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Published: Oct, 2016 | Pages:
141 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric's 'Non-Life Insurance in Indonesia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Indonesian non-life insurance segment, and a comparison of the Indonesian insurance industry with its regional counterparts. It provides values for 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, explains the various types of natural hazard and their impact on the Indonesian insurance industry, 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 'Non-Life Insurance in Indonesia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Indonesian non-life insurance segment, including: • The Indonesian non-life segment's detailed outlook by product category • A comprehensive overview of the Indonesian economy and demographics • A comparison of the Indonesian non-life insurance segment with its regional counterparts • The various distribution channels in the Indonesian non-life insurance segment • Detailed analysis of natural hazards and their impact on the Indonesian insurance industry • Details of the competitive landscape in the non-life insurance segment in Indonesia • Details of regulatory policy applicable to the Indonesian insurance industry Scope This report provides a comprehensive analysis of the non-life insurance segment in Indonesia: • It provides historical values for the Indonesian non-life 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 non-life insurance segment, and market forecasts to 2020. • It provides a comparison of the Indonesian non-life insurance segment with its regional counterparts • It analyzes the various distribution channels for non-life insurance products in Indonesia. • It analyzes various natural hazards and their impact on the Indonesian insurance industry • It profiles the top non-life 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 non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Indonesian non-life insurance segment. • Assess the competitive dynamics in the non-life 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 • With effect from February 1, 2014, insurance regulator the Otoritas Jasa Keuangan (OJK) required all Indonesian non-life insurers to apply a compulsory tariff to property and motor policies. • Indonesia's non-life segment accounted for 27.8% of the industry's gross written premium in 2015. • The gross written premium of the Indonesian non-life segment increased at a review-period CAGR of 13.8%. Growth in the non-life segment can be attributed to the country's steady economic growth and stable political environment. • In December 2014, the regulator proposed to make it mandatory for insurers to cede 25% of business generated to the local reinsurers. However, for classes such as motor and cargo it was 100% to local reinsurers. • At the end of 2015, there were 76 insurers operating in Indonesian non-life segment. The 10 leading insurers accounted for 55.2% of the segment's gross written premium in 2014.
Table of Contents 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 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Claims 5.1.4 Profitability 5.2 Motor Insurance 5.2.1 Product Overview 5.2.2 Premium 5.2.3 Claims 5.2.4 Profitability 5.3 Liability Insurance 5.3.1 Product Overview 5.3.2 Premium 5.3.3 Claims 5.3.4 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product Overview 5.4.2 Premium 5.4.3 Claims 5.4.4 Profitability 6 Distribution Channel Outlook 7 Natural Hazards 7.1 Earthquakes 7.2 Flooding 7.3 Tsunamis 7.4 Wildfires 7.5 Volcanic Activity 7.6 Exposure 8 Competitive Landscape 8.1 Overview 8.2 Company Profiles 8.2.1 PT Asuransi Jasa Indonesia Persero - company overview 8.2.2 PT Asuransi Sinar Mas - company overview 8.2.3 PT Asuransi Central Asia - company overview 8.2.4 PT Tugu Pratama Indonesia - company overview 8.2.5 PT Asuransi Kredit Indonesia (Persero) - company overview 9 Governance, Risk and Compliance 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life Insurance 9.3.2 Property Insurance 9.3.3 Motor Insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Workmen compensation insurance 9.4.2 Professional indemnity insurance for insurance brokers 9.4.3 Liability for ships with respect to oil pollution 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 Financial Services Authority 9.