Forecast: Total Insurance Expenditure in Indonesia

The total insurance expenditure in Indonesia as a percentage of GDP has seen fluctuations over the past decade. Beginning at 1.65% in 2013, it experienced both increases and declines, peaking at 1.88% in 2017. The figures saw a general declining trend afterwards, reaching 1.65% again in 2020. The value saw a slight recovery to 1.76% in 2021 and remained relatively stable up to 2023, standing at 1.77%. Year-on-year variations showcase that 2023 saw an almost negligible increase of 0.11%. The compounded annual growth rate (CAGR) over the last five years till 2023 stands at -0.24%.

Looking forward, forecasts from 2024 to 2028 suggest minimal changes, stabilizing at around 1.77% of GDP. The projected five-year CAGR from 2024 to 2028 is 0.06%, indicating a very modest growth rate over this period. Future trends to watch for include the impact of economic stabilization, regulatory changes in the insurance market, and the adoption of digital insurance products, which could influence insurance expenditures upwards over time.