MICRO INSURANCE IN INDONESIA: DEVELOPMENT AND ROLE OF REGULATOR
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1 MICRO INSURANCE IN INDONESIA: DEVELOPMENT AND ROLE OF REGULATOR Presented by Commissioner of Non Bank Financial Institutions, Indonesia FSA, on the on the Parallel Session 5, 9th International Microinsurance Conference
2 OUTLINE Insurance Industry in Indonesia Micro Insurance in Indonesia: Current Condition OJK Role in Developing Micro Insurance Steps Taken & Follow Up 2
3 Insurance Industry in Indonesia 3
4 Insurance Industry Growth (in billion IDR) Years Average Total Asset 243, , , , ,246.6 Growth 6.4% 31.8% 26.2% 18.9% 15.5% 25,7% Gross Premium 89, , , , ,622.0 Growth 32.9% 18.2% 17.5% 24.4% 10.3% 18,1% In 5 years period, total asset of all insurance companies rise from IDR243.6 trillion to IDR556.2 trillion, an average of growth of 25,7% per annum Total gross premium in 2012 was IDR trillion, an average annual growth of 18.1% per annum from total gross premium of IDR89.99 trillion in
5 Insurance: Penetration and Density Years * GDP (billion IDR) 4,954, ,581, ,422, ,427, ,241, Gross Premium (billion IDR) 89, , , , ,622.0 Population (million) Penetration 1.82% 1.90% 1.95% 2.09% 2.08% Density (thousand IDR) Penetration = Gross Premium/GDP Density = Gross Premium/Population In 5 years period, penetration increase with 2012 figure of 2,08% In the same period, average spending percapita for insurance product (density) rose from IDR thousand to IDR thousand (almost doubled). 5 5
6 Penetration: Comparison Rank in Asia Rank Globally Country Penetration (%) 1 1 Taiwan 17, HongKong 10,97 As of 2010, insurance penetration in Indonesia = 1.95% Indonesia was at Rank-18 in Asia and Rank-76 at Global level. 3 6 SouthKorea 10, Japan 10, Singapore 6, India 5,39 Low insurance penetration rates indicate that the insurance sector is yet to be excellent choice Israel 5, Malaysia 4, Thailand 4, PRChina 3, Indonesia 1,95 Insurance penetration is the ratio of the amount of gross premiums to GDP Source : Sigma Report,
7 Micro Insurance in Indonesia 7
8 Asuransi Mikro Some insurance companies has offered micro insurance products, such as: Credit life insurance Personal accident Catastrophe insurance etc. Micro insurance has not been well developed due to: Does not meet law of large numbers. Costly because of limited distribution channels. 8
9 OJK Role in Developing Indonesia Micro Insurance 9
10 OJK s Roles on Microinsurance Development Prudential Regulation & Supervision Market Development: Promotion & public awareness. Supporting regulation to create enabling environment. Capacity building of industry. Consumer Protection Market Development Consumer Protection: Product transparency, complain handling, dispute resolution. Market conduct supervision. Prudential Regulation & Supervision: Pricing, GCG, & risk management. Solvency. 10
11 Steps Taken and Follow Up 11
12 Steps taken Actively participate in international forum on micro insurance such as Cebu Declaration for Inclusive Insurance in Cebu Phillippine (May 2013) with GIZ-RFPI Asia Micro insurance development activities is part of WB-Seco'Indonesia Financial Sector Strengthening Trust Fund, lead by Coordinating Ministry for Ecenomic Affair (June 2013) Set up Task Force on Micro Insurance Development on July 2013, consists of OJK staffs and industry associations representatives (life insurance association, non-life and sharia insurance). Conduct Coordinating Meeting With Stakeholders Launch Indonesia Microinsurance: Grand Design, Jingles, Logo, MoU on the Development of Microinsurance. 12
13 Key Points in the Grand Design of Indonesia Microinsurance...[1] Characteristic of Microinsurance Simple feature and administration. Easy to access. Economical. Fast claim settlement and payment. Insurance Providers Licensed Insurance Company Life & Non Life Insurers may offering bundled products 13
14 Key Points in the Grand Design of Indonesia Microinsurance...[2] Distribution Channel Cooperative, microfinance, retailers allowed to sell microinsurance products Main product features Maximum Premium: IDR ,00 Maximum TSI: IDR ,00 per life insurance policy or per insured object for non life 14
15 Key Points in the Grand Design of Indonesia Microinsurance...[3] Insurance Policy Simple language, minimum exclusions Claim Maximum 4 simple claim documents Claim payment not later than 10 days after documents received. 15
16 Follow Up Regulation Activity Launch Grand Design Enact Microinsurance Regulation Capacity Building Regulatory Aspect Product Development Products Distribuition Education and Public Awareness Launch Miicroinsurance Program Develop Financial Literacy Tools Education and Piblic Awareness Program 16
17 Thank You 17
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