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia) 9.5.4 The Indonesian Life Insurance Association (Asosasi Asuransi Jiwa Indonesia) 9.5.5 The Indonesian Insurance Council (Dewan Asuransi Indonesia) 9.6 Non-Admitted Insurance Regulation 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and Penalties 9.7 Company Registration and Operations 9.7.1 Type of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margin 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution (ADR) 10 Databook 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Property Insurance by Product 10.6 Motor Insurance 10.7 Liability Insurance 10.8 Marine, Aviation and Transit Insurance 11 Definitions and Methodology 11.1 Definitions 11.2 Methodology 12 About Timetric 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables Table 1: Indonesian Non-Life Insurance - Key Facts, 2014 Table 2: Indonesian Non-Life 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 Non-Life Insurance - Gross Written Premium (IDR Trillion and US$ Billion), 2011-2015 Table 7: Indonesian Non-Life Insurance - Penetration (%), 2011-2015 Table 8: Indonesian Non-Life Insurance - Gross Written Premium (IDR Trillion and US$ Billion), 2015-2020 Table 9: Indonesian Non-Life Insurance - Penetration (%), 2015-2020 Table 10: Indonesian Non-Life Insurance - Premium per Capita (IDR and US$), 2011-2015 Table 11: Indonesian Non-Life Insurance - Premium per Capita (IDR and US$), 2015-2020 Table 12: Indonesian Non-Life Insurance - Paid Claims (IDR Trillion and US$ Billion), 2011-2015 Table 13: Indonesian Non-Life Insurance - Paid Claims (IDR Trillion and US$ Billion), 2015-2020 Table 14: Indonesian Non-Life Insurance - Profitability Ratio (%), 2011-2015 Table 15: Indonesian Non-Life Insurance - Profitability Ratio (%), 2015-2020 Table 16: Indonesian Non-Life Insurance - Total Assets (IDR Trillion and US$ Billion), 2011-2015 Table 17: Indonesian Non-Life Insurance - Total Assets (IDR Trillion and US$ Billion), 2015-2020 Table 18: Indonesian Non-Life Insurance - Total Investment Income (IDR Trillion and US$ Billion), 2011-2015 Table 19: Indonesian Non-Life Insurance - Total Investment Income (IDR Trillion and US$ Billion), 2015-2020 Table 20: Indonesian Non-Life Insurance - Investment Portfolio (IDR Trillion), 2011-2015 Table 21: Indonesian Non-Life Insurance - Investment Portfolio (IDR Trillion), 2015-2020 Table 22: Indonesian Non-Life Insurance - Direct Written Premium by Category (IDR Trillion),2011-2015 Table 23: Indonesian Non-Life Insurance - Direct Written Premium by Category (IDR Trillion), 2015-2020 Table24: Indonesian Property Insurance - Direct Written Premium by Sub-Category (IDR Trillion), 2011-2015 Table25: Indonesian Property Insurance - Direct Written Premium by Sub-Category (IDR Trillion), 2015-2020 Table 26: Indonesian Property Insurance - Paid Claims (IDR Trillion and US$ Billion), 2011-2015 Table 27: Indonesian Property Insurance - Paid Claims (IDR Billion and US$ Billion), 2015-2020 Table 28: Indonesian Property Insurance - Loss Ratio (%), 2011-2015 Table 29: Indonesian Property Insurance - Loss Ratio (%), 2015-2020 Table 30: Indonesian Traffic Accidents, Deaths and Injuries, 2010-2014 Table 31: Indonesian Motor Insurance - Direct Written Premium (IDR Trillion), 2011-2015 Table 32: Indonesian Motor Insurance - Direct Written Premium (IDR Trillion), 2015-2020 Table 33: Indonesian Motor Insurance - Paid Claims (IDR Trillion and US$ Billion), 2011-2015 Table 34: Indonesian Motor Insurance - Paid Claims (IDR Trillion and US$ Billion), 2015-2020 Table 35: Indonesian Motor Insurance - Loss Ratio (%), 2011-2015 Table 36: Indonesian Motor Insurance - Loss Ratio (%), 2015-2020 Table 37: Indonesian Liability Insurance - Direct Written Premium (IDR