Indonesia Life & Non-Life Insurance Industry

Detailed research report on Indonesia's life & non-life insurance industry, featuring industry analysis, growth, market size & statistics from 2025 to 2030.

The Indonesia Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life (Individual and Group) and Non-Life Insurance (Home, Motor, Health, And Rest of Non-Life))and Distribution Channel (Direct, Agency, Banks, Online, And Other Distribution Channels). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Indonesia Life & Non-Life Insurance Market Size

Indonesia Life & Non-Life Insurance Market Summary
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Indonesia Life & Non-Life Insurance Market Analysis

The Indonesia Life & Non-Life Insurance Market size is estimated at USD 38.95 billion in 2025, and is expected to reach USD 48.89 billion by 2030, at a CAGR of 4.65% during the forecast period (2025-2030).

Indonesia's insurance sector continues to evolve amid changing economic conditions and consumer preferences, though penetration remains relatively low at 0.45% compared to other emerging markets. The industry's transformation is driven by the country's growing middle class and increasing awareness of financial protection insurance products. Digital transformation has become a crucial focus area for insurers, with many companies investing in technological infrastructure to enhance customer experience and streamline operations. The emergence of digital insurance solutions and digital distribution platforms has particularly resonated with Indonesia's tech-savvy younger population, leading to innovative product offerings and improved accessibility.


The distribution landscape has undergone significant changes, with bancassurance emerging as a dominant force in the market, contributing 44.6% to premium income in the first quarter of 2022. Insurance companies are increasingly forming strategic partnerships with banks to leverage their extensive customer base and distribution networks. The agent network remains robust with 59,707 registered and certified general insurance agents as of March 2022, demonstrating the industry's commitment to maintaining traditional distribution channels while embracing digital innovations. These developments have led to a more diverse and accessible insurance marketplace, catering to various consumer preferences and needs.


The industry has witnessed substantial growth in claims processing efficiency and risk management capabilities. General insurance gross claims recorded a significant increase of 35.1% in Q1 2022 compared to the previous year, highlighting the sector's improved ability to handle claims and meet policyholder obligations. Insurance companies are increasingly focusing on product innovation and customization to meet evolving customer needs, particularly in areas such as microinsurance and Islamic insurance products. The integration of advanced analytics and artificial intelligence has enabled insurers to better assess risks and develop more targeted products.


Property and motor vehicle insurance continue to dominate the non-life insurance segment, collectively accounting for 46.6% of premium contributions. This concentration reflects the growing urbanization and increasing asset ownership among Indonesia's middle class. Insurance providers are expanding their digital capabilities to streamline policy issuance and claims processing, with several companies launching mobile applications and online platforms for customer service. The industry is also witnessing increased collaboration between traditional insurers and technology companies to develop innovative solutions and improve operational efficiency, particularly in areas such as automated underwriting and digital claims processing.

Segment Analysis: By Type of Insurance

Life Insurance Segment in Indonesia Life & Non-Life Insurance Market

The life insurance segment continues to dominate the Indonesian life and non-life insurance market, holding approximately 70% market share in 2024. This significant market position is driven by increasing awareness about insurance products among Indonesia's growing middle-class population. The segment's strength is particularly evident in endowment insurance products, which remain the most popular choice among Indonesian consumers. The shift in consumer purchasing patterns from unit-linked products to long-term protection policies has further solidified the segment's market leadership. Individual life insurance policies contribute significantly to this dominance, with major insurance providers expanding their product portfolios to include innovative offerings such as whole life insurance and pension products. The segment's robust performance is also supported by the increasing adoption of digital distribution channels and strategic partnerships with banks and financial institutions.

