Realising the potential of Indonesia's insurance sector

Indonesia's insurance sector has seen a number of fundamental changes in recent years as a result of new legislation, rapid tech developments, and swift changes in customer demand. Despite the COVID-19 Pandemic having significantly affected the insurance market and made it harder for consumers to afford insurance products, the insurance industry has proven to be resilient in the face of challenges while also creating exciting, new prospects - with Sharia segment, among others.

According to our research, the potential of Indonesia's developing insurance market will be most fully realised when access and accessibility are prioritised. To achieve this, insurers must focus on key aspects, including insurance literacy, technology, and insurance workforce, while keeping up with regulatory developments and taking climate change into account. Through this report, we invite businesses and related stakeholders to look beyond the conventional confines of the insurance sector and gain a better understanding of the overall dynamics of the insurance business to unlock the potential of Indonesia's insurance sector in 2023 and beyond.