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Number of Life Insurance Policyholders in Indonesia Decreases in Q1 2024

Adi Ahdiat 11/11/2024 12:10 WIB

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According to AAJI data for Q1 2024, the number of life insurance policyholders in Indonesia reached 81.76 million, a decrease of 6.6% compared to Q1 of the previous year.

Number of Life Insurance Policyholders in Indonesia, Q1 (2020-2024)*

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Number of Life Insurance Policyholders in Indonesia, Q1 (2020-2024)*

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According to data from the Indonesian Life Insurance Association (AAJI), in Q1 2024, the total number of policyholders in life insurance companies nationwide reached 81.76 million people.

This number decreased by 6.6% compared to Q1 2023, but it remains higher than in the first quarters of 2020-2022, as shown in the graph.

The term "policyholder" refers to the insurance owner or customer who receives financial protection for specific risks.

In Q1 2024, the total sum insured for life insurance—the protection fund that the insurance company will provide to beneficiaries if the policyholder dies—reached Rp5,495.88 trillion.

"This data suggests that each individual with life insurance has an average sum insured of Rp67 million," said AAJI Chairman Budi Tampubolon in a press release (29/5/2024).

"Compared to the current Jakarta minimum wage of Rp5.6 million, it can be concluded that the life insurance industry can provide financial resilience for families for approximately 12 months if a risk occurs that results in financial loss," he said.

Budi also assessed that the Indonesian life insurance industry currently faces two main challenges: expanding penetration and increasing the sum insured.

"Our shared goal is to have more people with protection to ensure family financial resilience if something happens, and to increase the average sum insured so that this resilience can last longer for families," said Budi, as reported by Antara (29/5/2024).

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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Number of Life Insurance Policyholders in Indonesia Decreases in Q1 2024

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