Life Insurance in Indonesia, Trends and Opportunities to 2016: Unit Linked Investment Plans to Drive Market Growth

Date: February 7, 2012
Pages: 247
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US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
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ID: L143AE8507CEN
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Life Insurance in Indonesia, Trends and Opportunities to 2016: Unit Linked Investment Plans to Drive Market Growth
Synopsis

The report provides top-level market analysis, information and insights into the Indonesian life insurance market, including:
  • The Indonesian life insurance market’s growth prospects by life insurance categories and customer segments
  • The various distribution channels in the Indonesian life insurance market
  • The competitive landscape in the Indonesian life insurance market
  • A description of the life reinsurance market in Indonesia
Summary

During the review period, the Indonesian life insurance segment grew at a healthy rate. This growth was driven by the growing popularity of unit-linked insurance products, the country’s economic growth and favorable demographics. Despite this strong growth, the country has one of the most underdeveloped life insurance segments among south-east Asian economies, with the segment’s written premiums accounting for only 1.16% of Indonesia’s GDP in 2011, as compared to 3.21% for Malaysia, 4.57% for Singapore, and 2.61% for Thailand. This relatively low penetration is predominantly due to a lack of public interest in using such products as a means of risk management and investment.

Scope

This report provides a comprehensive analysis of the life insurance market in Indonesia:
  • It provides historical values for Indonesia’s life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key sub-segments in Indonesia’s life insurance market, along with market forecasts until 2016
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for life insurance products in Indonesia
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Indonesia for the life insurance business
  • It provides a detailed analysis of the reinsurance market in Indonesia and its growth prospects
  • It profiles the top life insurance companies in Indonesia, and outlines the key regulations affecting them
Reasons To Buy
  • Make strategic business decisions using top-level historic and forecast market data related to the Indonesian life insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Indonesian life insurance market
  • Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Indonesian insurance market and its impact on companies and the market's future
Key Highlights
  • Indonesia has one of the most underdeveloped life insurance segments among south-east Asian economies, with the segment’s written premiums accounting for only 1.16% of Indonesia’s GDP in 2011, as compared to 3.21% for Malaysia, 4.57% for Singapore, and 2.61% for Thailand
  • The strong economic growth recorded since the global financial crisis, Indonesia’s relatively youthful and productive population and the growing popularity of unit-linked products were the key drivers for the growth of the life insurance market in Indonesia during the review period
  • Agencies was the most dominant distribution channel and generated 53.6% of the total new business life insurance written premium in 2011
  • Life insurance companies primarily sold individual life insurance products during the review period, with the segment’s strong overall growth driven by increasing sales of unit-linked life insurance products. These products generated premium income accounting for 53.6% of total life insurance premiums
  • The Indonesian life insurance segment is concentrated among 10 large companies, which accounted for a 77.4% market share in 2010
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 INDONESIA INSURANCE INDUSTRY ATTRACTIVENESS

3.1 Insurance Industry Market Size, 2007–2016
3.2 Key Industry Trends and Drivers
  3.2.1 Business drivers
  3.2.2 Consumer drivers
3.3 Recent Market Developments

4 LIFE INSURANCE MARKET OUTLOOK

4.1 Life Insurance Growth Prospects by Category
  4.1.1 Individual life insurance category
  4.1.2 Individual general annuity insurance category
  4.1.3 Individual pension category
  4.1.4 Individual endowment insurance category
  4.1.5 Individual unit-linked sub-category
  4.1.6 Individual term life insurance category
  4.1.7 Individual-Others
  4.1.8 Group life insurance category
  4.1.9 Group superannuation category
  4.1.10 Group unit-linked insurance sub-category
4.2 Life Insurance Growth Prospects by Customer Segments
  4.2.1 Individual segment
  4.2.2 Individual single premium category
  4.2.3 Individual non-single premium category
  4.2.4 Group segment
  4.2.5 Group single premium category
  4.2.6 Group non-single premium category

5 ANALYSIS BY DISTRIBUTION CHANNEL

5.1 Direct marketing channel
5.2 Bancassurance channel
5.3 Agencies channel
5.4 Other channels

6 REGULATORY POLICIES

7 PORTER’S FIVE FORCES ANALYSIS – INDONESIA LIFE INSURANCE MARKET

7.1 Bargaining Power of Supplier: medium to high
7.2 Bargaining Power of Buyer: medium
7.3 Barriers to Entry: high
7.4 Intensity of Rivalry: high
7.5 Threat of Substitutes: low to medium

