Insurance in Indonesia
In developing countries (emerging market), the financial strength of the world looks up in a very significant compared with industrialized countries even though the world of financial development (Source: Swiss Re Economic Research & Consulting). So the financial markets of developing countries are still a lucrative market to invest.
• Global life insurance premium grew 3,2% to USD 2,5 Billion in 2010; higher than 10 years average.
• Growth in developed markets remains sluggish, while emerging market resume growth although still below pre-crisis level.
• Strong growth in emerging market Asia with 18% increase (largest emerging markets, China grew 26%).
Judging from the previous figure, shows that developing countries is the potential for the current world financial markets. What to do with the insurance industry? We see from the number Insurance Products Personaly Owned in the comparison in some countries in Asia (in %)
Remarks From Fun-nancial:
• The ownership of a policy must have special attention since Indonesia is still a large market to developed. In some areas, micro insurance is a choice of customer by bundling their products. The Penetration of a company not yer touch heavily of this market since the cost is still to expensive. But since is still under developed, Indonesia is still the best market to grow your financial Insurance Industry.
Insurance Products Considered to Purchased in the next 12 months (in %)
Remarks From Fun-nancial::
• Considering Indonesia is a large nation yet need to be developed, the above graphich shows that Indonesian people are ready to buy Insurance but the distribution olny that matter for the people. They want to get easy access to Insirance and affordable premium. Yet the potential buyer is so huge. In terms of premium now in Indonesia is rapidly grow. Even no in this market, Industry of Insurance In Indonesia will grow higher compare to the other county in the reagion. This assumption base on a data source Swiss Re Survey in 2011.
2012 Indonesia Market Trend - Challenges
Ø Penetration in life insurance industry
• Insurance is still preceived as an expensive expense (not affordable)
• Regulatory support.
Ø Awarenes of the importance of insurance
• There should be education and building awareness
• The increase the profesionalism marketers
Ø Liberation in financial sector, including insurance industry
• There would be tight competition due to additional insurance player from outside Indonesia.
2012 Indonesia Market Trend - Opportunities
Ø Indonesia high population.
Ø Some areas is still under developed (major big city)
Ø Rising of Midle Segments and opportunity for Mass Market.
Ø Rising of Technology (IT and Social Media)
What will happen in 2012
Ø Customers are still concern that european crisis might affect the market
Ø Life Insurance Market Growth is expected on 25% - 30%, industry aspiration to grow the total assets to IDR 500 Trillion by 2014
Ø Agency (41%) and Bancassurance (36%) are still the main distribution channels in term of GWP for life Insurance Companies with a faster growth might be expected from bancassurance channel
Ø Syariah Market will still be growing strongly.
This data source is provided from some seminars compiled. We can discuss directly through direct mail. If there is any other ideas or opinions to build, just post your comment or email it to henry.januar@gmail.com Dare to argue on this review? There is always a fun way to learn finance and if we know the tips and tricks ... It's a Fun-nancial Tips and Tricks Have A Good Day.
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