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This is the Number of Insurance Companies and Providers in Indonesia in 2022

Erlina Fury Santika 08/03/2023 20:43 WIB

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Data processed by BPS from OJK indicates that the number of insurance companies in Indonesia remained relatively stable from 2021 to 2022, with only a slight increase.

Number of Insurance and Insurance Support Companies (2022)*

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This is the Number of Insurance Companies and Providers in Indonesia in 2022

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Basic

~~Rp100.000~~

Rp50.000/month

Professional

~~Rp100.000~~

Rp150.000/month

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Number of Insurance and Insurance Support Companies (2022)*

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Data from the Financial Services Authority (OJK), processed by the Central Bureau of Statistics (BPS), shows that the total number of insurance companies in 2022 reached 151.

The year-on-year increase in the number of insurance companies has not been significant. In fact, some insurance companies have ceased operations.

In 2022, there were 60 life insurance companies, a static figure compared to 2021.

For general insurance, the number reached 78 companies, an increase of one company from 77 in 2021.

Another type of insurance company is reinsurance, with only 8 companies in Indonesia. This is an increase of one company from 7 in 2021.

Furthermore, there are only 2 Social Security Organizing Bodies (BPJS) in Indonesia, and 3 mandatory insurance providers.

BPS explains that life insurance companies provide risk mitigation services, making payments to approved parties, such as policyholders, insured parties, or other entitled parties in the event of the death or survival of the insured, or other payments to entitled parties at specified times.

Payments are governed by agreements, with amounts pre-determined and/or based on fund management results.

Meanwhile, general insurance companies provide risk coverage services, offering compensation for losses, damages, incurred costs, loss of profits, or third-party legal liabilities that may be suffered by the insured or policyholder due to an uncertain event.

Reinsurance companies provide reinsurance services for risks faced by general insurance companies, life insurance companies, guarantors, or other reinsurance companies.

Social insurance companies provide social security for members of society, established by the government based on regulations governing the relationship between the insurance party and all segments of society.

For information, the above data includes conventional and sharia insurance companies and supporting insurance companies. The 2022 data has not yet been fully audited.

(See also: This Type of Private Insurance is Most Widely Held by Indonesian Residents)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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This is the Number of Insurance Companies and Providers in Indonesia in 2022

This is the Number of Insurance Companies and Providers in Indonesia in 2022

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