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Commercial Non-Life Insurance Brokers in Indonesia

  • June 2015
  • -
  • Finaccord
  • -
  • 18 pages

Commercial Non-Life Insurance Brokers in Indonesia plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in Indonesia. This report first provides unique data for the size, segmentation and growth of the Indonesian commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of around 100 broking entities in total, it ranks the leading 20 brokers in Indonesia according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Indonesia
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life insurance, excluding other types of business 3
and on brokerage, even where intermediaries can act as both agents and brokers 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 4
Premiums 4
Abbreviations 4
Exchange rate 4
BrokerBASE 5
Finaccord 5
20 MARKET ANALYSIS 7
Introduction 7
Regulatory information 7
There are over 150 licensed insurance brokerages in Indonesia 7
Regulations that place a cap on foreign ownership of brokers may change in future 7
Commercial non-life insurance market 8
Indonesia's commercial lines market is expanding rapidly… 8
… with growth apparent across all of the main segments 8
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Brokers are increasing their distribution share in commercial lines to the detriment of agents 11
Competitor trends and specialisms 12
The commercial lines broking market is characterised by a relatively high degree of fragmentation 12
KBRU is the country's largest indigenous commercial non-life insurance broker… 12
… although there are five others in the top ten 13
Among the top 20, IBS Group secures the highest proportion of total revenues from commercial lines 14
Brokers' distribution strategies 15
MIR Brokers (Mitra Iswara and Rorimpandey) is especially strong in the construction sector 15
Future outlook 17
Indonesian brokers are optimistic that the commercial lines broking market will carry on expanding… 17
… causing its value to rise above USD 200 million by 2018 17

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for commercial non-life insurance brokers in Indonesia 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 7
Segmentation of the commercial non-life insurance market in Indonesia, 2014 9
Growth in the commercial non-life insurance market in Indonesia by segment, 2010 to 2014 10
Size and growth of the commercial non-life insurance market in Indonesia by segment, 2010 to 2014 (table) 10
Brokers' share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2010 and 2014 11
Brokers' share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2010 and 2014 (table) 12
Market concentration for commercial non-life insurance broking in Indonesia, 2014 13
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Indonesia, 2014 14
Importance of different types of insurance broking for the top 20 commercial non-life insurance brokers in Indonesia 15
Partners of broker networks in Indonesia, 2014 16
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2018 17
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Indonesia, 2018 (table) 18

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