8 REINSURANCE GROWTH DYNAMICS AND CHALLENGES

  8.1.1 Reinsurance market size, 2007–2016
  8.1.2 Reinsurance market size by type of insurance, 2007–2016

9 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

9.1 Overview
9.2 Leading Companies in the Indonesian Life Insurance Segment
9.3 PT Asuransi Jiwa Mega Life – Company Overview
  9.3.1 PT Asuransi Jiwa Mega Life – key facts
  9.3.2 PT Asuransi Jiwa Mega Life – main products
  9.3.3 PT Asuransi Jiwa Mega Life – main competitors
  9.3.4 PT Asuransi Jiwa Mega Life – key employees
9.4 PT Prudential Life Assurance – Company Overview
  9.4.1 PT Prudential Life Assurance – key facts
  9.4.2 PT Prudential Life Assurance – main products
  9.4.3 PT Prudential Life Assurance – main competitors
  9.4.4 PT Prudential Life Assurance – key employees
9.5 PT Asuransi Jiwa Sinarmas – Company Overview
  9.5.1 PT Asuransi Jiwa Sinarmas – key facts
  9.5.2 PT Asuransi Jiwa Sinarmas – main products
  9.5.3 PT Asuransi Jiwa Sinarmas – main competitors
  9.5.4 PT Asuransi Jiwa Sinarmas – key employees
9.6 PT Asuransi Allianz Life Indonesia – Company Overview
  9.6.1 PT Asuransi Allianz Life Indonesia – key facts
  9.6.2 PT Asuransi Allianz Life Indonesia – main products
  9.6.3 PT Asuransi Allianz Life Indonesia – main competitors
  9.6.4 PT Asuransi Allianz Life Indonesia – key employees
9.7 PT AIA Financial (d/h AIG) – Company Overview
  9.7.1 PT AIA Financial (d/h AIG) – key facts
  9.7.2 PT AIA Financial (d/h AIG) – main products
  9.7.3 PT AIA Financial (d/h AIG) – main competitors
  9.7.4 PT AIA Financial (d/h AIG) – key employees
9.8 PT Asuransi Jiwa Manulife Indonesia – Company Overview
  9.8.1 PT Asuransi Jiwa Manulife Indonesia – key facts
  9.8.2 PT Asuransi Jiwa Manulife Indonesia – main products
  9.8.3 PT Asuransi Jiwa Manulife Indonesia – main competitors
  9.8.4 PT Asuransi Jiwa Manulife Indonesia – key employees
9.9 PT. Asuransi Jiwasraya (Persero) – Company Overview
  9.9.1 PT. Asuransi Jiwasraya (Persero) – key facts
  9.9.2 PT. Asuransi Jiwasraya (Persero) – main products
  9.9.3 PT. Asuransi Jiwasraya (Persero) – main competitors
  9.9.4 PT. Asuransi Jiwasraya (Persero) – key employees
9.1 PT Axa Mandiri Financial Services – Company Overview
  9.10.1 PT Axa Mandiri Financial Services – key facts
  9.10.2 PT Axa Mandiri Financial Services – main products
  9.10.3 PT Axa Mandiri Financial Services – main competitors
  9.10.4 PT Axa Mandiri Financial Services – key employees

