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Synopsis
Timetric’s 'Life Insurance in Indonesia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Indonesian life insurance segment, and a comparison of the Indonesian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Indonesian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Indonesia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Indonesian life insurance segment, including:

- An overview of the Indonesian life insurance segment

- The Indonesian life insurance segment’s growth prospects by category

- A comprehensive overview of the Indonesian economy and demographics

- A comparison of the Indonesian life insurance segment with its regional counterparts

- The various distribution channels in the Indonesian life insurance segment

- Details of the competitive landscape in the life insurance segment in Indonesia

- Details of regulatory policy applicable to the Indonesian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Indonesia:

- It provides historical values for the Indonesian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the Indonesian life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Indonesian life insurance segment with its regional counterparts

- It analyzes the various distribution channels for life insurance products in Indonesia.

- It profiles the top life insurance companies in Indonesia and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Indonesian life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Indonesian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Indonesian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The life insurance segment’s gross written premium grew at a review-period CAGR of 7.3%.

- Endowment was the leading category, accounting for 28.9% of the life gross written premium in 2015.

- Agencies led the distribution network of the Indonesian life insurance segment in 2015. The channel accounted for 47.6% of the segment’s new business gross written premium.

- Regulatory constraints, such as the Single Presence policy, and the circular issued by the OJK to cut the foreign ownership cap from 80% to 49%, are expected over the forecast period.

- The Indonesian life insurance segment is moderately concentrated, with the top 10 insurers accounting for 79.9% of the segment’s gross written premium in 2014.

Table Of Contents

Life Insurance in Indonesia, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Bancassurance
7 Competitive Landscape
7.1 Company Profiles
7.1.1 PT Prudential Life Assurance - company overview
7.1.2 PT Asuransi Allianz Life Indonesia - company overview
7.1.3 PT Indolife Pensiontama - company overview
7.1.4 PT Axa Mandiri Financial Services - company overview
7.1.5 PT Asuransi Jiwa Sinar Mas MSIG - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life Insurance
8.3.2 Property Insurance
8.3.3 Motor Insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Workmen compensation insurance
8.4.2 Professional indemnity insurance for insurance brokers
8.4.3 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Financial Services Authority
8.5.3 The General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia)
8.5.4 The Indonesian Life Insurance Association (Asosasi Asuransi Jiwa Indonesia)
8.5.5 The Indonesian Insurance Council (Dewan Asuransi Indonesia)
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Insurance Agencies
9.5 Bancassurance and Other Distribution Channels
9.6 Individual Life Insurance
9.7 Individual Life Insurance by Product
9.8 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer


