Motor Vehicle Insurance, Indonesia's 3rd Largest Insurance Sector

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Adi Ahdiat 18/07/2024 14:42 WIB

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Indonesia's general insurance industry collected Rp103.87 trillion (approximately US$7 billion based on the exchange rate in late 2023) in premiums in 2023. Motor vehicle insurance contributed 18.8%,

Top 10 General Insurance Industry Sectors in Indonesia with the Highest Recorded Premium Value (2023)

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Top 10 General Insurance Industry Sectors in Indonesia with the Highest Recorded Premium Value (2023)

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Throughout 2023, Indonesia's general insurance industry collected premiums or contributions from policyholders totaling Rp103.87 trillion.

These premiums were largely derived from property insurance, credit insurance, and motor vehicle insurance.

Vehicle insurance premiums have the potential to surpass other sectors, as the Financial Services Authority (OJK) is currently drafting regulations to make such insurance mandatory.

Ogi Prastomiyono, Executive Head of Insurance, Guarantee, and Pension Funds Supervision at the OJK, stated that vehicle insurance is currently voluntary.

However, with the enactment of the Law on the Development and Strengthening of the Financial Sector (UU PPSK), vehicle insurance could become mandatory for all car and motorcycle owners. The government is currently formulating implementing regulations.

"It is expected that the government regulation regarding mandatory insurance, in accordance with the law, will be implemented at the latest within two years of the PPSK, meaning that by January 2025, every vehicle will have TPL (third-party liability insurance)," said Ogi, as reported by CNBC Indonesia on Tuesday, July 16, 2024.

According to the OJK's Indonesia Insurance Roadmap 2023-2027, the insurance industry is one of the sources of funding for business development and national development.

Editor : Adi Ahdiat

"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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