Indonesian Personal Accident and Health Insurance Segment to be Worth USD 2.3 Billion in 2016, Expects Timetric17 Jan 2013 • by Natalie Aster
Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2016. In terms of gross written premiums, the Indonesian personal accident and health insurance segment accounted for 7.6% of the country’s total insurance industry in 2011, with a written premium value of IDR9.5 trillion (US$1.1 billion). The value of the segment recorded a CAGR of 25.4% during the review period (2007–2011). This growth was achieved as a consequence of the country’s strong economic development, increasing disposable income, rising healthcare expenditure and growing awareness of the need for, and benefits of, personal accident and health insurance products. Moreover, the value of the Indonesian personal accident and health insurance segment is projected to grow from IDR9.5 trillion (US$1.1 billion) in 2011 to IDR20.0 trillion (US$2.3 billion) in 2016, recording an anticipated CAGR of 15.7% over the forecast period (2012–2016). This growth is expected to be driven by an increase in overall medical expenditure, as well as strong economic growth, with Indonesia’s GDP expected to record a CAGR of 7.6% over the forecast period.
Reinsurance in Indonesia, Key Trends and Opportunities to 2016. The Indonesian reinsurance segment’s written premium value increased from IDR18.8 trillion (US$2.1 billion) in 2007 to IDR29.1 trillion (US$3.3 billion) in 2011, at a CAGR of 11.5% during the review period. This increase was partially attributable to the growth in the overall insurance industry, which increased in terms of written premium value from IDR64.6 trillion (US$7.1 billion) in 2007 to IDR124.1 trillion (US$14.2 billion) in 2011, at a CAGR of 17.7%. The growth was further supported by the frequent occurrence of natural disaster events and improved macro and microeconomic fundamentals in the country. These factors are also expected to generate business for the Indonesian reinsurance companies over the forecast period. As a consequence, the reinsurance segment’s written premium value is projected to increase at a CAGR of 8.1% over the forecast period to reach IDR42.9 trillion (US$4.9 billion) in 2016.
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