Market Snapshot

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Study Period: 2016 – 2026
Base Year: 2021
CAGR:
Indonesia Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

Indonesia Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

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Market Overview

The Indonesia Motor Insurance Market is expected to register a CAGR of 5.3 % over the prognosis period 2019-2024 .
The indonesian non-life indemnity marketplace reported a upset of 69.9 trillion IDR ( 4.8 billion USD ) in 2018, an addition of 9.8 % than 2017 .
The drive insurance has amounted 18.67 trillion IDR ( 1.2 billion USD ) premiums in 2018 with a meaning market share of 29 % in the overall non-life sector .
The growth of motor insurance premiums was accounted for by the increase in vehicle sales. The sales of the two-wheel vehicles increased by 8.44 % to reach 6.38 million units. The sales of cars grew by 6.74 % at 1.15 million units in 2018.

Scope of the Report

The Indonesia Motor Insurance Market is chiefly segmented by two segments ; Types of Motor Insurance which is again segmented into Third party Insurance, TLO Insurance and Comprehensive. The second cleavage is about the channels od distributions like Direct channels, bank accounts and Digital Channels .

BY TYPE OF MOTOR INSURANCE
Third Party Liability
TLO
Comprehensive
BY CHANNEL OF DISTRIBUTION
Point of Sale Agents
Brokers
Banks Accounts
Digital Channels

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Key Market Trends

Potential Growth in the Insurance Sector

The Insurance literacy in Indonesia actually fell from 17.9 % in 2013 to 15.8 % in 2017. overall indemnity penetration in the nation of 264 million people ranks among the lowest in the global at less than 2 % ( 4.5 million Indonesians carry a policy ). half of Indonesia ’ mho population is under the historic period of 30, with the number of millennials ( aged 17-35 ) in Indonesia presently at 79.5 million .
As such, regulators are encouraging the use of digital channels in policy and have publicly voiced that “ no regulation is needed to regulate indemnity marketing through digital means. ”
To date, a count of technical school startups operating in the kingdom of indemnity have focused on fiscal comparison by providing on-line destinations to buy indemnity products from license brokers. however, fiscal comparison startups such as Experian-backed C88 Technologies have largely focused on elementary fiscal and bank products .
today, life indemnity is the dominant segment in Indonesia and accounts for two-thirds of the sector. Indonesia is second lone to India among the fastest growing P & C markets by bounty and the fastest growing commercialize for life premiums .
muslim indemnity or takaful is another recess that has great potential to grow in Indonesia, which has a Muslim-majority population. While the number of takaful operators has increased. According to Indonesia ’ s fiscal regulator, it is growing faster than ceremonious policy, but it is not growing well. The all right eminence between conventional insurance and takaful may be lost to a public where few have a clear reason of life policy .
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Potential Growth Opportunities for InsurTech Market in The Country.

Indonesia features the largest ( USD 27 billion in 2018 ) and the fastest-growing ( 49 % CAGR 2015-2018 ) internet economy in Southeast Asia. Recent data from Indonesia ’ s leading e-commerce musician Shop supports optimistic growth prospects. The platform recorded 63.7 million orders, or a daily average of 700,000 orders, in Q3 ’ 18, and reached 12 Million orders on Indonesia ’ s National Online Shopping Day in December .
The three leading mobile payments players in Indonesia are Go-Jek ‘ s Go-Pay, Lippo ’ sulfur OVO ( partnered with Grab ), and Dana, the roast venture of Ant Financial and Emtek. Competition is already starting to grow boisterous, with all three recently expanding and integrating with e-commerce platforms including Bukalapak, JD.id, and Tokopedia .
In its 2018 report, OVO claimed it had facilitated 1 billion transactions for the year or a 75X increase since November 2017. meanwhile, Dana reportedly acquired 1M users in 3.5 months and recently surged to the # 1 App Store ranking after a big 11.11 forwarding. Another actor in the mobile wallet battle is T-Cash, the e-wallet serve of Indonesia ’ mho largest mobile operator Telkomsel, which recently opened up its e-wallet to the customers of rivals. T-Cash counts 20M registered users ( though merely 4M active voice users ) .

