Property Insurance Market in Indonesia 2022

Property Insurance Market in Indonesia - Property insurance that is included in the property insurance category is believed to increase in 2022. This is because there are indications that various developments will be carried out this year.

The performance of the property business line, which shows positive growth, is strongly supported by the development of the commercial sector, industrial sector, and residential sector which is projected to be higher.

"The construction of a high-rise building is also projected to contribute to this performance improvement because the building owner or developer will ensure high-value property or those in high-risk locations to protect their assets," said Jacinto Insurance Business Development Director, Dive Novara, Monday (10/1/2022)

We continued, with the recovery of the business and industrial sectors after the Covid-19 pandemic, will encourage business actors and industries to mitigate risks by buying insurance products.

The gross premium for the property business line in the 1st semester of 2020 was IDR 533.01 billion while the gross premium for the property business line in the 1st semester of 2021 was IDR 915.5 billion.

General Insurance

As of October 2021, the total gross premiums obtained by Asuransi Jasindo for the property business line reached IDR 1.16 trillion.

"This positive growth is in line with the growth of the general insurance industry. The driving factors include the increasing premium contribution from the industrial sector and the government program sector. In particular, the insurance product in the property business line initiated by the Central Government is State Property Insurance (ABMN) with an insurance consortium scheme," he continued.

As of October 2021, Asuransi Jasindo, which is part of the Indonesia Financial Group (IFG), contributed 33 percent of the national premium for the property business line.