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Report Description

Report Description

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 The country's overall insurance penetration rate is at 3.23%, Despite that private health insurance penetration in Indonesia is at 4%, in 2022. The country's transformation from a healthcare system based on government funding to one based on insurance and the state contributions for the poor have created sizable opportunities for the private health insurance sector, which is expected to boost the demand for health insurance in the Indonesian market.

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


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Market Segmentation

The Indonesia health insurance market is segmented on the basis of type of insurance provider, type of coverage, mode of purchase, premium types, and end users. Based on type of insurance provider, the market is further bifurcated into public vs private. Based on type of coverage, the market is divided into individual and family. Based on mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third party, etc.)). Based on premium type, the market is divided into regular premium and single premium. Based on end users, the market is fragmented into minors, adults, and senior citizens.

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 among the major market players in the platform that lead the market growth of the Indonesia health insurance market.

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)

 

Report Scope:

In this report, the Indonesia health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Indonesia Health Insurance Market, By Type of Insurance Provider:
    • Public
    • Private
  • Indonesia Health Insurance Market, By Type of Coverage:
    • Individual
    • Family
  • Indonesia Health Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • Indonesia Health Insurance Market, By Premium Type:
    • Regular Premium
    • Single Premium
  • Indonesia Health Insurance Market, By End Users:
    • Minors
    • Adults
    • Senior Citizens
  • Indonesia Health Insurance Market, By Region:
    • Java
    • Jakarta
    • Sumatra
    • Kalimantan
    • Bali
    • Rest of Indonesia.
  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Indonesia health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
Indonesia health insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]
Table of content

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    Indonesia Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type of Insurance Provider Market Share Analysis (Public Vs Private)

5.2.2.     By Type of Coverage Market Share Analysis (Individual Vs Family)

5.2.3.     By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)).

5.2.4.     By Premium Type Market Share Analysis (Regular Premium, Single Premium)

5.2.5.     By End Users Market Share Analysis (Minors, Adults, Senior Citizens)

5.2.6.     By Regional Market Share Analysis

5.2.6.1.         Java Market Analysis

5.2.6.2.         Jakarta Market Analysis

5.2.6.3.         Sumatra Market Analysis

5.2.6.4.         Kalimantan Market Analysis

5.2.6.5.         Bali Market Analysis

5.2.6.6.         Rest of Indonesia Market Analysis

5.2.7.     By Company Market Share Analysis

5.3.  Indonesia Health Insurance Market Mapping & Opportunity Assessment

5.3.1.     By Type of Insurance Provider Market Mapping & Opportunity Assessment

5.3.2.     By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.     By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.4.     By Premium Type Market Mapping & Opportunity Assessment

5.3.5.     By End Users Market Mapping & Opportunity Assessment

5.3.6.     By Region Market Mapping & Opportunity Assessment

6.    Indonesia Public Health insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type of Coverage Market Share Analysis

6.2.2.     By Mode of Purchase Market Share Analysis

6.2.3.     By Premium Type Market Share Analysis

6.2.4.     By End Users Market Share Analysis

7.    Indonesia Private Health insurance Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type of Coverage Market Share Analysis

