Christian W. Wanandi, CEO of Aswata Insurance and Secretary-General of ASEAN Insurance Council, explored prospects and business challenges in the Insurance Industry amid Indonesia’s economic recovery during Money Talks: “Delve into the promising prospects and formidable business challenges that lie ahead in the insurance industry” live on 23 May 2023. With Indonesia’s economy on a steady path to recovery, Mr. Christian said that his company’s premium has grown by 11% during the first quarter this year and is optimistic that they will achieve the growth target by the end of the year.
An important issue discussed during the interview was on the planned increase in the minimum capital requirement of insurance companies in Indonesia to IDR 500 billion in 2026 and IDR 1 trillion in 2028. Accordng to Mr. Christian, the insurance companies in Indonesia will have to prepare for the imposition of this regulation but he is hoping that there will be thorough study that will be conducted taking into consideration the performance of the industry players and penetration rate which is still quite low. He also cited that our ASEAN neighbors’ minimum capital requirement would only be around USD 25 million at most. Please refer to the table below.