List of Tables
Table 1: Indonesian Life Insurance - Key Facts, 2015
Table 2: Indonesian Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Value Added to Indonesian GDP (% of Total GDP), 1990-2014
Table 4: Working Population Percentages by GDP Sector (% of Total Indonesian Population), 1990-2014
Table 5: Indonesian Government Credit Ratings
Table 6: Indonesian Life Insurance - Gross Written Premium (IDR Trillion and US$ Billion), 2011-2015
Table 7: Indonesian Life Insurance - Penetration (%), 2011-2015
Table 8: Indonesian Life Insurance - Gross Written Premium (IDR Trillion and US$ Billion), 2015-2020
Table 9: Indonesian Life Insurance - Penetration (%), 2015-2020
Table 10: Indonesian Life Insurance - New Business Direct Written Premium (IDR Trillion and US$ Billion), 2011-2015
Table 11: Indonesian Life Insurance - New Business Direct Written Premium (IDR Trillion and US$ Billion), 2015-2020
Table 12: Indonesian Life Insurance - Premium per Capita (IDR and US$), 2011-2015
Table 13: Indonesian Life Insurance - Premium per Capita (IDR and US$), 2015-2020
Table 14: Indonesian Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 15: Indonesian Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 16: Indonesian Life Insurance - Paid Claims (IDR Trillion and US$ Billion), 2011-2015
Table 17: Indonesian Life Insurance - Paid Claims (IDR Trillion and US$ Billion), 2015-2020
Table 18: Indonesian Life Insurance - Sum Assured (IDR Trillion and US$ Billion), 2011-2015
Table 19: Indonesian Life Insurance - Sum Assured (IDR Trillion and US$ Billion), 2015-2020
Table 20: Indonesian Life Insurance - Total Assets (IDR Trillion and US$ Billion), 2011-2015
Table 21: Indonesian Life Insurance - Total Assets (IDR Trillion and US$ Billion), 2015-2020
Table 22: Indonesian Life Insurance - Total Investment Income (IDR Trillion and US$ Billion), 2011-2015
Table 23: Indonesian Life Insurance - Total Investment Income (IDR Trillion and US$ Billion), 2015-2020
Table 24: Indonesian Life Insurance - Investment Portfolio (IDR Trillion), 2011-2015
Table 25: Indonesian Life Insurance - Investment Portfolio (IDR Trillion), 2015-2020
Table 26: Indonesian Individual Life Insurance - Direct Written Premium by Category (IDR Trillion), 2011-2015
Table 27: Indonesian Individual Life Insurance - Direct Written Premium by Category (IDR Trillion), 2015-2020
Table 28: Indonesian Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
Table 29: Indonesian Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
Table 30: Indonesian Life Insurance - Direct Written Premium by Distribution Channel (IDR Trillion), 2011-2015
Table 31: Indonesian Life Insurance - Direct Written Premium by Distribution Channel (IDR Trillion), 2015-2020
Table 32: Indonesian Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020
Table 33: Indonesian Insurance Industry - Structure (2007-2015)
Table 34: Indonesian Insurance Industry - Shares of the Leading Insurers (%), 2014
Table 35: PT Prudential Life Assurance - Key Facts
Table 36: PT Prudential Life Assurance - Key Financials (IDR Trillion), 2011-2015
Table 37: PT Prudential Life Assurance - Key Facts
Table 38: PT Prudential Life Assurance - Key Financials (IDR Trillion), 2010-2014
Table 39: PT Indolife Pensiontama - Key Facts
Table 40: PT Indolife Pensiontama - Key Financials (IDR Trillion), 2010-2014
Table 41: PT Axa Mandiri Financial Services - Key Facts
Table 42: PT Axa Mandiri Financial Services - Key Financials (IDR Trillion), 2010-2014
Table 43: PT Asuransi Jiwa Sinar Mas MSIG - Key Facts
Table 44: PT Asuransi Jiwa Sinar Mas MSIG - Key Financials (IDR Trillion), 2010-2014
Table 45: Indonesia - Insurance Regulatory Framework Key Features
Table 46: Indonesia - Life Insurance Regulatory Framework
Table 47: Indonesia - Property Insurance Regulatory Framework
Table 48: Indonesia - Tariff Rates for Earthquake Insurance (Per Mille of Sum Insured)
Table 49: Indonesia - Tariff Rates for Flood Insurance (% of Sum Insured)
Table 50: Indonesia - Tariff Rates for Business Interruption Insurance
Table 51: Indonesia - Motor Insurance Regulatory Framework
Table 52: Indonesia - Comprehensive Motor Insurance Tariff Rates (% of Sum Insured)
Table 53: Indonesia - Total Loss Motor Insurance Tariff Rates (% of Sum Insured)
Table 54: Indonesia - Earthquake Insurance Tariff Rates for Motor Vehicles
Table 55: Indonesia - Flood Insurance Tariff Rates for Motor Vehicles
Table 56: Indonesia - Liability Insurance Regulatory Framework
Table 57: Indonesia - Corporation Tax Rates for the Financial Year 2016
Table 58: Indonesian Life Insurance - Policies and Premium, 2011-2015
Table 59: Indonesian Life Insurance - Policies and Premium, 2015-2020
Table 60: Indonesian Life Insurance - Claims and Expenses, 2011-2015
Table 61: Indonesian Life Insurance - Claims and Expenses, 2015-2020
Table 62: Indonesian Life Insurance - Assets and Investments, 2011-2015
Table 63: Indonesian Life Insurance - Assets and Investments, 2015-2020
Table 64: Indonesian Life Insurance - Agencies, 2011-2015
Table 65: Indonesian Life Insurance - Agencies, 2015-2020
Table 66: Indonesian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 67: Indonesian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 68: Indonesian Life Insurance - Individual Life Insurance, 2011-2015
Table 69: Indonesian Life Insurance - Individual Life Insurance, 2015-2020
Table 70: Indonesian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 71: Indonesian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 72: Indonesian Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 73: Indonesian Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 74: Insurance Industry Definitions


List of Figures
Figure 1: Indonesia GDP composition, 2015
Figure 2: Indonesian Real GDP (US$ Billion), 2011-2020
Figure 3: IDR-US$ Exchange Rate, 2011-2020
Figure 4: Indonesian Consumer Price Inflation (%),2011-2020
Figure 5: Indonesian Current Account Balance as a Percentage of GDP (%), 2011-2014
Figure 6: Indonesian Unemployment Rate (%), 2011-2020
Figure 7: Indonesian Population by Age Group (Million), 1991-2025
Figure 8: Indonesian Life Insurance Penetration - Regional Comparison (%), 2015
Figure 9: Indonesian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 10: Indonesian Life Insurance - Gross Written Premium (IDR Trillion), 2011-2020
Figure 11: Indonesian Life Insurance - Penetration (%), 2011-2020
Figure 12: Indonesian Life Insurance - New Business Direct Written Premium (IDR Trillion), 2011-2020
Figure 13: Indonesian Life Insurance - Premium per Capita (IDR), 2011-2020
Figure 14: Indonesian Life Insurance - Number of Policies Sold (Million), 2011-2020
Figure 15: Indonesian Life Insurance - Paid Claims (IDR Trillion), 2011-2020
Figure 16: Indonesian Life Insurance - Sum Assured (IDR Trillion), 2011-2020
Figure 17: Indonesian Life Insurance - Total Assets (IDR Trillion), 2011-2020
Figure 18: Indonesian Life Insurance - Total Investment Income (IDR Trillion), 2011-2020
Figure 19: Indonesian Life Insurance - Investment Portfolio (IDR Trillion), 2011-2020
Figure 20: Indonesian Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 21: Indonesian Individual Life Insurance - Direct Written Premium by Category (IDR Trillion), 2011-2020
Figure 22: Indonesian Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 23: Indonesian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 24: Indonesian Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2020
Figure 25: Indonesian Individual Life Insurance - Penetration (%), 2011-2015
Figure 26: Indonesian Individual Life Insurance - Penetration (%), 2015-2020
Figure 27: Indonesian Life Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 28: Indonesian Insurance Industry - Shares of the Leading Insurers (%), 2014
Figure 29: Indonesia - Insurance Supervision and Control at Various Levels
Figure 30: Indonesia - Insurance Regulatory Frameworks for Company Registration and Operation

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