10 BUSINESS ENVIRONMENT AND COUNTRY RISK.

10.1 Business Confidence
  10.1.1 Business confidence indicator
  10.1.2 Market capitalization trend - the Indonesia Stock Exchange (IDX)
  10.1.3 FDI inflows by industry
  10.1.4 Deployment of credit
10.2 Economic Performance
  10.2.1 GDP at constant prices (US dollars)
  10.2.2 GDP per capita at constant prices (US dollars)
  10.2.3 GDP at current prices (US dollars)
  10.2.4 GDP per capita at current prices (US dollars)
  10.2.5 GDP split by key sector
  10.2.6 Agriculture net output at current prices (Indonesian rupiah)
  10.2.7 Agriculture net output at current prices (US dollars)
  10.2.8 Agriculture net output at current prices as a percentage of GDP
  10.2.9 Manufacturing net output at current prices (Indonesian rupiah)
  10.2.10 Manufacturing net output at current prices (US dollars)
  10.2.11 Manufacturing net output at current prices as a percentage of GDP
  10.2.12 Mining, manufacturing and utilities net output at current prices (Indonesian rupiah)
  10.2.13 Mining, manufacturing and utilities at current prices (US dollars)
  10.2.14 Mining, manufacturing and utilities at current prices as a percentage of GDP
  10.2.15 Construction net output at current prices (Indonesian rupiah)
  10.2.16 Construction net output at current prices (US dollars)
  10.2.17 Construction net output at current prices as a percentage of GDP
  10.2.18 Crude steel production
  10.2.19 Crude oil consumption
  10.2.20 Inflation rate
  10.2.21 Fiscal balance as a percentage of GDP
  10.2.22 Current account balance as a percentage of GDP
  10.2.23 Exports as a percentage of GDP
  10.2.24 Imports as a percentage of GDP
  10.2.25 Exports growth
  10.2.26 Imports growth
  10.2.27 External debt as a percentage of GDP
  10.2.28 Annual average exchange rate (US$-IDR)
  10.2.29 End of period exchange rate (US$-IDR)
10.3 Infrastructure Quality and Availability
  10.3.1 Total airports and sea ports
  10.3.2 Railways and roadways
  10.3.3 Passenger vehicle production volume
  10.3.4 Commercial vehicle production volume
  10.3.5 Automotive components exports
  10.3.6 Automotive components imports
  10.3.7 Passenger car penetration
  10.3.8 Total installed capacity for electricity generation
  10.3.9 Installed capacity for the generation of conventional thermal electricity
  10.3.10 Electricity production
  10.3.11 Installed capacity for the generation of hydroelectricity
  10.3.12 Installed capacity for renewable electricity generation
  10.3.13 Electricity consumption
  10.3.14 Healthcare expenditure
  10.3.15 Healthcare expenditure as a percentage of GDP
  10.3.16 Healthcare expenditure per capita
  10.3.17 R&D expenditure as a percentage of GDP
  10.3.18 Total internet subscribers
  10.3.19 Broadband internet subscribers
  10.3.20 Personal computer penetration rate
  10.3.21 Mobile phone penetration rate
10.4 Labor Force
  10.4.1 Labor force
  10.4.2 Unemployment rate
10.5 Demographics
  10.5.1 Annual disposable income
  10.5.2 Annual per capita disposable income
  10.5.3 Total population
  10.5.4 Urban and rural population
  10.5.5 Female percentage of population
  10.5.6 Male percentage of population
  10.5.7 Mean age of population
  10.5.8 Median age of population
  10.5.9 Population density
  10.5.10 Age distribution of the total population
  10.5.11 Age distribution of the male population
  10.5.12 Age distribution of the female population
  10.5.13 Number of households
10.6 Political and Social Risk
  10.6.1 Political stability
  10.6.2 Terrorism Index
  10.6.3 Transparency index

