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.

Furthermore, Allianz Indonesia has been actively investing in digital transformation to enhance customer experience and streamline operations. The company has introduced several digital tools and platforms, enabling customers to easily access policy information, file claims, and receive support online. These innovations are part of Allianz’s strategy to stay ahead in a rapidly evolving market and meet the changing needs of its clients.

In addition to digital advancements, Allianz Indonesia is also focusing on expanding its product offerings to cater to a broader range of customer needs. The company plans to introduce new insurance products tailored to specific market segments, including small and medium-sized enterprises (SMEs) and the growing middle class. By diversifying its portfolio, Allianz aims to capture a larger share of the Indonesian insurance market and provide more targeted solutions to its customers.

Allianz is committed to sustainability and social responsibility in Indonesia. The company has initiated various programs to support environmental conservation, financial literacy, and community development. Through these efforts, Allianz Indonesia not only seeks to foster a sustainable future but also to strengthen its reputation as a responsible corporate citizen, contributing positively to the communities it serves. (Uki Ruknuddin)