Micro-insurance On the Up Among Insurers and Public

Monday, November 24, 2014

While insurance penetration in general remains low, microinsurance has seen significant growth as more banks partner with insurance firms to offer microinsurance products to low-income earners.

The national survey on financial literacy conducted by the Financial Services Authority (OJK) last year shows that only 17.84 percent or 18 out of 100 people in Indonesia were considered financially literate in terms of the benefits of insurance.

The survey revealed that only 12 out of 100 Indonesians use insurance products and services.

The Insurance Council of Indonesia (DAI) chairman Hendrisman Rahim said that based on the survey, DAI is committed to educating and disseminating the benefits of insurance to the public by working closely with OJK.

Source: The Jakarta Post (link opens in a new window)

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financial inclusion, microfinance, microinsurance