Boston, MA -- (SBWIRE) -- 03/10/2014 -- As of early 2014, 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 able to afford insurance and understand its benefits.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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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).
Looking forward, we envisage that an improved pricing environment, together with steady growth in the numbers of insurable vehicles on Indonesia's roads and the development of financial guarantee insurance will underpin rapid growth in the non-life segment through the later years of the forecast period.
BMI Key Forecasts
- In 2014, total premiums should rise by 4.5% to US$19.1bn.
- Life premiums should increase by 4.6% to US$14.2bn.
- Non-Life premiums should grow by 4.0% to US$4.9bn.
- Within that sub-total, motor vehicle insurance premiums will likely slip by 1.4% to US$1.1bn.
- Property insurance premiums should drop by 4.7% to US$0.9bn.
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