Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2020

Date: October 25, 2016
Pages: 112
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US$ 1,450.00
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Publisher: Timetric
Report type: Strategic Report
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ID: P90D9D5E9F9EN
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Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2020
SYNOPSIS

Timetric’s 'Personal Accident and Health Insurance in Indonesia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Indonesian life insurance segment, and a comparison of the Indonesian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Indonesian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s 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 the regulatory structure.

SUMMARY

Timetric’s 'Personal Accident and Health Insurance in Indonesia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Indonesian personal accident and health insurance segment, including:
  • An overview of the Indonesian personal accident and health insurance segment
  • The Indonesian personal accident and health insurance segment’s growth prospects by category
  • A comprehensive overview of the Indonesian economy and demographics
  • A comparison of the Indonesian personal accident and health insurance segment with its regional counterparts
  • The various distribution channels in the Indonesian personal accident and health insurance segment
  • Details of the competitive landscape in the personal accident and health insurance segment in Indonesia
  • Details of regulatory policy applicable to the Indonesian insurance industry
SCOPE

This report provides a comprehensive analysis of the personal accident and health insurance segment in Indonesia:
  • It provides historical values for the Indonesian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Indonesian personal accident and health insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Indonesian personal accident and health insurance segment with its regional counterparts
  • It provides an overview of the various distribution channels for personal accident and health insurance products in Indonesia.
  • It profiles the top personal accident and health insurance companies in Indonesia, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Indonesian personal accident and health insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Indonesian personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health 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 industry's future.
KEY HIGHLIGHTS
  • In January 2014, the national health insurance scheme, Jaminan Kesehatan Nasional (JKN), was launched, and covered around 73% of the total population by the end of 2015.
  • Insurers are investing in digital processes such as the development of online sites and mobile app to speed up claims processing and settlement.
  • The gross written premium of the Indonesian personal accident and health segment increased at a review-period CAGR of 11.3%, due to rising healthcare expenditure, improved economic conditions and an inadequate public healthcare system.
  • In August 2015, the Coordination of Benefits (COB) scheme was introduced on a pilot basis, which allows private health insurers to cover excess or additional expenses not provided by JKN. This will benefit both healthcare service providers and policyholders.
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 Gross Written Premium and Penetration
  4.2.2 Claims
  4.2.3 Profitability
  4.2.4 Assets and Investments

5 OUTLOOK BY CATEGORY

5.1 Personal Accident Insurance
  5.1.1 Premium
  5.1.2 Policies
  5.1.3 Claims
  5.1.4 Profitability
5.2 Health Insurance
  5.2.1 Premium
  5.2.2 Policies
  5.2.3 Claims
  5.2.4 Profitability

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles
  6.1.1 PT Asuransi Jiwa InHealth Indonesia – company overview
  6.1.2 PT Axa Mandiri Financial Services – company overview
  6.1.3 PT Asuransi Allianz Life Indonesia – company overview
  6.1.4 PT Asuransi Sinar Mas – company overview
  6.1.5 PT Lippo General Insurance Tbk – company overview

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
  7.3.1 Life Insurance
  7.3.2 Property Insurance
  7.3.3 Motor Insurance
  7.3.4 Liability insurance
  7.3.5 Marine, aviation and transit insurance
  7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
  7.4.1 Workmen compensation insurance
  7.4.2 Professional indemnity insurance for insurance brokers
  7.4.3 Liability for ships with respect to oil pollution
7.5 Supervision and Control
  7.5.1 International Association of Insurance Supervisors
  7.5.2 Financial Services Authority
  7.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia)
  7.5.4 The Indonesian Life Insurance Association (Asosasi Asuransi Jiwa Indonesia)
  7.5.5 The Indonesian Insurance Council (Dewan Asuransi Indonesia)
7.6 Non-Admitted Insurance Regulation
  7.6.1 Overview
  7.6.2 Intermediaries
  7.6.3 Market practices
  7.6.4 Fines and Penalties
7.7 Company Registration and Operations
  7.7.1 Type of insurance organization
  7.7.2 Establishing a local company
  7.7.3 Foreign ownership
  7.7.4 Types of license
  7.7.5 Capital requirements
  7.7.6 Solvency margin
  7.7.7 Reserve requirements
  7.7.8 Investment regulations
  7.7.9 Statutory return requirements
  7.7.10 Fee structure
7.8 Taxation
  7.8.1 Insurance premium or policy taxation
  7.8.2 Withholding taxes on premium paid overseas
  7.8.3 Corporate tax
  7.8.4 VAT
  7.8.5 Captives
7.9 Legal System
  7.9.1 Introduction
  7.9.2 Access to court
  7.9.3 Alternative dispute resolution (ADR)

