According to the Indonesian Life Insurance Association (AAJI), insurance company revenue would increase in 2023.
According to the news website Investor.id, this forecast is based on the performance of the life sector in the first nine months of this year.
According to AAJI data, total life insurance premium income for the first three quarters of this year was IDR143.75 trillion ($9.2 billion), a 3.8% decrease from the same period last year. However, premium income from regular-premium plans, traditional group insurance, and takaful continued to increase.
Increased awareness of insurance, particularly health insurance, is another factor contributing to the optimism for 2023. In addition, after two years, the agency channel finally expanded last year.
Challenges
However, due to a number of difficulties, life insurers are recommended to be more cautious. The challenges ahead are already appearing to be difficult, according to AAJI Chairman Mr. Budi Tampubolon, as a result of rising inflation and other factors.
"Growth and caution are the best way to sum up the life insurance sector for the upcoming year. Although I imagine few life insurance companies would have the guts to set high growth goals, they undoubtedly still have positive growth plans "He said, "Budi."
