Insurance Market in Indonesia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Global Health Insurance Companies in Indonesia and is segmented by Provider and Product time. By Provider, it can be segmented as Public/Social Health Insurance and Private. Public Health Insurance can be further segmented into Askes, Askesin, Jamkesmas, JPKG, and JPKM. By Product Type Health and Medical Insurance Market in Indonesia can be segmented into Individual Health Insurance products and Group Health Insurance products.

Health and Medical Insurance Market Size

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Indonesia Health and Medical Insurance Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 5.00 %
Market Concentration High

Major Players

Indonesia Health and Medical Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Health and Medical Insurance Market Analysis

The Indonesia Health and Medical Insurance Market has generated a revenue of over 1.8 USD billion in the current year and is anticipated to register a CAGR of more than 5% for the forecast period.

The Indonesia Health and Medical Insurance Market is expected to deliver strong growth for the forecasted period. The Indonesians covered by the National Health Insurance Scheme (JKN) are managed by the Social Insurance Administration Organization (BPJS). It includes some medical and non-medical benefits but excludes orthodontics, infertility treatments, and drug rehabilitation. While the BPJS can be commended for offering a measure of healthcare coverage, issues with the quality of service, financing, and participation currently undermine confidence in the system.

As health insurance premium rises, the expectation of quality care is likely to rise in tandem, providing the opportunity for foreign investors to bridge the gap. However, some restrictions remain on international investment in hospitals. Private health insurers are also improving customer experience by offering cashless payments and broadening their offering to include advice on health and wellness.

Indonesians have become more interested in insurance to mitigate uncertainty regarding their health and personal finances brought about by the pandemic. Personal accident and health insurance (PA&H), which accounts for 8% of general insurance premiums, is forecasted to grow in 2023 backed by an increase in awareness for health insurance products.

The market was initially affected due to COVID-19 as people cannot take up insurance due to lockdowns, and travel-out restrictions. But later the growth of online platforms has brought some profits to the market. Post-COVID due to an increase in health consciousness among people the market is experiencing significant growth rates.

Health and Medical Insurance Market Trends

Public Health Insurance is Dominating the Market

Public insurance is highly opted by Indonesians over private insurance. Healthcare is a priority on Indonesia's national agenda, and the central and regional governments continue to build and upgrade healthcare facilities. An increase in public awareness about the importance of healthcare, the expansion of public and private hospitals, and the increased demand for modern medical devices have led to the growth of public insurance in Indonesia. The country launched a mandatory health insurance program called Jaminan Kesehatan Nasional. It's designed to make basic medical care and facilities available to all citizens. As BPJS Kesehatan provides essential coverage, many individuals and families choose this as their insurance over private health insurance.

Indonesia Health and Medical Insurance Market : Share of health and Medical Insurance in Indonesia, By Type, In Percentage, 2022

Universal Health Coverage in Indonesia is Driving the Market

The healthcare system in Indonesia is evolving rapidly to meet the varied health needs of its vast population. It is the fourth most populous country and is facing the challenges of the growing healthcare costs to implement the UHC initiative.

This initiative ensures that more than 40% of the country's residents are covered by government-sponsored subsidies, to address their health concerns. Indonesia's quick transition from official development assistance for health and a budget deficit facing the country's social insurance administration organization, which administers the national health insurance program, has made health technology assessment (HTA) a critically important tool.

Insurance Market in Indonesia: Universal Health Insurance Market

Health and Medical Insurance Industry Overview

The report covers the major players operating in the Indonesia health and medical insurance market. In terms of market share, a few of the major players currently dominate the market studied. In fact, the market is predominantly controlled by the top 10 participants that cover 75% of the market. However, with technological advancements and better schemes, mid to small-size companies can experience growth. Some of the major players currently dominating the market include Allianz Care, AXA Indonesia, AIA Financial Indonesia, Prudential Indonesia, and Manu Life Indonesia.