7.2.2.     By Mode of Purchase Market Share Analysis

7.2.3.     By Premium Type Market Share Analysis

7.2.4.     By End Users Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Increasing cost of medical services

8.1.2.     Mandatory opting for health insurance in public and private sector

8.1.3.     Increased health concern

8.2.  Challenge

8.2.1.     High cost of insurance premiums

8.2.2.     Lack of awareness regarding health insurance

9.    Impact of COVID-19 on Indonesia Health Insurance Market

9.1.  Impact Assessment Model      

9.1.1.     Key Segments Impacted

9.1.2.     Key Regions Impacted

10.  Market Trends & Developments

10.1.              Expanding investment opportunities

10.2.              Surging visibility of health insurance benefits

10.3.              Rising number of online platform

10.4.              Increasing spending on medical treatment

10.5.              Greater availability of healthcare treatment

11.  Porter’s Five Forces Model

11.1.              Competitive Landscape

11.2.              Buyer Power

11.3.              Supplier Power

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strengths

12.2.              Weaknesses

12.3.              Opportunities

12.4.              Threats

13.  Competitive Landscape

13.1.              Company Profiles

13.1.1.  PT Sun Life Financial Indonesia

13.1.1.1.      Company Details

13.1.1.2.      Product & Services

13.1.1.3.      Financials (As Reported)

13.1.1.4.      Key Market Focus & Geographical Presence

13.1.1.5.      Recent Developments

13.1.1.6.      Key Management Personnel

13.1.2.  PT Reasuransi Indonesia Utama (Persero)

13.1.2.1.      Company Details

13.1.2.2.      Product & Services

13.1.2.3.      Financials (As Reported)

13.1.2.4.      Key Market Focus & Geographical Presence

13.1.2.5.      Recent Developments

13.1.2.6.      Key Management Personnel

13.1.3.  AXA Indonesia, Company Details

13.1.3.1.      Product & Services

13.1.3.2.      Financials (As Reported)

13.1.3.3.      Key Market Focus & Geographical Presence

13.1.3.4.      Recent Developments

13.1.3.5.      Key Management Personnel

13.1.4.  PT Asuransi Allianz Life Indonesia

13.1.4.1.      Company Details

13.1.4.2.      Product & Services

13.1.4.3.      Financials (As Reported)

13.1.4.4.      Key Market Focus & Geographical Presence

13.1.4.5.      Recent Developments

13.1.4.6.      Key Management Personnel

13.1.5.  AIA Group Limited, Company Details

13.1.5.1.      Product & Services

13.1.5.2.      Financials (As Reported)

13.1.5.3.      Key Market Focus & Geographical Presence

13.1.5.4.      Recent Developments

13.1.5.5.      Key Management Personnel

13.1.6.  PT Prudential Life Assurance

13.1.6.1.      Company Details

13.1.6.2.      Product & Services

13.1.6.3.      Financials (As Reported)

13.1.6.4.      Key Market Focus & Geographical Presence

13.1.6.5.      Recent Developments

13.1.6.6.      Key Management Personnel

13.1.7.  PT Asuransi Jiwa Manulife Indonesia

13.1.7.1.      Company Details

13.1.7.2.      Product & Services

13.1.7.3.      Financials (As Reported)

13.1.7.4.      Key Market Focus & Geographical Presence

13.1.7.5.      Recent Developments

13.1.7.6.      Key Management Personnel

13.1.8.  PT BNI Life Insurance

13.1.8.1.      Company Details

13.1.8.2.      Product & Services

13.1.8.3.      Financials (As Reported)

13.1.8.4.      Key Market Focus & Geographical Presence

13.1.8.5.      Recent Developments

13.1.8.6.      Key Management Personnel

13.1.9.  PT Great Eastern Life Indonesia

13.1.9.1.      Company Details

13.1.9.2.      Product & Services

13.1.9.3.      Financials (As Reported)

13.1.9.4.      Key Market Focus & Geographical Presence

13.1.9.5.      Recent Developments

13.1.9.6.      Key Management Personnel

13.1.10.                PT Asuransi Cigna

13.1.10.1.    Company Details

13.1.10.2.    Product & Services

13.1.10.3.    Financials (As Reported)

13.1.10.4.    Key Market Focus & Geographical Presence

13.1.10.5.    Recent Developments

13.1.10.6.    Key Management Personnel

14.  Strategic Recommendations/Action Plan

14.1.              Key Focus Areas

14.2.              Target Regions

14.3.              Target Type of Coverage

14.4.              Target Mode of Purchase

14.5.            Target End Users

15.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

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 some of the major players operating in the market.

Indonesia has implemented a mandatory health-insurance programme. It is known as Jaminan Kesehatan Nasional (JKN) and is intended to provide basic medical treatment and facilities to all citizens.

Indonesians are covered under the JKN program by both public and private healthcare providers who choose to participate. Those with traditional jobs will have to pay a 5% insurance premium on top of their salary. The employee pays 1%, and the employer pays 4%.

Government initiatives to implement mandatory programs, greater awareness of health insurance benefits, and cost of medical services, are the factors expected to drive the Indonesia Health Insurance Market.

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