Insurance and Pension Funding in Indonesia: ISIC 66

Country Report

About This Report

Apr 2017

Industry expands by 13% during 2016 due to major expansion of bancassurance and higher domestic demand for life and social insurance services

Value of Indonesian pension fund assets rises in 2016, as more Indonesians decide to save for retirement, while private and public institutions implement initiatives to promote usage of pension funding

Industry’s growth is partly slowed by contracting general insurance segment, which is brought down by lower local spending on vehicle and private health insurance in 2016

The industry’s largest firms, such as Prudential Life Assurance PT and Asuransi Jiwa Manulife Indonesia PT, enter into new bancassurance deals during 2016 to expand their operations and introduce new insurance products

Industry projected to post 10% CAGR over 2016-2021, driven by Indonesians’ rising incomes, expansion of industry’s sales networks and government efforts to achieve universal social insurance coverage

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Competitive Landscape


Industry Overview

Chart 1 Production vs Nominal GDP 2001–2021
Table 1 Key Industry Indicators 2011–2016
Table 2 Key Industry Indicators: Annual Growth 2012–2016


Table 3 Number of Companies by Employment Size 2011–2016
Table 4 Number of Companies by Employment Size: Annual Growth 2012–2016
Table 5 Number of Companies by Employment Size: Share of Total 2011–2016
Table 6 Production by Employment Size 2011–2016
Table 7 Production by Employment Size: Annual Growth 2012–2016
Table 8 Production by Employment Size: Share of Total 2011–2016
Table 9 Industry Leaders: Company Production Shares in 2016

Import and Export

Chart 2 Import vs Export Growth 2001-2016
Table 10 Import and Export 2011–2016

Market and Buyers

Table 11 Key Market Indicators 2011–2016
Table 12 Key Market Indicators: Annual Growth 2012–2016


Chart 3 Household Expenditure on Insurance and Pension Funding vs GDP 2001–2021
Chart 4 Household Expenditure on Insurance and Pension Funding vs Population 2001–2021
Table 13 Households: Key Statistics 2011–2016


Table 14 Supply Structure 2011–2016
Table 15 Supply Structure: Annual Growth 2012–2016
Table 16 Supply Structure:Share of Total 2011–2016

Labour Costs

Chart 5 Number of Employees vs Average Salary 2001–2016
Chart 6 Output per Employee vs Average Salary 2001–2016
Table 17 Key Statistics 2011–2016

Industry Attractiveness Index

Chart 7 Attractiveness Index of Insurance and Pension Funding Among Other Indonesia Industries
Chart 8 Binary Diagram of Attractiveness Index
Table 18 Attractiveness Index Composition

Attractiveness Index: Explanation

Future Outlook

Table 19 Forecasts 2017–2022


Insurance and Pension Funding
Life Insurance
Non-life Insurance
Pension Funding