Health and Medical Insurance Market Leaders

  1. Allianz Care

  2. AXA Indonesia

  3. AIA Financial Indonesia

  4. Prudential Indonesia

  5. Manu Life Indonesia

*Disclaimer: Major Players sorted in no particular order

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Health and Medical Insurance Market News

  • June 2022: Allianz Asia Pacific and HSBC have signed a 15-year extension of their strategic partnership. As part of the partnership, HSBC will be distributing Allianz insurance products. 
  • April 2022: PT Sun Life Financial Indonesia, a subsidiary of Sun Life Financial Inc., and PT Bank CIMB Niaga Tbk are in a strategic partnership in Indonesia. This partnership combines Sun Life Indonesia's comprehensive range of insurance solutions and expert Client care across all life stages with CIMB Niaga's extensive distribution network of 427 branches serving seven (7) million customers across Indonesia.

Health and Medical Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions And Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Digitalization is Driving the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Economic Disparities are Restraining the Market

    4. 4.4 Market Opportunities

      1. 4.4.1 Leveraging Healthcare Technologies will Create Opportunities to New Entrants

    5. 4.5 Insights Into Government Regulations on Indonesia Health and Medical Insurance

    6. 4.6 Insights Into Technological Innovations in the Indonesia Health and Medical Insurance Market

    7. 4.7 Insights Into Consumer Behavior Analysis

    8. 4.8 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.8.1 Threat of New Entrants

      2. 4.8.2 Bargaining Power of Buyers

      3. 4.8.3 Bargaining Power of Suppliers

      4. 4.8.4 Threat of Substitutes

      5. 4.8.5 Intensity of Competitive Rivalry

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Single/Individual Health Insurance Products

      2. 5.1.2 Group Health Insurance Products

    2. 5.2 By Provider

      1. 5.2.1 Public/Social Health Insurance

      2. 5.2.2 Private Health Insurance

    3. 5.3 By Distribution Channel

      1. 5.3.1 Agents

      2. 5.3.2 Brokers

      3. 5.3.3 Banks

      4. 5.3.4 Online Sales

      5. 5.3.5 Other Channels of Distribution

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz Care

      2. 6.2.2 AXA Indonesia

      3. 6.2.3 AIA Financial Indonesia

      4. 6.2.4 Prudential Indonesia

      5. 6.2.5 ManuLife Indonesia

      6. 6.2.6 AVIVA

      7. 6.2.7 BNI Life

      8. 6.2.8 PT Sun Life Financial Indonesia

      9. 6.2.9 PT Reasuransi Indonesia Utama (Persero)

      10. 6.2.10 Cigna Insurance

      11. 6.2.11 BCA Life

      12. 6.2.12 PT Great Eastern Life Indonesia*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Indonesia Health & Medical Insurance Industry Segmentation

Health and Medical insurance provides coverage for the medical, surgical, prescription drugs, and other medical expenses incurred by the insured. Insurance can reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. A complete background analysis of the Indonesian health insurance market, which includes an assessment of the emerging market trends by segments, significant changes in market dynamics, market insights, and market overview is covered in the report. Indonesia's health and medical insurance market was segmented by Product Type (Single/Individual Health Insurance Products, Group Health Insurance Products), by Provider (Public/Social Health Insurance, Private Health Insurance), and by Distribution Channel (Agents, Brokers, Banks, Online Sales, Other Distribution Channels). The report offers market size and forecasts for Indonesia's health and medical insurance in value (USD Billion) for all the above segments.

By Product Type
Single/Individual Health Insurance Products
Group Health Insurance Products
By Provider
Public/Social Health Insurance
Private Health Insurance
By Distribution Channel
Agents
Brokers
Banks
Online Sales
Other Channels of Distribution
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Health and Medical Insurance Market Research FAQs

The Indonesia Health and Medical Insurance Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Allianz Care, AXA Indonesia, AIA Financial Indonesia, Prudential Indonesia and Manu Life Indonesia are the major companies operating in the Indonesia Health and Medical Insurance Market.

The report covers the Indonesia Health and Medical Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Indonesia Health and Medical Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Insurance in Indonesia Industry Report

Statistics for the 2024 Indonesia Health and Medical Insurance market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Indonesia Health and Medical Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Insurance Market in Indonesia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)