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Indonesian life insurance industry to surpass $12bn by 2028
Written by Adam Cadle
02/04/2024
The Indonesian life insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 3.8% over 2024-2028, from IDR161.3trn ($10.5bn) in 2024 to IDR187.2trn ($12.1bn) in 2028, in terms of GWP, according to GlobalData.
However, in 2024, the life insurance industry is expected to decline by 2%, after witnessing a 5.4% decline in 2023.
“The decline can be attributed to a decrease in the sales of investment-linked insurance products due to heightened volatility in global financial markets, as well as a decline in new premiums due to changing consumer preferences,” Manogna Vangari, insurance analyst at Global Data, commented.
“However, the industry is set to make a turnaround in 2025, driven by an increase in the demand for traditional life insurance policies and changes in the country’s demographic factors.”
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