Market Analysis of Indonesia Life & Non-Life Insurance Market: Chart for By Type of Insurance

Non-Life Insurance Segment in Indonesia Life & Non-Life Insurance Market

The non-life insurance segment is demonstrating remarkable growth potential, with an expected growth rate of approximately 11% during 2024-2029. This accelerated growth is primarily driven by the expanding property and motor vehicle insurance sectors, which together contribute to nearly half of the non-life insurance premium volume. The segment's growth trajectory is further supported by increasing urbanization and rising vehicle ownership rates across Indonesia. Insurance companies are increasingly leveraging digital technologies to enhance their distribution networks and improve claim processing efficiency. The segment is also benefiting from regulatory reforms aimed at increasing insurance penetration in the country. Property insurance, in particular, is showing strong growth potential due to increasing awareness among property owners and the government's focus on infrastructure development.

Segment Analysis: By Distribution Channel

Banks Segment in Indonesia Life & Non-Life Insurance Market

The banks segment continues to dominate the Indonesian life and general insurance distribution landscape, commanding approximately 33% market share in 2024. Banks serve as one of the major insurance distribution channels for insurance products in Indonesia, with a particularly strong presence in life insurance distribution where they account for over 40% of sales. The increased focus of insurance players on maximizing the productivity of the bancassurance channel has strengthened banks' position in insurance distribution. Investment-linked products (ILPs) have emerged as one of the dominant insurance classes sold through banks due to their simplicity and appeal to customers. The bancassurance channel has also gained prominence in motor and property lines, expanding beyond its traditional focus on life insurance products. The Indonesian regulatory framework, governed by OJK Circular Letter No. 32/SEOJK.05/2016, provides clear guidelines for three distinct bancassurance cooperation models: product reference, distribution cooperation, and integrated products between banks and insurance products.

Other Distribution Channels Segment in Indonesia Life & Non-Life Insurance Market

The other distribution channels segment, which includes brokers, leasing companies, and digital platforms, is projected to experience the highest growth rate of approximately 14% during 2024-2029. This growth is primarily driven by the increasing adoption of digital distribution channels and the rising importance of insurance brokers in the corporate and SME markets. Digital platforms are gaining significant traction, particularly in the wake of government policies encouraging digital economy adoption. The segment's growth is further supported by innovative collaborations between insurance firms and digital platforms, especially in e-commerce and digital wallet spaces. Brokers maintain a strong presence in property insurance distribution, followed by health and personal injury lines, with foreign brokers particularly focused on these segments. The digital transformation of insurance distribution is expected to continue accelerating, with insurtech platforms introducing new distribution models and making insurance products more accessible to a broader consumer base.

Remaining Segments in Distribution Channel Market

The direct insurance and agency channels continue to play vital roles in Indonesia's insurance distribution landscape. The agency channel remains particularly significant for personal lines insurance, with both tied and independent agents leveraging technological solutions to reach customers across Indonesia's geographically dispersed archipelago. Insurance agents must undergo rigorous registration and certification processes with the OJK, ensuring professional standards in distribution. The direct insurance channel, while not as prominent as in more developed markets, is gradually evolving with the introduction of digital capabilities and self-service options. Both channels are adapting to changing consumer preferences by incorporating digital tools and platforms, while maintaining the personal touch that many Indonesian insurance customers still value in their insurance purchasing decisions.

Indonesia Life & Non-Life Insurance Industry Overview

Top Companies in Indonesia Life & Non-Life Insurance Market

The Indonesian insurance market features a mix of established domestic and international players, with companies like PT Prudential Life Assurance, PT Asuransi Simas Jiwa, and PT AIA Financial leading the life insurance segment, while PT Asuransi Kredit Indonesia, PT Asuransi Sinar Mas, and PT Asuransi Astra Buana dominate the non-life sector. Companies are increasingly focusing on digital transformation initiatives, with many insurers launching online platforms and mobile applications to enhance customer experience and streamline operations. Product innovation is primarily centered around developing tailored solutions for different customer segments, particularly in areas like Takaful insurance, health coverage, and micro-insurance products. Strategic partnerships, especially with banks and fintech companies, have become crucial for expanding insurance distribution networks and reaching untapped market segments. Operational agility is being enhanced through investments in technology infrastructure, data analytics capabilities, and automated insurance underwriting systems.

