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Indonesia : Financial Sector Assessment Program-Detailed Assessment of Observance—Insurance Core Principles


International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

March 12, 2018

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file


The insurance sector is rapidly growing through conglomeration, bancassurance and increased sales of investment products. While the insurance sector is still smaller than the banking sector, it has grown rapidly at an average of 20 percent per year over the last 5 years. About the half of insurers belong to conglomerates, typically led by banks but with a number of other financial and non-financial entities within the group. Because of regulations on intra-group transactions from insurance entities, some insurance entities could have material exposures to the affiliates. Bancassurance is playing a very important role in the insurance distribution, mainly in relation to investment products, such as unit-linked products.