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Indonesia Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The Indonesian insurance market continues to offer growth opportunities and attract new players, despite certain unfavorable government rules and regulations. The industry has registered a tremendous growth in the past few years, mainly due to untimely occurrence of natural and man-made disasters, launch of new products, growing economy and increasing demand for savings. Like many other countries, the Indonesian insurance industry can be categorized into two different segments: life and non-life. Life insurance is the dominate segment in the Indonesian insurance industry, with 68.3% share of total insurance premium in 2008.
Despite being one of the thickly populated regions in Southeast Asia, the per capita expenditure on insurance in Indonesia is one of the lowest - the reason of which is the low insurance penetration among the different ethnic groups in the country. In the forthcoming years, market density and penetration is expected to improve on account of expanding bancassurance channel, demand for unit-linked products, as well as awareness of risk-protection and high incidence of disasters. Thus, market is expected to offer opportunity to insurance company for growth.
The present report gives an overview of the insurance market of Indonesia along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Indonesian insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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