Market Size of Indonesia Health and Medical Insurance Industry
| 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
*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.