Market Fragmentation Drives Competitive Dynamics Forward

The Indonesian insurance market exhibits a relatively fragmented structure, characterized by the presence of both local insurance carriers and international joint ventures. The life insurance segment shows higher concentration levels compared to the non-life sector, with the top ten players commanding a significant market share. Local players maintain strong positions in traditional insurance segments, while international insurers leverage their global expertise and technological capabilities to capture premium segments and introduce innovative insurance products. The market has witnessed several strategic partnerships and joint ventures between domestic and foreign insurers, aimed at combining local market knowledge with international best practices.


The competitive landscape is evolving with the emergence of insurtech players and digital insurance services platforms, challenging traditional business models and distribution channels. Market consolidation activities are primarily driven by regulatory requirements, particularly regarding capital adequacy and risk management capabilities. The government's regulation limiting foreign ownership to 80% has influenced market dynamics, leading to strategic realignments and partnership structures. Regional expansion strategies and cross-border collaborations are becoming increasingly important for larger players seeking growth opportunities beyond the domestic market.

Digital Innovation Key to Future Growth

Success in the Indonesian insurance market increasingly depends on digital capabilities and technological infrastructure. Incumbent players need to focus on developing comprehensive digital ecosystems that integrate various touchpoints across the customer journey, from policy purchase to claims settlement. Building strong partnerships with fintech companies, e-commerce platforms, and digital payment providers has become crucial for expanding market reach. Companies must also invest in data analytics capabilities to better understand customer needs and develop personalized products while maintaining cost efficiency through process automation and digital transformation initiatives.


For new entrants and challenger firms, differentiation through specialized product offerings and innovative distribution models presents opportunities for market penetration. The growing importance of Islamic insurance products (Takaful) and micro-insurance solutions offers niche market opportunities. Regulatory compliance, particularly regarding capital requirements and risk management frameworks, remains a critical success factor. The ability to navigate complex distribution networks, including bancassurance partnerships and digital channels, while maintaining strong relationships with traditional intermediaries, will be crucial for sustainable growth. Companies must also prepare for potential regulatory changes, particularly around digital insurance services products and data protection requirements.

Indonesia Life & Non-Life Insurance Market Leaders

  1. Great Eastern Life Indonesia. PT

  2. GlobalSurance

  3. PT. ASURANSI RELIANCE INDONESIA

  4. Asuransi Jasindo KC Bandar Lampung

  5. PT KB Insurance Indonesia

  6. *Disclaimer: Major Players sorted in no particular order
Indonesia Life & Non-Life Insurance Market Concentration
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Indonesia Life & Non-Life Insurance Market News

  • In April 2023, Hanwha Life acquired Lippo General Insurance to improve its global presence and digital capabilities. Hanwha Life plans to become a leading digital financial services provider by offering tailored financial solutions.
  • In January 2022, Great Eastern Life Indonesia launched the i-Great Heritage Assurance Service in partnership with the Sharia Business Unit of Bank OCBC NISP. This service enables Indonesians to manage their finances, ensuring their families are prepared for inheritance.

Indonesia Life & Non-Life Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS AND INSIGHTS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 The Growing Awareness of the Importance of Insurance
  • 4.3 Market Restraints
    • 4.3.1 Regulatory Restrictions in Indonesia Impact the Insurance Market
    • 4.3.2 High Premium Impact the Insurance Market
  • 4.4 Market Opporunities
    • 4.4.1 The Adoption of Digital Technologies has Transformed the Insurance
  • 4.5 Insights on Various Regulatory Trends Shaping Life and Non Life Insurance Market
  • 4.6 Insights on the Impact of Technology and Innovation in Operation in the Life and Non Life Insurance Market
  • 4.7 Industry Attractiveness - Porters' Five Forces Analysis
    • 4.7.1 Threat of New Entrants
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Bargaining Power of Suppliers
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry
  • 4.8 Assessment of the Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 By Insurance Type
    • 5.1.1 Life Insurance
    • 5.1.1.1 Individual
    • 5.1.1.2 Group
    • 5.1.2 Non - Life Insurance
    • 5.1.2.1 Home
    • 5.1.2.2 Motor
    • 5.1.2.3 Health
    • 5.1.2.4 Rest of Non-Life Insurance
  • 5.2 By Channel of Distribution
    • 5.2.1 Direct
    • 5.2.2 Agency
    • 5.2.3 Banks
    • 5.2.4 Online
    • 5.2.5 Other Distribution Channels

