Indonesia - Low ins. penetration but high profitability
Saturday, 07 28 2018, Category: Insurance and Reinsurance, Country: Asia
The life insurance market in Indonesia is one of the world’s most attractive for investors due to its low penetration rate, according to a report by Axco Insurance Information Services.
The Indonesian market is at an earlier stage of development compared to many of its ASEAN neighbours, but its resilient economic growth of over 5% annually, alongside its low insurance penetration rate of just below 3%, large population, and expanding consumer class have made it ripe for insurance ventures looking to expand.
In recent years, global insurance companies have begun expanding into the market, bringing expertise and resources that helped grow the market from £358 million in 2000 to £9.67 billion in 2017, making it the 24th largest in the world.
Source: Insurance Business