During a press conference on Tuesday the chairman of the Indonesian life insurance association, Budi Tampubolon said that the number of life insurance policyholders surged by nearly 40 percent in 2022. Rising to over 28 point 4 million people.
Tampubolon said this shows that the life insurance industry in Indonesia is in a strong and financially healthy condition.
In 2022, earnings from insurance premiums reached 192 points Rp 8 trillion which is two points three percent higher than it was in 2020 during the peak of the Covid-19 pandemic.
Indonesia's life insurance industry has also been boosted by the recently issued financial sector omnibus law which provides further protection to policyholders it, for example, improves the transparency of funds management in investment-related, insurance products.