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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