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Special Report


INDUSTRY PROFILE AND OPERATING ENVIRONMENT: INDONESIAN INSURANCE

Fri 13 Dec, 2024 - 12:48 ET



Fitch Ratings regards the regulatory environment of Indonesia as less developed,
with limited transparency and effectiveness of reinforcement. Domestic insurers
are regulated by the Financial Services Authority (OJK), which sets a minimum
risk-based capital ratio of 120%. It also sets minimum paid-up capital
requirements for different types of insurance business. The OJK is responsible
for supervising and regulating bank and non-bank financial institutions,
including insurers. Regulatory enforcement ranges from warnings and fines to
rescinding an insurer's registration. The OJK will raise minimum equity
requirements for insurance and reinsurance companies operating in Indonesia to
IDR250 billion and IDR500 billion respectively from end-2026, compared with
IDR100 billion currently. A second stage, to be implemented by end-2028, would
see the minimum raised again for all insurers.

Access Report
Insurance
Global
Asia-Pacific
Indonesia


RELATED REGIONS

 * Indonesia





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