This edition of Milliman’s Indonesia non-life insurance newsletter covers developments from the first half of 2024, including market performance data from the fourth quarter, product innovation, and insurtech activity. Highlights include:
- New products: PT Asuransi Kredit Indonesia launched Asuransi Mikro Usahaku to support micro, small, and medium enterprises by offering protection against risks including fires, stove, or gas explosions, riots, and various natural disasters.
- Distribution: PT Bahtera Wahana Tritata, an insurance brokerage firm, has partnered with MSIG Indonesia and the e-commerce platform Shopee to provide protection for purchases made during their major campaigns.
- Insurtech: Tap Insure has collaborated with PT Wahana Sejahtera Indonesia to offer extended warranty and engine warranty insurance.
- Other initiatives: GoTo launched GoPay Asuransi, an affordable health insurance service in partnership with PT Proteksi Digital Pialang Asuransi, an insurance brokerage company, and Oona Insurance.
- M&A: PT Capitol Investasi Indonesia, a member of the Capitol Group, officially acquired PT Asuransi Staco Mandiri.
- Regulatory updates: The Financial Services Authority imposed business activity restriction sanctions on PT Berdikari Insurance.
- Syariah insurance: Six insurers plan to set up new entities to manage their syariah operations.