8 DATABOOK

8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments
8.4 Personal Accident Insurance
8.5 Health Insurance
8.6 Health Insurance by Product

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions
9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer


LIST OF FIGURES

Figure 1: Indonesia GDP composition, 2015
Figure 2: Indonesian Real GDP (US$ Billion), 2011–2020
Figure 3: IDR–US$ Exchange Rate, 2011–2020
Figure 4: Indonesian Consumer Price Inflation (%),2011–2020
Figure 5: Indonesian Current Account Balance as a Percentage of GDP (%), 2011–2014
Figure 6: Indonesian Unemployment Rate (%), 2011–2020
Figure 7: Indonesian Population by Age Group (Million), 1991–2025
Figure 8: Number of Hospitals in Indonesia, 2011-2015
Figure 9: Healthcare Expenditure Indonesia, 2011-2015
Figure 10: Indonesian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015
Figure 11: Insurance Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 12: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion), 2011–2020
Figure 13: Indonesian Personal Accident and Health Insurance – Penetration (%), 2011–2020
Figure 14: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR), 2011–2020
Figure 15: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion), 2011–2020
Figure 16: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020
Figure 17: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion), 2011–2020
Figure 18: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion), 2011–2020
Figure 19: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2011–2020
Figure 20: Indonesian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 21: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion), 2011–2020
Figure 22: Indonesian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 23: Indonesian Personal Accident Insurance – Gross Written Premium (IDR Billion), 2011–2020
Figure 24: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 25: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion), 2011–2020
Figure 26: Indonesian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (IDR Billion and %), 2011–2020
Figure 27: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2011–2020
Figure 28: Indonesian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 29: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 30: Indonesian Health Insurance – Paid Claims (IDR Trillion), 2011–2020
Figure 31: Indonesian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (IDR Billion and %), 2011–2020
Figure 32: Indonesian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2014
Figure 33: Indonesia – Insurance Supervision and Control at Various Levels
Figure 34: Indonesia – Insurance Regulatory Frameworks for Company Registration and Operation


COMPANIES MENTIONED

PT Asuransi Jiwa InHealth Indonesia
PT Axa Mandiri Financial Services
PT Asuransi Allianz Life Indonesia
PT Asuransi Sinar Mas
PT Lippo General Insurance Tbk.
PT Asuransi Adira Dinamika
PT Asuransi Aviva Indonesia (d/h PT Winterthur Life Indonesia)
PT BNI Life Insurance
PT Asuransi CIGNA
PT Asuransi Jiwa Central Asia Raya

Indonesia’s rising population and increased life expectancy is expected to drive the life insurance segment.

Southeast Asian Region - Total Insurance Industry by Insurance Segment (US$ Billion), 2011
Southeast Asian Region - Total Insurance Industry by Insurance Segment (US$ Billion), 2011 

Timetric’s Personal accident and health insurance in Indonesia – Research Report identifies that the low insurance penetration in Indonesia encourages insurers to gain market share and capitalize on the lucrative potential it offers. By purchasing this report you will secure a proper understanding of shifting market dynamics in the life insurance market in Bulgaria, which will enable you to amend your business plans accordingly to allow maximum sales. You will gain an explicit understanding of the demand-side dynamics in the personal accident and health insurance segment, along with the reinsurance segment, enabling you to identify the growth opportunities and market dynamics within key product categories.

Additional report highlights:

  • The low insurance penetration in Indonesia encourages insurers to gain market share and capitalize on the lucrative potential by implementing aggressive business strategies and introducing new products.
  • The life insurance segment is expected to achieve significant growth over the forecast period, driven by the region’s rising population and increased life expectancy.
  • Stable economic growth, a rise in annual disposable income, increasing consumer awareness about the benefits of insurance products and low insurance penetration are expected to be the major drivers of growth.

The material was prepared in May, 2014.

