Thursday, March 23, 2023

Top 10 insurance companies in Indonesia

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Hanif Muhammad





The insurance industry in Indonesia has been growing in recent years, due to the increasing awareness among the people on the importance of insurance. The government has also raised its efforts to increase insurance penetration in the country. The insurance industry is regulated by the Financial Services Authority (OJK) and comprises of both state-owned and private companies.

In Indonesia, life insurance is generally larger than the general insurance. The people’s raising awareness on the importance of life insurance and the government’s efforts through mandatory health insurance for all citizens have helped increase the life insurance penetration. Meanwhile, the general insurance comes second.

The industry is still relatively underdeveloped compared to other Southeast Asian countries and insurance penetration (the proportion of the population with insurance coverage) is low. However, the government has set a target to increase insurance penetration to 3% of the country’s GDP by 2025. Apart from implementing the mandatory health insurance for all citizens, the government also provides incentives for insurance companies to sell policies in under-served areas.

Below is the list of top 10 insurance companies in Indonesia:

PT Prudential Life Assurance

PT Prudential Life Assurance Indonesia was built in 1995 as part of Prudential PLC. The company focuses on providing life insurance and asset management in Asia and Africa.

Prudential Indonesia is leading the market of investment insurance products ever since its launch in 1999. It has also launched a sharia model for business since 2007.

Up to December 31, 2021, Prudential Indonesia has owned a central office in Jakarta with 6 marketing offices in Bandung, Semarang, Surabaya, Denpasar, Medan and Batam. There are also over 361 independent marketing offices across Indonesia.

According to 2021 data, Prudential Indonesia has served over 2.5 million customers.

AIA Financial Indonesia

AIA Financial Indonesia serves life, investment and health insurance policies. It is a subsidiary of AIA Group Limited, headquartered in Hong Kong.

AIA Group Limited is the largest independent insurance company listed in the stock market in Asia-Pacific.

The company was founded in 1919 Shanghai. It has operated as one of the leading life insurance company in all Asia-Pacific markets except Japan. AIA asset is estimated to be US$ 291 billion according to 2020 data.

AXA Indonesia

AXA Financial Indonesia is a subsidiary of AXA, a global financial services company, which headquarter is in France. The company provides insurance, investment, and retirement planning products and services to individuals and businesses in Indonesia. It is one of the leading global insurance companies on the market.

AXA Indonesia is part of the global AXA Group, a French multinational insurance company founded in 1816 as Mutuelle de L’assurance contre L’incendie (the Ancienne Mutuelle). The name AXA was only adopted in 1985 after multiple mergers.

As of December 2020, AXA reported a total of €1.5 trillion (US$1.6 trillion) of assets under management, with a presence in 59 countries, serving around 107 million customers and employing 160,000 people around the world

Manulife Indonesia

Manulife Financial Corporation is one of the largest insurance companies in the world with operations across North America, Asia, and Europe. The company has been operating in Indonesia for more than 100 years, so it has a long-standing reputation in the market, which may also contribute to its popularity.

Manulife Indonesia provides a wide range of services covering life, health, investment and retirement planning insurance. According to the Manulife Indonesia website, the company has currently served approximately 2 million customers.

As of December 2020, Manulife reported its total assets under management of Canadian dollar 1.2 trillion (US$ 893.7 billion) and the company has been expanding its business in Asia and North America.

PT Astra Insurance

PT Astra International Tbk is a publicly-listed company in Indonesia. One of its business segments is Astra Insurance, which is engaged in the general insurance and life insurance business. It operates through various subsidiaries, including Astra Aviva Life and Astra Life. Astra Insurance provides insurance services for automotive, property, accident, health, travel, and other related lines of insurance products and services.

As one of the conglomeration in Indonesia, Astra’s business ranges from car manufacturing, heavy equipment, agribusiness, energy, and financial services. The company was founded in 1957 as a small trading company under the name Astra Otoparts.

As of 2021 data Astra International’s revenue for 2020 was IDR 144.9 trillion (US$ 9.4 billion). The company has a market capitalization of IDR 535.34 trillion.

Allianz Indonesia

Allianz Indonesia is a subsidiary of the Allianz Group, which is one of the world’s leading insurers and asset managers.

The Allianz Group is a global financial services company that was founded in 1890 in Berlin, Germany. The company was originally established as a fire insurance company, but it quickly expanded to offer a wide range of insurance products, including liability, health, and accident insurance.

Allianz Indonesia has been operating in the country since 1989 and is headquartered in Jakarta. It is considered as a prominent and well-established insurance player in Indonesia market, providing a wide range of products, both for individual customers and corporate clients.

As of 2021 the Allianz Group has an estimated over €1.8 trillion in assets under management.

PT Asuransi Jiwa Taspen (TASPEN Life Insurance)

PT Asuransi Jiwa Taspen (TASPEN Life Insurance) is a state-owned life insurance company in Indonesia that is fully-owned by PT Taspen (Persero), which is an insurance company for retired civil servants in Indonesia. The company was established in 1984 and its headquarter is in Jakarta.

One of its main features is the specialization in providing insurance products for retired civil servants and their families. The company has a strong focus on serving this specific market segment and providing specialized insurance solutions that meet the needs of this group of customers.

TASPEN Life Insurance also offers other insurance products like health insurance and personal accident insurance. The company is regulated by the OJK and it is considered as a player with a strong market position in Indonesian insurance market.

PT Great Eastern Life Indonesia

PT Great Eastern Life Indonesia is a subsidiary of Great Eastern Holdings Limited, which is a leading insurance company in Asia. The company was established in 2000 and its headquarter is in Jakarta.

The parent company was established in 1908 in Singapore, and it is the oldest and most established insurance group in Singapore and Malaysia. Great Eastern Holdings Limited expanded its operations to other countries in Southeast Asia. In 2000, the company established Great Eastern Life Indonesia as its subsidiary.

As of 2021, Great Eastern Holdings Limited had total assets of approximately SGD 57.1 billion (US$ 43 billion).

PT Asuransi Sinar Mas

PT Asuransi Sinar Mas is an insurance company that is part of the Sinar Mas Group, one of the largest and most diversified conglomerates in Indonesia.

The company was established in 1977 and it is headquartered in Jakarta. The company was originally established as a property and casualty insurance company. However, it quickly expanded to offer a wide range of insurance products, including liability, health, and life insurance.

PT Asuransi Sinar Mas also offers sharia-compliant insurance products, which can be an important factor for certain customers in Indonesia.

PT Zurich Asuransi Indonesia

The company is a subsidiary of Zurich Insurance Group, a global insurance company based in Switzerland. It is a major player in the Indonesian insurance market, offering a wide range of insurance products and services to customers in the country.

The company has a long history in Indonesia, dating back to the late 19th century. The company was initially established in 1872 under the name Nederlandsche Indische Assurantie Maatschappij (NIAS). It was one of the first foreign insurance companies to operate in Indonesia.

After the World War II, the company’s name was changed to PT Asuransi Zurich. It remained a major player in Indonesian insurance market through the country’s independence and subsequent economic development.

In 2010, Zurich Insurance Group decided to integrate its various operations in Indonesia into a single entity PT Zurich Asuransi Indonesia. The company aims to better serve its customers and to grow its business in the country.

Hanif Muhammad






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