JAKARTA, RAKYAT NEWS – Allianz Global Insurance Report 2024 reveals a substantial increase in general insurance premiums in Indonesia, which surged by 24.2 percent year-on-year (YoY) in 2023, reaching €6.5 billion (Rp107.69 trillion, with the 2023 annual exchange rate of €1 = Rp16,567).

“At Allianz Indonesia, we have also observed growth across our life and general insurance sectors, with general insurance achieving double-digit growth in 2023,” stated Alexander Grenz, Country Manager & President Director of Allianz Life Indonesia, during a press conference in Jakarta on Sunday.

The general insurance premium revenue nearly doubled over the past three years, reaching €3 billion (Rp49.7 trillion). This growth is largely attributed to inflation and rising prices.

Conversely, life insurance premium revenues have declined for two consecutive years, experiencing a 7.4 percent YoY decrease last year. Despite this, life insurance premiums remain higher than those of general and health insurance, totaling €9.3 billion (Rp154.07 trillion).

Health insurance premiums recorded a value of €1 billion (Rp16.57 trillion) in 2023.

The Allianz Global Insurance Report 2024 also highlights that Indonesia’s insurance market remained robust in 2023, with overall premium revenues rising by 3.6 percent YoY to €16.8 billion (Rp278.33 trillion).

The report projects that Indonesia’s insurance market will continue to grow at an annual rate of 8 percent over the next decade.

Grenz emphasized Allianz’s ongoing commitment to providing comprehensive protection, not only through life and general insurance but also health and Sharia insurance, to the Indonesian public.

“This commitment aligns with our global mission to protect the future of more people and help them achieve financial security,” he added.

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