LIST OF TABLES

Table 1: Indonesian Personal Accident and Health Insurance – Key Facts, 2015
Table 2: Indonesian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Value Added to Indonesian GDP (% of Total GDP), 1990–2014
Table 4: Working Population Percentages by GDP Sector (% of Total Indonesian Population), 1990–2014
Table 5: Indonesian Government Credit Ratings
Table 6: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion and US$ Billion), 2011–2015
Table 7: Indonesian Personal Accident and Health Insurance – Penetration (%), 2011–2015
Table 8: Indonesian Personal Accident and Health Insurance – Gross Written Premium (IDR Trillion and US$ Billion), 2015–2020
Table 9: Indonesian Personal Accident and Health Insurance – Penetration (%), 2015–2020
Table 10: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR and US$), 2011–2015
Table 11: Indonesian Personal Accident and Health Insurance – Premium per Capita (IDR and US$), 2015–2020
Table 12: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2011–2015
Table 13: Indonesian Personal Accident and Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2015–2020
Table 14: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015
Table 15: Indonesian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020
Table 16: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion and US$ Billion), 2011–2015
Table 17: Indonesian Personal Accident and Health Insurance – Total Assets (IDR Trillion and US$ Billion), 2015–2020
Table 18: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion and US$ Million), 2011–2015
Table 19: Indonesian Personal Accident and Health Insurance – Total Investment Income (IDR Trillion and US$ Million), 2015–2020
Table 20: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2011–2015
Table 21: Indonesian Personal Accident and Health Insurance – Investment Portfolio (IDR Trillion), 2015–2020
Table 22: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion),2011–2015
Table 23: Indonesian Personal Accident and Health Insurance – Direct Written Premium by Category (IDR Trillion), 2015–2020
Table 24: Indonesian Personal Accident Insurance – Direct Written Premium (IDR Billion and US$ Million), 2011–2015
Table 25: Indonesian Personal Accident Insurance – Direct Written Premium (IDR Billion and US$ Million), 2015–2020
Table 26: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 27: Indonesian Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 28: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion and US$ Million), 2011–2015
Table 29: Indonesian Personal Accident Insurance – Paid Claims (IDR Billion and US$ Million), 2015–2020
Table 30: Indonesian Personal Accident Insurance – Loss Ratio (%), 2011–2015
Table 31: Indonesian Personal Accident Insurance – Loss Ratio (%), 2015–2020
Table 32: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2011–2015
Table 33: Indonesian Health Insurance – Direct Written Premium by Sub-Category (IDR Trillion), 2015–2020
Table 34: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 35: Indonesian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 36: Indonesian Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2011–2015
Table 37: Indonesian Health Insurance – Paid Claims (IDR Trillion and US$ Million), 2015–2020
Table 38: Indonesian Health Insurance – Loss Ratio (%), 2011–2015
Table 39: Indonesian Health Insurance – Loss Ratio (%), 2015–2020
Table 40: Indonesian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2014
Table 41: PT Asuransi Jiwa InHealth Indonesia – Key Facts
Table 42: PT Asuransi Jiwa InHealth Indonesia – Key Financials (IDR Billion), 2010–2014
Table 43: PT Axa Mandiri Financial Services – Key Facts
Table 44: PT Axa Mandiri Financial Services – Key Financials (IDR Billion), 2010–2014
Table 45: PT Asuransi Allianz Life Indonesia – Key Facts
Table 46: PT Asuransi Allianz Life Indonesia – Key Financials (IDR Billion), 2011–2015
Table 47: PT Asuransi Sinar Mas – Key Facts
Table 48: PT Asuransi Sinar Mas – Key Financials (IDR Billion), 2011–2015
Table 49: PT Lippo General Insurance Tbk – Key Facts
Table 50: PT Lippo General Insurance Tbk – Key Financials (IDR Billion), 2011–2015
Table 51: Indonesia – Insurance Regulatory Framework Key Features
Table 52: Indonesia – Life Insurance Regulatory Framework
Table 53: Indonesia – Property Insurance Regulatory Framework
Table 54: Indonesia – Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)
Table 55: Indonesia – Tariff Rates for Flood Insurance (% of Sum Insured)
Table 56: Indonesia – Tariff Rates for Business Interruption Insurance
Table 57: Indonesia – Motor Insurance Regulatory Framework
Table 58: Indonesia – Comprehensive Motor Insurance Tariff Rates (% of Sum Insured)
Table 59: Indonesia – Total Loss Motor Insurance Tariff Rates (% of Sum Insured)
Table 60: Indonesia – Earthquake Insurance Tariff Rates for Motor Vehicles
Table 61: Indonesia – Flood Insurance Tariff Rates for Motor Vehicles
Table 62: Indonesia – Liability Insurance Regulatory Framework
Table 63: Indonesia – Corporation Tax Rates for the Financial Year 2016
Table 64: Indonesian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015
Table 65: Indonesian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020
Table 66: Indonesian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 67: Indonesian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 68: Indonesian Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 69: Indonesian Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 70: Indonesian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015
Table 71: Indonesian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020
Table 72: Indonesian Personal Accident and Health Insurance – Health Insurance, 2011–2015
Table 73: Indonesian Personal Accident and Health Insurance – Health Insurance, 2015–2020
Table 74: Indonesian Personal Accident and Health Insurance – Health by Product, 2011–2015
Table 75: Indonesian Personal Accident and Health Insurance – Health by Product, 2015–2020
Table 76: Insurance Industry Definitions


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