11 APPENDIX

11.1 Methodology
11.2 Contact us
11.3 About Timetric
11.4 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Indonesian Insurance Overall Written Premium by Segment (IDR Billion), 2007–2011
Table 3: Indonesian Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Indonesian Insurance Overall Written Premium by Segment (IDR Billion), 2011–2016
Table 5: Indonesian Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Indonesian Insurance Segmentation (%), 2007–2016
Table 7: Life Insurance Written Premium by Category (IDR Billion), 2007–2011
Table 8: Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Life Insurance Written Premium by Category (IDR Billion), 2011–2016
Table 10: Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Life Insurance – Incurred Loss (IDR Billion), 2007–2011
Table 12: Life Insurance – Incurred Loss (IDR Billion), 2011–2016
Table 13: Life Insurance – Loss Ratio (%), 2007–2011
Table 14: Life Insurance – Loss Ratio (%), 2011–2016
Table 15: Life Insurance – Commissions and Expenses (IDR Billion), 2007–2011
Table 16: Life Insurance – Commissions and Expenses (IDR Billion), 2011–2016
Table 17: Life Insurance – Combined Ratio (%), 2007–2011
Table 18: Life Insurance – Combined Ratio (%), 2011–2016
Table 19: Life Insurance – Frauds and Crimes (IDR Billion), 2007–2011
Table 20: Life Insurance – Frauds and Crimes (IDR Billion), 2011–2016
Table 21: Life Insurance – Total Assets (IDR Billion), 2007–2011
Table 22: Life Insurance – Total Assets (IDR Billion), 2011–2016
Table 23: Life Insurance – Total Investment Income (IDR Billion), 2007–2011
Table 24: Life Insurance – Total Investment Income (IDR Billion), 2011–2016
Table 25: Life Insurance – Retentions (IDR Billion), 2007–2011
Table 26: Life Insurance – Retentions (IDR Billion), 2011–2016
Table 27: Individual Life Insurance Category by Volume (’000), 2007–2011
Table 28: Individual Life Insurance Category by Volume (’000), 2011–2016
Table 29: Individual Life Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 30: Individual Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Table 31: Individual General Annuity Insurance Category by Volume (’000), 2007–2011
Table 32: Individual General Annuity Insurance Category by Volume (’000), 2011–2016
Table 33: Individual General Annuity Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 34: Individual General Annuity Insurance Category by Written Premium (IDR Billion), 2011–2016
Table 35: Individual Pension Category by Volume (’000), 2007–2011
Table 36: Individual Pension Category by Volume (’000), 2011–2016
Table 37: Individual Pension Category by Written Premium (IDR Billion), 2007–2011
Table 38: Individual Pension Category by Written Premium (IDR Billion), 2011–2016
Table 39: Endowment Insurance Category by Volume (’000), 2007–2011
Table 40: Endowment Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 41: Endowment Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 42: Endowment Insurance Category by Written Premium (IDR Billion), 2011–2016
Table 43: Individual Unit-linked Insurance Sub-Category by Volume (’000), 2007–2011
Table 44: Individual Unit-linked Insurance Sub-Category by Volume (’000), 2011–2016
Table 45: Individual Unit-linked Insurance Sub-Category by Written Premium (IDR Billion), 2007–2011
Table 46: Individual Unit-linked Insurance Sub-Category by Written Premium (IDR Billion), 2011–2016
Table 47: Term Life Insurance Category by Volume (’000), 2007–2011
Table 48: Term Life Insurance Category by Volume (’000), 2011–2016
Table 49: Term Life Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 50: Term Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Table 51: Individual-Others Category by Volume (’000), 2007–2011
Table 52: Individual-Others Category by Volume (’000), 2011–2016
Table 53: Individual-Others Category by Written Premium (IDR Billion), 2007–2011
Table 54: Individual-Others Category by Written Premium (IDR Billion), 2011–2016
Table 55: Group Life Insurance Category by Volume (’000), 2007–2011
Table 56: Group life Insurance Category by Volume (’000), 2011–2016
Table 57: Group life Insurance Category by Written Premium (IDR Billion), 2007–2011
Table 58: Group Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Table 59: Group Superannuation Category by Volume (’000), 2007–2011
Table 60: Group Superannuation Category by Volume (’000), 2011–2016
Table 61: Group Superannuation Category by Written Premium (IDR Billion), 2007–2011
Table 62: Group Superannuation Category by Written Premium (IDR Billion), 2011–2016
Table 63: Group Unit-Linked Insurance Sub-Category by Volume (’000), 2007–2011
Table 64: Group Unit-Linked Insurance Sub-Category by Volume (’000), 2011–2016
Table 65: Group Unit-Linked Insurance Sub-Category by Written Premium (IDR Billion), 2007–2011
Table 66: Group Unit-Linked Insurance Sub-Category by Written Premium (IDR Billion), 2011–2016
Table 67: Individual Single Premium Category by Volume (’000), 2007–2011
Table 68: Individual Single Premium Category by Volume (’000), 2011–2016
Table 69: Individual Single Premium Category by Written Premium (IDR Billion), 2007–2011
Table 70: Individual Single Premium Category by Written Premium (IDR Billion), 2011–2016
Table 71: Individual Non-Single Premium Category by Volume (’000), 2007–2011
Table 72: Individual Non-Single Premium Category by Volume (’000), 2011–2016
