INDONESIA MOTOR INSURANCE MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)
Indonesia Motor Insurance Market
The Indonesia Motor Insurance Market is expected to register a CAGR of 5.3% over the forecast period 2019-2024.
The Indonesian non-life insurance market reported a turnover of 69.9 trillion IDR (4.8 billion USD) in 2018, an increase of 9.8% than 2017.
The motor insurance has amounted 18.67 trillion IDR (1.2 billion USD) premiums in 2018 with a significant market share of 29% in the overall non-life sector.
The growth of motor insurance premiums was accounted for by the increase in vehicle sales. The sales of the two-wheeled vehicles increased by 8.44% to reach 6.38 million units. The sales of cars grew by 6.74% at 1.15 million units in 2018.