Allianz Records General Insurance Premium Revenue In Indonesia Grows 24.2 Percent In 2023

Photo: Doc. Antara

JAKARTA - Allianz Global Insurance Report 2024 noted that Indonesia's general insurance premium income last year increased 24.2 percent year-on-year (yoy) to IDR 6.5 billion (IDR 107.69 trillion, the annual exchange rate of 2023 1 euro = IDR 16.567).

"At Allianz Indonesia, we also see growth in the life and general insurance business lines, especially general insurance which records double-digit achievements in 2023," said Country Manager & President Director of Allianz Life Indonesia Alexander Grenz in a statement, quoted by Antara, Monday, July 1.

The value of general insurance premium income has almost doubled for three years to IDR 3 billion euros (IDR 49.7 trillion). This is estimated to mostly occur due to inflation and price increases.

However, life insurance premium income fell for two consecutive years. Last year, the decline occurred up to 7.4 percent yoy.

Even so, the total premium income for life insurance is still higher than general insurance and health insurance, which is 9.3 billion euros (IDR 154.07 trillion).

Meanwhile, the value of health insurance premium income was only recorded at 1 billion euros (IDR 16.57 trillion) in 2023.

The Allianz Global Insurance Report 2024 also shows that insurance market growth in Indonesia is still solid in 2023 with premium income increasing 3.6 percent yoy to 16.8 billion euros (Rp. 278.33 trillion).

The report also projects that insurance market growth in Indonesia will reach 8 percent per year over the next decade.

Alexander said that his party continues to be committed to providing comprehensive protection, not only life and general insurance, but also health and sharia insurance for the Indonesian people.

"Of course this is in line with our global goal of protecting the future of more people and helping them achieve financial security," he added.