As the most populated country in Southeast Asia, Indonesia has a fast-growing insurance market. A few years ago, most Indonesians were reluctant to buy insurance policies. However, after the pandemic, they have a better awareness of the policies offered by the insurance companies in Indonesia.
Indonesia is the home of many insurance companies. Both local and global providers offer all the financial protections needed by the people in this country. However, some of them have better performance than others.
The List of Recommended Insurance Companies in Indonesia
The insurance industry in Indonesia started to develop during the Dutch colonial period. In the 1840s several Dutch insurance companies provided financial protection for the Dutch. Later on, in the1912, RM Dwidjosewojo and partners established the first Indonesian insurance company, Bumiputera.
Now, you can find more insurance providers in this country. These are some of the best insurance companies in Indonesia.
1. Prudential Indonesia: The Biggest Insurance Company in Indonesia
The best insurance typically has excellent performance and large assets. In Indonesia, the biggest insurance company in 2022 is Prudential. The total asset of this company is IDR71.8 trillion.
Prudential is a global insurance company. This company started offering financial protections in Indonesia in 1995. Since then, Prudential has developed into one of the most trusted insurance providers in Indonesia.
It has more than 2.5 million insured members. In addition, it has many products to offer, such as health insurance, sharia insurance, life insurance, and unit-linked insurance plan.
The health insurance plan from Prudential is one of the best health insurance plans. It offers an annual limit policy of up to IDR35 billion. Meanwhile, sharia healthcare insurance from this company offers donations if the insured member dies.
2. Manulife: One of the Biggest Insurance Companies in Indonesia
Manulife is the second biggest insurance provider in this country. Its assets amounted to IDR59.77 trillion. This Canadian insurance provider has been providing insurance products in Indonesia since 1985.
Currently, it has over 2 million insured members in the country. Manulife provides various insurance products for individuals and businesses. Some of these products are life insurance, pension insurance plan, and healthcare insurance plan.
Manulife healthcare insurance plan offers many benefits for insured members. One of them is the cashless claim method, which helps insured member to file their claims easily.
3. AIA: One of the Biggest Insurance Companies in Indonesia
AIA is one of the leaders of insurance providers in the Asia Pacific. This insurance company first entered the Indonesian insurance market in 1996 by performing a merger and acquisition with a local insurance company, Lippo Life Insurance.
Now, AIA has made itself one of the most trusted insurance providers in Indonesia. The assets of AIA amounted to IDR52.73 trillion.
You can find any insurance products from AIA. Some of its popular products are protection income plan, premier hospital and surgical plus, and Edu Plan. The premier hospital and surgical plus plan covers hospitalization and medical expenses until the insured is 80 years old.
4. Allianz: One of the Biggest Life Insurance Companies in Indonesia
Allianz was first established in Germany. This insurance company then started its business in Indonesia in 1981. At that time, this insurance company stood as a general insurance provider.
However, Allianz transformed into a life insurance company in 1996. Since then, it has developed well and its assets reached IDR39.02 billion in 2022.
Allianz offers conventional insurance and sharia insurance in various types. One of its best products is Allianz Life, a health insurance plan. Its network consists of over 1000 hospitals in Indonesia and abroad.
5. Sinar Mas Insurance: One of the Biggest Life and General Insurance Companies in Indonesia
The next biggest insurance provider on this list is Sinar Mas Insurance. The amount of its assets is around IDR30.7 billion.
Sinar Mas Insurance is a local insurance company and one of the oldest. It has served the Indonesians since 1985. The main insurance products of this company are health insurance and auto insurance. However, it also offers other insurance types, such as property insurance.
Many people in Indonesia chose Sinar Mas health insurance over other healthcare plans. They do it because this insurance provider offers affordable monthly premiums and a large network of medical providers inside and outside Indonesia.
6. AXA Mandiri: One of the Life and Health General Insurance Companies in Indonesia
In 2022, Axa Mandiri has been successful in gaining assets up to IDR39.01 trillion. Compared to the other insurance companies above, AXA Mandiri is a young company. It entered the Indonesian insurance industry in 2004.
Despite its relatively young age, this insurance company is gaining success and popularity. A large number of Indonesians have at least one product from AXA Mandiri. This company itself has large choices of products, from health insurance to corporate insurance.
One of its best products is Smartcare Executive. The monthly premium of this plan is affordable, but its annual policy limit is high. In addition, it also covers dental insurance.
7. Astra Life: One of the Most Profitable Insurance Companies in Indonesia
Astra life is a local insurance provider. It has been providing insurance products since 2014. This insurance company may be young. However, it is part of PT Astra International, a trusted and well-established company in Indonesia.
Therefore, no wonder many Indonesians already trusted this company as their financial protector. Currently, Astra Life has over 3.7 million insured members. Meanwhile, its assets amounted to 7.5 trillion.
Astra Life offers many insurance solutions for individuals and corporations. It also offers sharia insurance for Muslims living in Indonesia. The health insurance from Astra Life is one of its popular products. Its network consists of over 900 medical providers.
8. Adira Insurance: One of the Biggest General Insurance Companies in Indonesia
Adira Insurance offers one of the best vehicle insurance plans in Indonesia. This insurance provider has more than 24-year experience in the insurance industry. Currently, the owner of Adira Insurance is Zurich Insurance Company Ltd.
From the list above, you can see that the 4 biggest insurance companies in Indonesia are not local providers. However, it doesn’t mean that the local insurance companies are not good enough. Many Indonesians have proved that they are as good as the global players are.