Table 73: Individual Non-Single Premium Category by Written Premium (IDR Billion), 2007–2011
Table 74: Individual Non-Single Premium Category by Written Premium (IDR Billion), 2011–2016
Table 75: Group Single Premium Category by Volume (’000), 2007–2011
Table 76: Group Single Premium Category by Volume (’000), 2011–2016
Table 77: Group Single Premium Category by Written Premium (IDR Billion), 2007–2011
Table 78: Group Single Premium Category by Written Premium (IDR Billion), 2011–2016
Table 79: Group Non-Single Premium Category by Volume (’000), 2007–2011
Table 80: Group Non-Single Premium Category by Volume (’000), 2011–2016
Table 81: Group Non-Single Premium Category by Written Premium (IDR Billion), 2007–2011
Table 82: Group Non-Single Premium Category by Written Premium (IDR Billion), 2011–2016
Table 83: Life Insurance – Direct Marketing Commission Paid (IDR Billion), 2007–2011
Table 84: Life Insurance – Direct Marketing Commission Paid (IDR Billion), 2011–2016
Table 85: Life Insurance – Written Premium Through Direct Marketing (IDR Billion), 2007–2011
Table 86: Life Insurance – Written Premium Through Direct Marketing (IDR Billion), 2011–2016
Table 87: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Table 88: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Table 89: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Table 90: Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Table 91: Life Insurance – Bancassurance Commission Paid (IDR Billion), 2007–2011
Table 92: Life Insurance – Bancassurance Commission Paid (IDR Billion), 2011–2016
Table 93: Life Insurance – Written Premium Through Bancassurance (IDR Billion), 2007–2011
Table 94: Life Insurance – Written Premium Through Bancassurance (IDR Billion), 2011–2016
Table 95: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Table 96: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Table 97: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Table 98: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Table 99: Life Insurance – Commission Paid to Agencies (IDR Billion), 2007–2011
Table 100: Life Insurance – Commission Paid to Agencies (IDR Billion), 2011–2016
Table 101: Life Insurance – Written Premium Through Agencies (IDR Billion|), 2007–2011
Table 102: Life Insurance – Written Premium Through Agencies (IDR Billion), 2011–2016
Table 103: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Table 104: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Table 105: Life Insurance – Number of Agencies, 2007–2011
Table 106: Life Insurance – Number of Agencies, 2011–2016
Table 107: Life Insurance – Commission Paid to Other Channels (IDR Billion), 2007–2011
Table 108: Life Insurance – Commission Paid to Other Channels (IDR Billion), 2011–2016
Table 109: Life Insurance – Written Premium Through Other Channels (IDR Billion), 2007–2011
Table 110: Life Insurance – Written Premium Through Other Channels (IDR Billion), 2011–2016
Table 111: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Table 112: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Table 113: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Table 114: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Table 115: Reinsurance Market in Indonesian by Category (IDR Billion), 2007–2011
Table 116: Reinsurance Market in Indonesian by Category (US$ Billion), 2007–2011
Table 117: Reinsurance Market in Indonesia by Category (IDR Billion), 2011–2016
Table 118: Reinsurance Market in Indonesia by Category (US$ Billion), 2011–2016
Table 119: Reinsurance Ceded by Type of Insurance (IDR Billion), 2007–2011
Table 120: Reinsurance Ceded by Type of Insurance (US$ Billion), 2007–2011
Table 121: Reinsurance Ceded by Type of Insurance (IDR Billion), 2011–2016
Table 122: Reinsurance Ceded by Type of Insurance (US$ Billion), 2011–2016
Table 123: Life Insurance Market – Percentage of Reinsurance Ceded ( %), 2007–2011
Table 124: Life Insurance Market – Percentage of Reinsurance Ceded ( %), 2011–2016
Table 125: Life Insurance Market Share (%), 2010
Table 126: PT Asuransi Jiwa Mega Life, Key Facts
Table 127: PT Asuransi Jiwa Mega Life, Main Products
Table 128: PT Asuransi Jiwa Mega Life, Key Employees
Table 129: PT Prudential Life Assurance, Key Facts
Table 130: PT Prudential Life Assurance, Main Products
Table 131: PT Prudential Life Assurance, Key Employees
Table 132: PT Asuransi Jiwa Sinarmas, Key Facts
Table 133: PT Asuransi Jiwa Sinarmas, Main Products
Table 134: PT Asuransi Jiwa Sinarmas, Key Employees
Table 135: PT Asuransi Allianz Life Indonesia, Key Facts
Table 136: PT Asuransi Allianz Life Indonesia, Main Products
Table 137: PT Asuransi Allianz Life Indonesia, Key Employees
Table 138: PT AIA Financial ( d/h AIG), Key Facts
Table 139: PT AIA Financial ( d/h AIG), Main Products
Table 140: PT AIA Financial (d/h AIG), Key Employees
Table 141: PT Asuransi Jiwa Manulife Indonesia, Key Facts
Table 142: PT Asuransi Jiwa Manulife Indonesia, Main Products
Table 143: PT Asuransi Jiwa Manulife Indonesia, Key Employees
Table 144: PT. Asuransi Jiwasraya (Persero), Key Facts
Table 145: PT. Asuransi Jiwasraya (Persero), Main Products
Table 146: AXA Sigorta A.S, Key Employees
Table 147: PT Axa Mandiri Financial Services, Key Facts
Table 148: PT Axa Mandiri Financial Services, Main Products
Table 149: PT Axa Mandiri, Key Employees