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Table of Contents

  1. 1. introduction
    1. 1.1 telescope of the market
    2. 1.2 Market Definition
    3. 1.3 Executive Summary
  2. 2. RESEARCH METHODOLOGY
    1. 2.1 Study Deliverables
    2. 2.2 Study Assumptions
    3. 2.3 Analysis Methodology
    4. 2.4 Research Phases
  3. 3. market INSIGHTS
    1. 3.1 Indonesia ‘s Current Economic and Insurance Industry Scenario
    2. 3.2 Impact of Government Regulations and Initiatives on the policy industry
    3. 3.3 Key Trends in Indonesia Insurance Industry and InsurTech Market
    4. 3.4 Review and Commentary on Indonesia ‘s Non-Life and Motor Insurance
  4. 4. market DYNAMICS
    1. 4.1 Drivers
    2. 4.2 Restraints
    3. 4.3 Opportunities
    4. 4.4 Porter ‘s basketball team Forces analysis
    5. 4.5 industry social organization analysis
  5. 5. grocery store division
    1. 5.1 BY TYPE OF MOTOR INSURANCE
      1. 5.1.1 Third Party Liability
      2. 5.1.2 TLO
      3. 5.1.3 comprehensive
    2. 5.2 BY CHANNEL OF DISTRIBUTION
      1. 5.2.1 indicate of Sale Agents
      2. 5.2.2 Brokers
      3. 5.2.3 Banks Accounts
      4. 5.2.4 Digital Channels
  6. 6. COMPETITIVE LANDSCAPE
    1. 6.1 Market Concentration Overview
    2. 6.2 Strategies Adopted by major Players
  7. 7. ship’s company PROFILES
    1. 7.1 Great Eastern Life Indonesia. platinum
    2. 7.2 PT. Tokio Marine Life Insurance Indonesia
    3. 7.3 Allianz Indonesia Life
    4. 7.4 Fistlight Indonesia. platinum
    5. 7.5 Asuransi Sinar Mas
    6. 7.6 Asuransi Jasindo KC Bandar Lampung
    7. 7.7 AXA Mandiri
    8. 7.8 PT. Zurich Insurance Indonesia
    9. 7.9 PT AIA Financial & AIG Insurance Indonesia
    10. 7.10 Merimen Technologies ( S ) Pte Ltd*
  8. *List not Exhaustive

  9. 8. investment analysis
  10. 9. major MERGERS AND ACQUISITIONS IN THE INDONESIA INSURANCE INDUSTRY
  11. 10. FUTURE OF GENERAL AND MOTOR INSURANCE MARKET IN INDONESIA
  12. 11. APPENDIX
    1. 11.1 Indonesia General Insurance Key Statistics
    2. 11.2 Number of Active Motor Insurance Policies 2015-2018
    3. 11.3 Gross & Net Motor Insurance Written Premiums 2015-2018
    4. 11.4 Gross Motor Insurance Claims Incurred during 2015-2018
  13. 12. disavowal

**Subject to Availability

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Frequently Asked Questions

What is the study period of this market?

The Indonesia Motor Insurance Market grocery store is studied from 2016 – 2026 .

What is Indonesia Motor Insurance Market size in 2016?

The Indonesia Motor Insurance Market is valued at 5.3 % in 2016 .

Who are the key players in Indonesia Motor Insurance Market?

Great Eastern Life Indonesia. PT, PT. Tokio Marine Life Insurance Indonesia, Allianz Indonesia Life, Asuransi Sinar Mas, PT. Zurich Insurance Indonesia are the major companies operating in Indonesia Motor Insurance Market.

Indonesia Motor Insurance Market | 2022 - 27 | Industry Share, Size, Growth - Mordor Intelligence

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