The Indonesian General Insurance Association (AAUI) has revealed that non-life insurance premium income reached IDR79.7tn ($5.7bn) in 2019, rising by 14.1% compared to IDR69.85tn in 2018.
Head of Statistics, Research, Analysis of IT & Actuarial at AAUI, Ms Trinita Situmeang, attributed the growth largely to higher credit insurance premiums. Credit insurance grew by 86.2% I from DR7.86tn in 2018 to IDR14.64tn in 2019.
Also, onshore energy insurance premiums soared by 210% to IDR152bn in 2019. Property insurance income grew by 9.7% to IDR20.88tn in 2019. In addition, business lines in the miscellaneous category grew by 37.3% from IDR3.33tn in 2018 to IDR4.58tn in 2019.
On the other hand, transportation, liability Insurance, offshore energy, and accident & health insurance posted negative growth.
The three biggest classes of business in terms of premiums were property (market share of 26.2%), motor (23.5%) and credit insurance (18.4%).
Motor insurance premiums reached IDR18.73tn, which showed almost flat growth of 0.3% compared to 2018 when premiums stood at IDR18.67tn. The anaemic performance was due to car sales which fell 11% while motorcycle sales only grew by 2%.