Government Boosts Insurance Penetration

Innovative insurance products tailored to customer needs are seen as a potential solution to increase insurance penetration in Indonesia, which currently lags behind that of other countries in the ASEAN region.

Rika Anggraeni

20 Sep 2023 - 19.28
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Government Boosts Insurance Penetration

Life insurance logos displayed at the office of the Indonesian Life Insurance Association, Jakarta. Photo/Fanny Kusumawardhani

Bisnis, JAKARTA—Innovative insurance products tailored to customer needs are seen as a potential solution to increase insurance penetration in Indonesia, which currently lags behind that of other countries in the ASEAN region.

The Financial Services Authority (OJK) acknowledges that insurance penetration in Indonesia is relatively low compared to certain ASEAN countries, including Singapore, which has the highest insurance penetration.

Indonesia's insurance penetration is only 2.3%, or precisely 2.27% of its gross domestic product (GDP), as stated by Vice Chairman of OJK Board of Commissioners Mirza Adityaswara.

In comparison, Thailand has an insurance penetration of up to 4.6%, while Singapore 12.5%, both measured relative to GDP.

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