TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Life insurance revenue up almost 40% yoy despite Delta wave
The industry booked Rp 171.36 trillion (US$11.9 billion) in sales in the first nine months of 2021, marking a 38.7 percent increase from a year earlier.
Change Size
Special insurance products have been launched to help people adapt to new COVID-19 habits. (Shutterstock/thodonal88)
T
he life insurance industry continues to rebound as companies collectively posted double-digit growth in the first nine months of 2021, despite the Delta wave of the coronavirus slowing down the country’s economic recovery.
The Indonesian Life Insurance Association (AAJI), which represents 58 companies, reported on Wednesday that the industry’s revenue had grown by 38.7 percent year-on-year (yoy) to Rp 171.36 trillion (US$11.9 billion) in the January-to-September period.
That reversed the 25.6 percent annual contraction seen over the same period a year earlier.
“Of course, these are not easy times, and there are a lot of challenges and limitations faced by various industries, including life insurance,” AAJI chairman Budi Tampubolon said in a press briefing on Wednesday.
“Nevertheless, the life insurance industry managed to get through the hard times caused by COVID-19 in the third quarter.”
A spike in infections as the Delta variant spread across the country earlier this year – and the activity restrictions imposed by the government in response – slowed down economic growth in the third quarter.
The financial and insurance services industry grew by 4.29 percent in the July-to-September period from a year earlier, Statistics Indonesia (BPS) data show. The industry had posted nearly double that growth rate in the previous quarter, in part due to the base effect.