Trillion), 2011-2015 Table 38: Indonesian Liability Insurance - Direct Written Premium (IDR Trillion), 2015-2020 Table 39: Indonesian Liability Insurance - Paid Claims (IDR Billion and US$ Million), 2011-2015 Table 40: Indonesian Liability Insurance - Paid Claims (IDR Billion and US$ Million), 2015-2020 Table 41: Indonesian Liability Insurance - Loss Ratio (%), 2011-2015 Table 42: Indonesian Liability Insurance - Loss Ratio (%), 2015-2020 Table 43: Indonesian Marine, Aviation and Transit Insurance - Direct Written Premium (IDR Trillion), 2011-2015 Table 44: Indonesian Marine, Aviation and Transit Insurance - Direct Written Premium (IDR Trillion), 2015-2020 Table 45: Indonesian Marine, Aviation and Transit Insurance - Paid Claims (IDR Billion and US$ Million), 2011-2015 Table 46: Indonesian Marine, Aviation and Transit Insurance - Paid Claims (IDR Billion and US$ Million), 2015-2020 Table 47: Indonesian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 Table 48: Indonesian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 Table 49: Indonesian Non-life Insurance - Composition of Insurers (2008-2015) Table 50: Indonesian Insurance Industry - Structure (2008-2015) Table 51: Indonesian Insurance Industry - Shares of Leading Insurers (%), 2014 Table 52: PT Asuransi Jasa Indonesia Persero - Key Facts Table 53: PT Asuransi Jasa Indonesia Persero - Key Financials (IDR Trillion), 2011-2015 Table 54: PT Asuransi Sinar Mas - Key Facts Table 55: PT Asuransi Sinar Mas - Key Financials (IDR Trillion), 2011-2015 Table 56: PT Asuransi Central Asia - Key Facts Table 57: PT Asuransi Central Asia - Key Financials (IDR Trillion), 2011-2015 Table 58: PT Tugu Pratama Indonesia - Key Facts Table 59: PT Tugu Pratama Indonesia - Key Financials (IDR Trillion), 2011-2015 Table 60: PT Asuransi Kredit Indonesia (Persero)- Key Facts Table 61: PT Asuransi Kredit Indonesia (Persero) - Key Financials (IDR Trillion), 2011-2015 Table 62: Indonesia - Insurance Regulatory Framework Key Features Table 63: Indonesia - Life Insurance Regulatory Framework Table 64: Indonesia - Property Insurance Regulatory Framework Table 65: Indonesia - Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured) Table 66: Indonesia - Tariff Rates for Flood Insurance (% of Sum Insured) Table 67: Indonesia - Tariff Rates for Business Interruption Insurance Table 68: Indonesia - Motor Insurance Regulatory Framework Table 69: Indonesia - Comprehensive Motor Insurance Tariff Rates (% of Sum Insured) Table 70: Indonesia - Total Loss Motor Insurance Tariff Rates (% of Sum Insured) Table 71: Indonesia - Earthquake Insurance Tariff Rates for Motor Vehicles Table 72: Indonesia - Flood Insurance Tariff Rates for Motor Vehicles Table 73: Indonesia - Liability Insurance Regulatory Framework Table 74: Indonesia - Corporation Tax Rates for the Financial Year 2016 Table 75: Indonesian Insurance Industry - Policies and Premium, 2011-2015 Table 76: Indonesian Insurance Industry - Policies and Premium, 2015-2020 Table 77: Indonesian Non-Life Insurance - Claims and Expenses, 2011-2015 Table 78: Indonesian Non-Life Insurance - Claims and Expenses, 2015-2020 Table 79: Indonesian Non-Life Insurance - Assets and Investments, 2011-2015 Table 80: Indonesian Non-Life Insurance - Assets and Investments, 2015-2020 Table 81: Indonesian Non-Life Insurance - Property Insurance, 2011-2015 Table 82: Indonesian Non-Life Insurance - Property Insurance, 2015-2020 Table 83: Indonesian Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 84: Indonesian Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 85: Indonesian Non-Life Insurance - Motor Insurance, 2011-2015 Table 86: Indonesian Non-Life Insurance - Motor Insurance, 2015-2020 Table 87: Indonesian Non-Life Insurance - Liability Insurance, 2011-2015 Table 88: Indonesian Non-Life Insurance - Liability Insurance, 2015-2020 Table 89: Indonesian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 90: Indonesian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 91: Insurance Industry Definitions
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