LIST OF FIGURES

Figure 1: Indonesian Insurance Overall Written Premium by Segment (IDR Billion), 2007–2016
Figure 2: Indonesian Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Life Insurance Written Premium by Category (IDR Billion), 2007–2016
Figure 4: Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Life Insurance Market Dynamics by Category, 2007–2016
Figure 6: Life Insurance – Incurred Loss (IDR Billion), 2007–2011
Figure 7: Life Insurance – Incurred Loss (IDR Billion), 2011–2016
Figure 8: Life Insurance – Loss Ratio (%), 2007–2011
Figure 9: Life Insurance – Loss Ratio (%), 2011–2016
Figure 10: Life Insurance – Commissions and Expenses (IDR Billion), 2007–2011
Figure 11: Life Insurance – Commissions and Expenses (IDR Billion), 2011–2016
Figure 12: Life Insurance – Combined Ratio (%), 2007–2011
Figure 13: Life Insurance – Combined Ratio (%), 2011–2016
Figure 14: Life Insurance – Frauds and Crimes (IDR Billion), 2007–2011
Figure 15: Life Insurance – Frauds and Crimes (IDR Billion), 2011–2016
Figure 16: Life Insurance – Total Assets (IDR Billion), 2007–2011
Figure 17: Life Insurance – Total Assets (IDR Billion), 2011–2016
Figure 18: Life Insurance – Total Investment Income (IDR Billion), 2007–2011
Figure 19: Life Insurance – Total Investment Income (IDR Billion), 2011–2016
Figure 20: Life Insurance – Retentions (IDR Billion), 2007–2011
Figure 21: Life Insurance – Retentions (IDR Billion), 2011–2016
Figure 22: Life Insurance – Investment Type (IDR Billion), 2007–2011
Figure 23: Life Insurance – Investment Type (% Share), 2007 and 2011
Figure 24: Life Insurance – Density and Penetration (%), 2007–2011
Figure 25: Life Insurance – Number of Policies Sold (’000), 2007–2011
Figure 26: Life Insurance – Number of Policies (’000), 2011–2016
Figure 27: Life Insurance – Premium Per-capita (IDR), 2007–2011
Figure 28: Individual Life Insurance Category by Volume (’000), 2007–2011
Figure 29: Individual Life Insurance Category by Volume (’000), 2011–2016
Figure 30: Individual Life Insurance Category by Written Premium (IDR Billion), 2007–2011
Figure 31: Individual Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 32: Individual General Annuity Insurance Category by Volume (’000), 2007–2011
Figure 33: Individual General Annuity Insurance Category by Volume (’000), 2011–2016
Figure 34: Individual General Annuity Insurance Category by Written Premium (IDR Billion), 2007–2011
Figure 35: Individual General Annuity Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 36: Individual Pension Category by Volume (’000), 2007–2011
Figure 37: Individual Pension Category by Volume (’000), 2011–2016
Figure 38: Individual Pension Category by Written Premium (IDR Billion), 2007–2011
Figure 39: Individual Pension Category by Written Premium (IDR Billion), 2011–2016
Figure 40: Endowment Insurance Category by Volume (’000), 2011–2016
Figure 41: Endowment Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 42: Endowment Insurance Category by Written Premium (IDR Billion), 2007–2011
Figure 43: Endowment Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 44: Individual Unit-linked Insurance Sub-Category by Volume (’000), 2007–2011
Figure 45: Individual Unit-linked Insurance Sub-Category by Volume (’000), 2011–2016
Figure 46: Individual Unit-linked Insurance Sub-Category by Written Premium (IDR Billion), 2007–2011
Figure 47: Individual Unit-linked Insurance Sub-Category by Written Premium (IDR Billion), 2011–2016
Figure 48: Term Life Insurance Category by Volume (’000), 2007–2011
Figure 49: Term Life Insurance Category by Volume (’000), 2011–2016
Figure 50: Term Life Insurance Category by Written Premium (IDR Billion), 2007–2011
Figure 51: Term Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 52: Individual-Others Category by Volume (’000), 2007–2011
Figure 53: Individual-Others Category by Volume (’000), 2011–2016
Figure 54: Individual-Others Category by Written Premium (IDR Billion), 2007–2011
Figure 55: Individual-Others Category by Written Premium (IDR Billion), 2011–2016
Figure 56: Group Life Insurance Category by Volume (’000), 2007–2011
Figure 57: Group life Insurance Category by Volume (’000), 2011–2016
Figure 58: Group life Insurance Category by Written Premium (IDR Billion), 2007–2011
Figure 59: Group Life Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 60: Group Superannuation Category by Volume (’000), 2007–2011
Figure 61: Group Superannuation Category by Volume (’000), 2011–2016
Figure 62: Group Superannuation Category by Written Premium (IDR Billion), 2007–2011
Figure 63: Group Superannuation Category by Written Premium (IDR Billion), 2011–2016
Figure 64: Group Unit-Linked Insurance Sub-Category by Volume (’000), 2007–2011
Figure 65: Group Unit-Linked Insurance Sub-Category by Volume (’000), 2011–2016
Figure 66: Group Unit-Linked Insurance Sub-Category by Written Premium (IDR Billion), 2007–2011
Figure 67: Group Unit-Linked Insurance Category by Written Premium (IDR Billion), 2011–2016
Figure 68: Individual Single Premium Category by Volume (’000), 2007–2011
