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Southeast Asian insurance market trends

Updated 3 times since CLSTR started tracking revisions of this situation.

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2026-09-02 02:29 UTC → 2026-09-07 09:34 UTC · added ~~removed~~

The insurance sectors in Indonesia and the Philippines demonstrated varied growth patterns during the first half of 2026. In Indonesia, the energy insurance segment showed positive prospects linked to increased energy sector investment, though officials noted challenges from global geopolitical dynamics and price fluctuations. Within the credit life insurance segment, AXA Mandiri reported a 150% year-on-year growth in premium income for the first semester of 2026, driven by banking synergies and increased public awareness. However, the broader Indonesian life insurance industry faced financial headwinds. The Indonesian Life Insurance Association (AAJI) reported that while total premium income rose 8.2% year-on-year to Rp94.75 trillion, total industry revenue fell 11.2% to Rp96.39 trillion. This decline was primarily attributed to Rp2.47 trillion in investment losses resulting from market volatility in stocks, bonds, and state securities. Despite these pressures, the industry's protection function remains strong; total claims and benefits paid reached Rp75.57 trillion, a 4.3% increase. ~~Death benefit claims rose 25.5% and health claims grew 11.3%.~~ To address the protection gap, AAJI is prioritizing digital transformation and AI ~~training for executives, including collaborations~~ training. By July 2026, Indonesia’s insurance industry assets reached Rp1,172.97 trillion, a 1.59% year-on-year increase according to ~~integrate AI into certification platforms.~~ OJK. Commercial insurance assets grew 2.54% to Rp957.07 trillion, supported by a 7.76% rise in life insurance premiums. Capital adequacy remains high, with Risk Based Capital (RBC) levels for life insurance at 455.23% and general insurance at 322.01%, both well above the 120% regulatory minimum. In the Philippines, the life insurance industry saw total premium collections rise by approximately 18% to $3.7 billion (P229.98 billion) during the first half of 2026, driven largely by variable life insurance products. New business annual premium equivalent grew by 13.13% to $669.9 million. Industry assets grew by 8.77% to $34.7 billion, surpassing the P2-trillion mark. While benefit payments rose 19.57% to $1.1 billion, net income increased by 3.42% to $342.7 million, which the Insurance Commission described as a reflection of the sector’s “stability and resilience.”

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