AAUI: The Property Business Line Dominates The Share Of The General Insurance Premium Income Market In RI

Photo: Doc. Antara

JAKARTA - The Indonesian General Insurance Association (AUI) noted that property business lines dominate 29 percent of the market share of premium income for the general insurance industry in Indonesia.

Deputy Chairperson of AAUI for Statistics & Research, Trinita Situmeang, in a press conference on Tuesday, February 28, said that the motor vehicle business line controlled the market share of 20 percent.

Then, the credit insurance business line controls a market share of 16 percent, the health business line 7 percent, the sea cargo business line 5 percent, and the insurance business line aneka, liability and engineering control the same market share of 4 percent.

Furthermore, the accident business line controls a market share of 3 percent, as well as the marine hull, surety board, and aviation business lines that control the market share of 2 percent.

"Then, energy onshore and satellite business lines control the market share of 1 percent," he said, quoted from Antara.

On this occasion, his party reported that the premium income of the general insurance industry reached IDR 90.1 trillion until the fourth quarter of 2022, while the payment of claims from the general insurance industry reached IDR 41.78 trillion.

His party revealed that the total liabilities of the general insurance industry reached IDR 123.2 trillion in 2022, while equity reached IDR 70.7 trillion.

Meanwhile, the total assets of the general insurance industry reached IDR 196.8 trillion in 2022, or grew 7.7 percent yoy from the previous IDR 182.7 trillion in 2021.

Meanwhile, the total assets of the insurance industry in Indonesia will reach IDR 1,093.0 trillion in 2022, or a decrease of 31.3 percent yoy from the previous IDR 1,590.7 trillion in 2021.

His party explained that the number of general insurance companies in 2022 reached 72 companies, from the previous 71 companies in 2021.