Figure 69: Individual Single Premium Category by Volume (’000), 2011–2016
Figure 70: Individual Single Premium Category by Written Premium (IDR Billion), 2007–2011
Figure 71: Individual Single Premium Category by Written Premium (IDR Billion), 2011–2016
Figure 72: Individual Non-Single Premium Category by Volume (’000), 2007–2011
Figure 73: Individual Non-Single Premium Category by Volume (’000), 2011–2016
Figure 74: Individual Non-Single Premium Category by Written Premium (IDR Billion), 2007–2011
Figure 75: Individual Non-Single Premium Category by Written Premium (IDR Billion), 2011–2016
Figure 76: Group Single Premium Category by Volume (’000), 2007–2011
Figure 77: Group Single Premium Category by Volume (’000), 2011–2016
Figure 78: Group Single Premium Category by Written Premium (IDR Billion), 2007–2011
Figure 79: Group Single Premium Category by Written Premium (IDR Billion), 2011–2016
Figure 80: Group Non-Single Premium Category by Volume (’000), 2007–2011
Figure 81: Group Non-Single Premium Category by Volume (’000), 2011–2016
Figure 82: Group Non-Single Premium Category by Written Premium (IDR Billion), 2007–2011
Figure 83: Group Non-Single Premium Category by Written Premium (IDR Billion), 2011–2016
Figure 84: Life Insurance New Business Written Premium by Distribution Channels (% Share), 2011 and 2016
Figure 85: Life Insurance – Direct Marketing Commission Paid (IDR Billion), 2007–2011
Figure 86: Life Insurance – Direct Marketing Commission Paid (IDR Billion), 2011–2016
Figure 87: Life Insurance – Written Premium Through Direct Marketing (IDR Billion), 2007–2011
Figure 88: Life Insurance – Written Premium Through Direct Marketing (IDR Billion), 2011–2016
Figure 89: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Figure 90: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Figure 91: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Figure 92: Life Insurance Segment – Number of Direct Marketing Distributors, 2011–2016
Figure 93: Life Insurance Segment – Bancassurance Commission Paid (IDR Billion), 2007–2011
Figure 94: Life Insurance – Bancassurance Commission Paid (IDR Billion), 2011–2016
Figure 95: Life Insurance – Written Premium Through Bancassurance (IDR Billion), 2007–2011
Figure 96: Life Insurance – Written Premium Through Bancassurance (IDR Billion), 2011–2016
Figure 97: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Figure 98: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Figure 99: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Figure 100: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Figure 101: Life Insurance – Commission Paid to Agencies (IDR Billion), 2007–2011
Figure 102: Life Insurance – Commission Paid to Agencies (IDR Billion), 2011–2016
Figure 103: Life Insurance – Written Premium Through Agencies (IDR Billion), 2007–2011
Figure 104: Life Insurance – Written Premium Through Agencies (IDR Billion), 2011–2016
Figure 105: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Figure 106: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Figure 107: Life Insurance – Number of Agencies, 2007–2011
Figure 108: Life Insurance – Number of Agencies, 2011–2016
Figure 109: Life Insurance – Commission Paid to Other Channels (IDR Billion), 2007–2011
Figure 110: Life Insurance – Commission Paid to Other Channels (IDR Billion), 2011–2016
Figure 111: Life Insurance – Written Premium Through Other Channels (IDR Billion), 2007–2011
Figure 112: Life Insurance – Written Premium Through Other Channels (IDR Billion), 2011–2016
Figure 113: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Figure 114: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Figure 115: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Figure 116: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Figure 117: Indonesia Life Insurance Market – Five Forces Analysis
Figure 118: Premium Ceded to Reinsurance by Category (IDR Billion), 2007–2016
Figure 119: Reinsurance Premium Share by Category, 2011 and 2016
Figure 120: Reinsurance Market Dynamics by Category, 2007–2016
Figure 121: Reinsurance Ceded by Type of Insurance (IDR Billion), 2007–2016
Figure 122: Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 123: Life Insurance Market – Percentage of Reinsurance Ceded ( %), 2007–2011
Figure 124: Life Insurance Market – Percentage of Reinsurance Ceded ( %), 2011–2016
Figure 125: Life Insurance Market Share (%), 2010
Figure 126: Indonesian Business Confidence Indicator, Q1 2008–Q1 2010
Figure 127: Indonesian Stock Exchange (IDX) Market Capitalization (US$ Billion),
Figure 128: Indonesian FDI Inflows by Industry (US$ Billion), 2004–2009
Figure 129: Indonesian Deployment of Credit (US$ Billion), 2004–2010
Figure 130: Indonesian GDP at Constant Prices (US$ Billion), 2007–2016
Figure 131: Indonesian GDP Per Capita at Constant Prices (US$), 2007–2016
Figure 132: Indonesian GDP at Current Prices (US$ Billion), 2007–2016
Figure 133: Indonesian GDP Per Capita at Current Prices (US$), 2007–2016
Figure 134: Indonesian GDP Split by Key Sector (%), 2003 and 2009
Figure 135: Indonesian Agriculture Net Output at Current Prices (IDR Billion), 2007–2016
