Indonesia Health Insurance Market, By Type of Insurance Provider (Public Vs Private), By Type of Coverage (Individual Vs Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities, 2018-2028
Published Date: January - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndonesia Health Insurance Market, By Type of Insurance Provider (Public Vs Private), By Type of Coverage (Individual Vs Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities, 2018-2028
Download Sample Ask for Discount Request Customization
Indonesia's health insurance market is projected to grow from $12.16 Bn in 2022 to $21.85 Bn by 2030, registering a CAGR of 7.6% during the forecast period of 2022-30.
The Indonesia health insurance market is expected to be driven by increased health risk and rising medical services costs, as a result of increasing awareness of the advantages of health insurance.
However, purchasing a healthcare insurance plan is a mandatory provision for employees in both the public and private sectors. Health insurance provides important medical benefits that employees can use while working for a company. In the event of an emergency or medical issue, health insurance coverage is extremely beneficial in covering treatment costs. Employee health insurance is an additional benefit provided by the individual employer to their employees. Under the same policy plan, the employee's family members are also covered by the health insurance provided. In some cases, the employer may also pay a portion of the premium or insurance coverage of the health insurance policy.
One of the major factors that are likely to contribute to market growth during the forecast period is market developments such as the introduction of innovative apps by companies or any partnership agreement. For example, in 2022, Sun Life Indonesia partnership with PT Bank CIMB Niaga Tbk (CIMB Niaga). Sun Life Indonesia currently provides insurance solutions to CIMB Niaga customers through online and out-of-branch channels. With the implementation of this new contract, Sun Life Indonesia will be the exclusive provider of insurance products to CIMB Niaga clients through all channels for a period of 15 years beginning in January 2025.. This partnership combines Sun Life Indonesia's wide choice of insurance options and skilled client care throughout all life phases with CIMB Niaga's enormous distribution network of 427 branches serving seven million consumers throughout Indonesia.
Joint Initiatives Between Public and Private to Boost the Market Demand
The Indonesian healthcare system is a mix of the two of private insurance plans and government-funded basic care. Indonesia has implemented a mandatory health-insurance program. It is known as Jaminan Kesehatan Nasional (JKN) and is intended to provide basic medical treatment and facilities to all citizens. It also represents a strong collaboration between the government and the private health sector. The program is managed by the Social Security Administrator for Health (BPJS) agency, and all citizens and expats working in the country to get insured in this scheme. Every company in the country is required to register their employees and pay a percentage of their premiums
Increasing Healthcare Expenditure to Boost the Market Growth
Healthcare spending is increasing across the country, according to the Central Statistics Agency (BPS), the average per capita health expenditure in Indonesia in 2021 was USD 2.20 per month. This number has risen by 8.94% from the previous year, when it was USD 2.0 per month. Similarly, the average per capita health spending in urban areas increased by 15.14% to USD 2.88 per month. As a result, rising healthcare expenditure are expected to create opportunities in the Indonesia health insurance market.
Increasing Investment Opportunities to Boost the Market Demand
Indonesia's healthcare industry is a profitable business investment opportunity for foreign investors as the growth of its middle-class and the implementation of universal healthcare have increased demand in almost all aspects of the industry, from hospitals to pharmaceuticals to medical devices. As a result, in 2022, Swiss Re has partnered with Indonesia Re, the administrator of the National Insurance Data Centre Management Agency (BPPDAN), to offer members access to its analytics solutions and risk consulting services. The collaboration will act as a drive for digital transformation in the insurance industry in Indonesia, which will aid in increasing market demand during the forecast period
Market Segmentation
Download Sample Ask for Discount Request Customization
Company Profiles
PT Sun Life Financial Indonesia, PT Reasuransi Indonesia Utama (Persero), AXA Indonesia, PT Asuransi Allianz Life Indonesia, AIA Group Limited, PT Prudential Life Assurance, PT Asuransi Jiwa Manulife Indonesia, PT BNI Life Insurance, PT Great Eastern Life Indonesia, and PT Asuransi Cigna are
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historical Years |
2018 – 2021 |
|
Estimated Year |
2023 |
|
Forecast Period |
2024 – 2028 |
|
Quantitative Units |
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
|
Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
Segments Covered |
Type of Insurance Provider Type of Coverage Mode of Purchase Premium Type End Users Region |
|
Regional Scope |
Java, Jakarta, Sumatra, Kalimantan, Bali, Rest of Indonesia. |
|
Key Companies Profiled |
PT Sun Life Financial Indonesia, PT Reasuransi Indonesia Utama (Persero), AXA Indonesia, PT Asuransi Allianz Life Indonesia, AIA Group Limited, PT Prudential Life Assurance, PT Asuransi Jiwa Manulife Indonesia, PT BNI Life Insurance, PT Great Eastern Life Indonesia, PT Asuransi Cigna |
|
Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy