Recently published research from Business Monitor International, "Indonesia Insurance Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 03/08/2013 -- Key Insights And Key Risks
The Indonesia Insurance Report considers the prospects for both life and non-life insurers in the country. As 2012 comes to a close, it remains clear that Indonesia is home to one of the most dynamic and exciting insurance sectors worldwide. A favourable economic environment has combined with growth in the numbers of households who can afford insurance and who understand its benefits - in a country notorious for its vulnerability to natural catastrophes. This is at a time that companies in both major segments are being innovative in terms of their products and the ways in which those products are being distributed. As is the case in other parts of the region, leading players are leveraging bancassurance relationships and affinity marketing - but are working hard to improve the productivity of networks of agents (be they tied or independent).
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There are not many life insurance markets in the world where the leading life company achieved growth in gross written premiums of over 40% in H112. The growth in the life segment is clearly being boosted by the trust that Indonesian households and businesses are demonstrating in the local subsidiaries of major global/regional groups. Nonetheless, it appears that the larger local life companies are also progressing well by many metrics.
In the non-life segment, the key development over the last few months is that non-life penetration has stopped falling. The growth of domestic demand generally, and in sales of new cars (if not motorcycles) means that premiums have no longer been constrained by the (still considerable) competitive pressures. Looking forward, we expect that major foreign players will drive the consolidation of what is a fragmented marketplace.
Over the last quarter, BMI has made the following changes:
- The company profiles have been comprehensively rewritten and, in many cases, include comments published from August 2012 in relation to operations in H112 and Q312.
- The latest forecasts and projections for Indonesia's economy, along with key aspects such as healthcare spending, have been incorporated.
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