sub-Category (IDR Trillion), 2010-2014
Table 24: Indonesian Property Insurance - Gross Written Premium by Sub-Category (IDR Trillion), 2014-2019
Table 25: Indonesian Property Insurance - Paid Claims, 2010-2014
Table 26: Indonesian Property Insurance - Paid Claims, 2014-2019
Table 27: Indonesian Property Insurance - Loss Ratio, 2010-2014
Table 28: Indonesian Property Insurance - Loss Ratio, 2014-2019
Table 29: Indonesian Motor Insurance - Gross Written Premium (IDR Trillion), 2010-2014
Table 30: Indonesian Motor Insurance - Gross Written Premium (IDR Trillion), 2014-2019
Table 31: Indonesian Motor Insurance - Paid Claims, 2010-2014
Table 32: Indonesian Motor Insurance - Paid Claims, 2014-2019
Table 33: Indonesian Motor Insurance - Loss Ratio, 2010-2014
Table 34: Indonesian Motor Insurance - Loss Ratio, 2014-2019
Table 35: Indonesian Liability Insurance - Gross Written Premium (IDR Trillion), 2010-2014
Table 36: Indonesian Liability Insurance - Gross Written Premium (IDR Trillion), 2014-2019
Table 37: Indonesian Liability Insurance - Paid Claims, 2010-2014
Table 38: Indonesian Liability Insurance - Paid Claims, 2014-2019
Table 39: Indonesian Liability Insurance - Loss Ratio, 2010-2014
Table 40: Indonesian Liability Insurance - Loss Ratio, 2014-2019
Table 41: Indonesian Transport Network - Global Rankings (2013)
Table 42: Indonesian Marine, Aviation and Transit Insurance - Gross Written Premium (IDR Trillion), 2010-2014
Table 43: Indonesian Marine, Aviation and Transit Insurance - Gross Written Premium (IDR Trillion), 2014-2019
Table 44: Indonesian Marine, Aviation and Transit Insurance - Paid Claims, 2010-2014
Table 45: Indonesian Marine, Aviation and Transit Insurance - Paid Claims, 2014-2019
Table 46: Indonesian Marine, Aviation and Transit Insurance - Loss Ratio, 2010-2014
Table 47: Indonesian Marine, Aviation and Transit Insurance - Loss Ratio, 2014-2019
Table 48: Indonesian Major Natural Hazards, 1990-2014
Table 49: Indonesian Average Annual Loss by Hazard, 1990-2014
Table 50: Indonesian Non-Life Insurance - Segment Shares (%), 2013
Table 51: PT Asuransi Jasa Indonesia Persero, Key Facts
Table 52: PT Asuransi Jasa Indonesia Persero, Key Financials (IDR Trillion)
Table 53: PT Asuransi Astra Buana, Key Facts
Table 54: PT Asuransi Astra Buana, Key Financials (IDR Trillion)
Table 55: PT Asuransi Sinar Mas, Key Facts
Table 56: PT Asuransi Sinar Mas, Key Financials (IDR Trillion)
Table 57: PT Asuransi Central Asia, Key Facts
Table 58: PT Asuransi Central Asia, Key Financials (IDR Billion)
Table 59: PT Tugu Pratama Indonesia, Key Facts
Table 60: PT Tugu Pratama Indonesia, Key Financials (IDR Billion)
Table 61: PT Asuransi Wahana Tata, Key Facts
Table 62: PT Asuransi Wahana Tata, Key Financials (IDR Billion)
Table 63: PT Asuransi Kredit Indonesia (Persero), Key Facts
Table 64: PT Asuransi Kredit Indonesia, Key Financials (IDR Billion)
Table 65: PT Asuransi Adira Dinamika, Key Facts
Table 66: PT Asuransi Adira Dinamika, Key Financials (IDR Billion)
Table 67: PT Asuransi MSIG Indonesia, Key Facts
Table 68: PT Asuransi MSIG Indonesia, Key Financials (IDR Billion)
Table 69: PT Asuransi Ekspor Indonesia (Persero), Key Facts
Table 70: PT Asuransi Ekspor Indonesia (Persero), Key Financials (IDR Billion)
Table 71: Indonesia - Insurance Regulatory Framework Key Features
Table 72: Indonesia - Life Insurance Regulatory Framework
Table 73: Indonesia - Property Insurance Regulatory Framework
Table 74: Indonesia - Business Interruption Insurance Tariff
Table 75: Indonesia - Motor Insurance Regulatory Framework
Table 76: Indonesia - Liability Insurance Regulatory Framework
Table 77: Indonesia - Corporation Tax Rates for the Financial Year 2015
Table 78: Indonesian Insurance Industry, Policies and Premium, 2010-2014
Table 79: Indonesian Insurance Industry, Policies and Premium, 2014-2019
Table 80: Indonesian Non-Life Insurance - Whole Market, Policies and Premium, 2010-2014
Table 81: Indonesian Non-Life Insurance - Whole Market, Policies and Premium, 2014-2019
Table 82: Indonesian Non-Life Insurance - Policies and Premium by Property Insurance, 2010-2014
Table 83: Indonesian Non-Life Insurance - Policies and Premium by Property Insurance, 2014-2019