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration & Overview
  • 6.2 Company Profiles
    • 6.2.1 Great Eastern Life Indonesia PT
    • 6.2.2 GlobalSurance
    • 6.2.3 PT. Asurani Reliance Indonesia
    • 6.2.4 PT. Asuransi Jasa Indonesia
    • 6.2.5 PT. KB Insurance Indonesia
    • 6.2.6 PT. Tokio Marine Life Insurance Indonesia
    • 6.2.7 PT. Fistlight Indonesia
    • 6.2.8 Bank Negara Indonesia
    • 6.2.9 PT. Tokio Marine
    • 6.2.10 Chubb Insurance*
  • *List Not Exhaustive

7. MARKET FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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Indonesia Life & Non-Life Insurance Industry Segmentation

Life insurance is a contract between an individual and an insurance company in exchange for premium payments with risk. Non-life policies offer financial protection to the amount of an asset. The Indonesian life and non-life insurance market size forecast is segmented by insurance type and distribution channel. The market is segmented by insurance type into life (individual and group) and non-life insurance(home, motor, health, and rest of non-life). The market is segmented by direct, agency, banks, online, and other distribution channels. The reports offer the market sizing and forecasts for the Indonesian life and non-life insurance market in value (USD) for all the above segments.

By Insurance Type Life Insurance Individual
Group
Non - Life Insurance Home
Motor
Health
Rest of Non-Life Insurance
By Channel of Distribution Direct
Agency
Banks
Online
Other Distribution Channels
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Indonesia Life & Non-Life Insurance Market Research FAQs

How big is the Indonesia Life & Non-Life Insurance Market?

The Indonesia Life & Non-Life Insurance Market size is expected to reach USD 38.95 billion in 2025 and grow at a CAGR of 4.65% to reach USD 48.89 billion by 2030.

What is the current Indonesia Life & Non-Life Insurance Market size?

In 2025, the Indonesia Life & Non-Life Insurance Market size is expected to reach USD 38.95 billion.

Who are the key players in Indonesia Life & Non-Life Insurance Market?

Great Eastern Life Indonesia. PT, GlobalSurance, PT. ASURANSI RELIANCE INDONESIA, Asuransi Jasindo KC Bandar Lampung and PT KB Insurance Indonesia are the major companies operating in the Indonesia Life & Non-Life Insurance Market.

What years does this Indonesia Life & Non-Life Insurance Market cover, and what was the market size in 2024?

In 2024, the Indonesia Life & Non-Life Insurance Market size was estimated at USD 37.14 billion. The report covers the Indonesia Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Indonesia Life & Non-Life Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Indonesia Life & Non-Life Insurance Market Research

Mordor Intelligence provides a comprehensive analysis of the Indonesia life and non-life insurance market. We combine expertise in insurance underwriting practices with insights into insurance distribution channels. Our extensive research covers the life insurance, general insurance, and composite insurance segments. It offers detailed insights into both traditional insurance and digital insurance landscapes.

The report examines various sectors, including commercial insurance, personal insurance, and retail insurance. It also analyzes the roles of insurance carriers and insurance brokerage firms in market dynamics. Stakeholders across the insurance services spectrum, from direct insurance providers to reinsurance companies, can access our detailed report PDF for download. This report features an in-depth analysis of property and casualty insurance trends.

Our comprehensive study examines insurance products across different distribution channels. It offers valuable insights for businesses operating in both life and general insurance sectors. Our analysis particularly benefits organizations involved in P&C insurance operations. It provides actionable intelligence on market trends, regulatory frameworks, and competitive strategies in the Indonesian insurance landscape.

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Life and Non-Life Insurance Market in Indonesia Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)