Personal Accident and Health Insurance in Indonesia:
In terms of gross written premium, the Indonesian personal accident and health insurance segment accounted for 5.6% of the country’s total insurance industry in 2013. The segment’s gross written premium recorded a compound annual growth rate (CAGR) of 16.0% during the review period (2009–2013). This growth was driven by the country’s strong economic development, increasing disposable incomes, rising healthcare expenditure, and growing awareness of the benefits of personal accident and health insurance. The segment’s value is projected to increase at a CAGR of 11.5% over the forecast period (2013–2018), driven by an increase in overall medical expenditure and strong economic growth, with Indonesia’s GDP expected to record a CAGR of 5.8% over the forecast period. View Full Report with TOC at: http://www.researchmoz.us/personal-accident-and-health-insurance-in-indonesia-key-trends-and-opportunities-to-2018-report.html
- The low insurance penetration in Indonesia encourages insurers to gain market share and capitalize on the lucrative potential by implementing aggressive business strategies and introducing new products.
- The Indonesian personal accident and health segment’s share of gross written premium was the smallest in the insurance industry during the review period, and declined from 7.4% in 2009 to 5.6% in 2013.
- Indonesia’s existing social security system primarily focuses on the country’s low-income population and is unable to provide comprehensive coverage to all citizens.
- Indonesia recorded the largest economy among Southeast Asian countries such as Malaysia, Singapore, and the Philippines in 2013.
- The Indonesian personal accident and health segment is competitive, with the 10 leading insurance companies accounting for 55.1% of the gross written premium in 2012.
- The government allows 80% foreign ownership in the industry, which has encouraged the entry of multinational insurers such as Mapfre SA and ACE Group.
Reinsurance in Indonesia:
The Indonesian reinsurance segment posted a compound annual growth rate (CAGR) of 8.8% during the review period (2009–2013), as a result of robust growth in the overall insurance industry, strong economic development, and the frequent occurrence of natural disasters which forced insurers to share larger proportions of risk with reinsurance companies. The reinsurance segment’s written premium value increased, due to an increase in overall written premium in the insurance industry at a review-period CAGR of 24.1%. These factors are expected to continue to generate business for Indonesian reinsurers over the forecast period. The reinsurance segment’s written premium value is subsequently projected to post a forecast-period CAGR of 10.0%. Browse Full Report with TOC at: http://www.researchmoz.us/reinsurance-in-indonesia-key-trends-and-opportunities-to-2018-report.html
- The insurance industry’s robust review-period growth and the frequent occurrence of natural disasters, which forced insurers to share larger proportions of risk, drove growth in the Indonesian reinsurance segment during the review period at a CAGR of 8.8%.
- The Indonesian reinsurance segment comprises four domestic reinsurers which cover life, non-life, personal accident and health and Sharia-compliant reinsurance.
- Mandatory treaty reinsurance led the reinsurance segment in 2013, representing 88.8% of written premium, while facultative reinsurance accounted for 11.2%.
- The Indonesian reinsurance segment is highly concentrated and dominated by domestic reinsurers.
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Reasons to buy:
- Make strategic business decisions using in depth historic and forecast market data related to the Indonesian personal accident and health insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Indonesian personal accident and health insurance segment
- Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Indonesian insurance segment and its impact on companies and the market's future
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