Table 84: Indonesian Non-Life Insurance - Policies and Premium by Motor Insurance, 2010-2014
Table 85: Indonesian Non-Life Insurance - Policies and Premium by Motor Insurance, 2014-2019
Table 86: Indonesian Non-Life Insurance - Policies and Premium by Liability Insurance, 2010-2014
Table 87: Indonesian Non-Life Insurance - Policies and Premium by Liability Insurance, 2014-2019
Table 88: Indonesian Non-Life Insurance - Policies and Premium by Marine, Aviation and Transit Insurance, 2010-2014
Table 89: Indonesian Non-Life Insurance - Policies and Premium by Marine, Aviation and Transit Insurance, 2014-2019
Table 90: Indonesian Non-Life Insurance - Gross Written Premium by Sub-Category (IDR Billion), 2010-2014
Table 91: Indonesian Non-Life Insurance - Gross Written Premium by Sub-Category (IDR Billion), 2014-2019
Table 92: Indonesian Non-Life Insurance - Direct Written Premium by Sub-Category (IDR Billion), 2010-2014
Table 93: Indonesian Non-Life Insurance - Direct Written Premium by Sub-Category (IDR Billion), 2014-2019
Table 94: Indonesian Non-Life Insurance - Insurance Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2010-2014
Table 95: Indonesian Non-Life Insurance - Insurance Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2014-2019
Table 96: Insurance Industry Definitions
List Of Figures
Figure 1: Indonesian Real GDP, 2010-2019
Figure 2: IDR per USD Exchange Rate, 2010-2019
Figure 3: Indonesian Consumer Price Inflation, 2010-2019
Figure 4: Indonesian Current Account Balance (% of GDP), 2010-2013
Figure 5: Indonesian Unemployment Rate, 2010-2019
Figure 6: Indonesian Population by Age Group, 1990-2025
Figure 7: Indonesian Non-Life Insurance Penetration - Regional Comparison, 2014
Figure 8: Indonesian Insurance Segments Direct Written Premium Share - Regional Comparison, 2014
Figure 9: Indonesian Non-Life Insurance - Gross Written Premium, 2010-2019
Figure 10: Indonesian Non-Life Insurance - Penetration, 2010-2019
Figure 11: Indonesian Non-Life Insurance - Premium per Capita, 2010-2019
Figure 12: Indonesian Non-Life Insurance - Paid Claims, 2010-2019
Figure 13: Indonesian Non-Life Insurance - Profitability Ratios, 2010-2019
Figure 14: Indonesian Non-Life Insurance - Total Assets, 2010-2019
Figure 15: Indonesian Non-Life Insurance - Total Investment Income, 2010-2019
Figure 16: Indonesian Non-Life Insurance - Investment Portfolio, 2010-2019
Figure 17: Indonesian Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 18: Indonesian Non-Life Insurance - Gross Written Premium by Category, 2010-2019
Figure 19: Indonesian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 20: Indonesian Construction Output (% Share), 2010-2014
Figure 21: Foreign Direct Investment Indonesia, 2010-2014
Figure 22: Indonesian Property Insurance - Gross Written Premium by Sub-Category, 2010-2019
Figure 23: Indonesian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 24: Indonesian Property Insurance - Paid Claims, 2010-2019
Figure 25: Indonesian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 26: Indonesian Total Vehicle Sales, 2009-2013
Figure 27: Indonesian Vehicle Sales By Type (% Share), 2013
Figure 28: Indonesian Motor Insurance - Gross Written Premium, 2010-2019
Figure 29: Indonesian Motor Insurance - Paid Claims, 2010-2019
Figure 30: Indonesian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 31: Indonesian Liability Insurance - Gross Written Premium, 2010-2019
Figure 32: Indonesian Liability Insurance - Paid Claims, 2010-2019
Figure 33: Indonesian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 34: Indonesian Marine, Aviation and Transit Insurance - Gross Written Premium, 2010-2019
Figure 35: Indonesian Marine, Aviation and Transit Insurance - Paid Claims, 2010-2019
Figure 36: Indonesian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 37: Indonesian Combined Economic Losses (% Share), 1990-2014
Figure 38: Indonesian Non-Life Insurance - Segment Shares (%), 2013
Figure 39: Indonesia - Insurance Supervision and Control at Various Levels
Figure 40: Indonesia - Insurance Regulatory Frameworks for Company Registration and Operation