Figure 136: Indonesian Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 137: Indonesian Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 138: Indonesian Manufacturing Net Output at Current Prices (IDR Billion), 2007–2016
Figure 139: Indonesian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 140: Indonesian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 141: Indonesian Mining, Manufacturing and Utilities Net Output at Current Prices (IDR Billion), 2007–2016
Figure 142: Indonesian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2016
Figure 143: Indonesian Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 144: Indonesian Construction Net Output at Current Prices (IDR Billion), 2007–2016
Figure 145: Indonesian Construction Net Output at Current Prices (US$ Billion), 2007–2016
Figure 146: Indonesian Construction Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 147: Indonesian Crude Steel Production (Million Metric Tons), 2007–2016
Figure 148: Indonesian Crude Oil Consumption (Million Tons), 2007–2016
Figure 149: Indonesian Inflation Rate (%), 2007–2016
Figure 150: Indonesian Fiscal Balance as a Percentage of GDP (%), 2007–2010
Figure 151: Indonesian Current Account Balance as a Percentage of GDP (%), 2007–2016
Figure 152: Indonesian Exports as a Percentage of GDP (%), 2007–2016
Figure 153: Indonesian Imports as a Percentage of GDP (%), 2007–2016
Figure 154: Indonesian Exports Growth (%), 2007–2016
Figure 155: Indonesian Imports Growth (%), 2007–2016
Figure 156: Indonesian External Debt as a Percentage of GDP (%), 2007–2016
Figure 157: Indonesian Annual Average Exchange Rate (US$-IDR), 2004–2010
Figure 158: Indonesian End of Period Exchange Rate (US$-IDR), 2004–2010
Figure 159: Indonesian Total Number of Airports and Sea Ports, 2010
Figure 160: Indonesian Railways and Roadways (Kilometers), 2011
Figure 161: Indonesian Passenger Vehicle Production (Thousand Units), 2007–2016
Figure 162: Indonesian Commercial Vehicle Production (Thousand Units), 2007–2016
Figure 163: Indonesian Automotive Components Exports (US$ Billion), 2007–2016
Figure 164: Indonesian Automotive Components Imports (US$ Million), 2007–2016
Figure 165: Indonesian Passenger Car Penetration (per Thousand People), 2007–2016
Figure 166: Indonesian Total Installed Capacity for Electricity Generation (Million Kilowatts), 2007–2016
Figure 167: Indonesian Installed Capacity for the Generation of Conventional Thermal Electricity (Million Kilowatts), 2007–2016
Figure 168: Indonesian Electricity Production (Billion Kilowatts Hours), 2007–2016
Figure 169: Indonesian Installed Capacity for the Generation of Hydro-Electricity (Million Kilowatts), 2007–2016
Figure 170: Indonesian Installed Capacity for the Generation of Renewable Electricity (Million Kilowatts), 2007–2016
Figure 171: Indonesian Electricity Consumption (Billion Kilowatt Hours), 2007–2016
Figure 172: Indonesian Healthcare Expenditure (US$ Billion), 2007–2016
Figure 173: Indonesian Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 174: Indonesian Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 175: Indonesian R&D Expenditure as a Percentage of GDP, 2007–2016
Figure 176: Indonesian Internet Subscribers (Million), 2007–2016
Figure 177: Indonesian Broadband Internet Subscribers (Thousand), 2007–2016
Figure 178: Indonesian Personal Computer Penetration Rate (per Hundred People), 2007–2016
Figure 179: Indonesian Mobile Phone Penetration Rate (%), 2007–2016
Figure 180: Indonesian Labor Force Size (Million), 2007–2016
Figure 181: Indonesian Unemployment Rate (%), 2007–2016
Figure 182: Indonesian Annual Disposable Income (US$ Billion), 2007–2016
Figure 183: Indonesian Annual Per Capita Disposable Income (US$), 2007–2016
Figure 184: Indonesian Total Population (Million), 2007–2016
Figure 185: Indonesian Urban and Rural Population (%), 2007–2016
Figure 186: Indonesian Female Percentage of Population (%), 2007–2016
Figure 187: Indonesian Male Percentage of Population (%), 2007–2016
Figure 188: Indonesian Mean Age of Population (Years), 2007–2016
Figure 189: Indonesian Median Age of Population (Years), 2007–2016
Figure 190: Indonesian Population Density (per Square Kilometer), 2007–2016
Figure 191: Indonesian Population Distribution by Age (%), 2007–2016
Figure 192: Indonesian Male Population Distribution by Age (%), 2007–2016
Figure 193: Indonesian Female Population Distribution by Age (%), 2007–2016
Figure 194: Indonesian Number of Households (Million), 2007–2016
Figure 195: Global Terrorism Heat Map
Figure 196: Indonesian Transparency Index, 2004–2010

COMPANIES MENTIONED

PT Asuransi Jiwa Mega Life
PT Prudential Life Assurance
PT Asuransi Jiwa Sinarmas
PT Asuransi Allianz Life Indonesia
PT AIA Financial (d/h AIG)
PT Asuransi Jiwa Manulife Indonesia
PT. Asuransi Jiwasraya (Persero)
PT Axa Mandiri Financial Services
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Life Insurance in Indonesia, Trends and Opportunities to 2016: Unit Linked Investment Plans to Drive Market Growth
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