This publication is our half-yearly market update covering the Indonesian non-life insurance market for 2H 2025. It presents current premium data, market conditions, product launches, regulatory updates, and other market developments.

Key highlights:

• Property and Credit drove premium growth. Overall non-life premiums grew 4.8% YOY in Q4 2025, with Property up 8.6% supported by VAT waivers for buyers and declining interest rates, and Credit continuing to expand despite deteriorating loss ratios.
• Motor Vehicle and Health remained under pressure. Motor premiums declined on a 6.3% drop in vehicle sales, while Health contracted sharply as rising claims and medical inflation led to several insurers to exit the market.
• Embedded and EV-specific insurance gained traction. A wave of new product launches embedded non-life coverage into banking apps, logistics platforms, and electric vehicle purchase journeys, reflecting continued distribution innovation across the market.
• OJK tightened the health insurance framework. POJK No. 36 of 2025, issued in December, introduces mandatory copayment structures, utilisation review requirements, and new operational standards for insurers writing health business.