General insurance premium income reached IDR40.13tn ($2.9bn) in the first half of this year, 18% higher than in the corresponding half of last year, according to data from the Financial Services Authority (OJK).

Several insurers showed runaway growth in premium income in 1H2019, reported Kontan.

Asuransi Kredit Indonesia or Askrindo achieved an 8% market share of total general insurance premium income. Askrindo managing director Andrianto Wahyu Adi said that the company posted premium income of IDR3.1tn in 1H2019, an increase of 75.14% y-o-y.

Asuransi Sinar Mas gained a 14% market share with premium income of IDR5.51tn. This represented an increase of 46.15% y-o-y.

Astra Insurance captured a 6% market share with premium income of IDR2.54tn, with an increase of 10.43% y-o-y.

Underwriting results

Nationwide, general insurance companies produced underwriting results IDR7.28tn for 1H2019, 12% higher than for the corresponding period in 2018. In addition, the general insurance sector posted an aggregate pre-tax profit of IDR3.05tn for the first six months of this year, 4% higher y-o-y.

Askrindo led other non-life insurers to be Number One in terms of underwriting and operating profit. The company posted underwriting results of IDR669bn for 1H2019, 80% higher than in 1H2018.

Astra was in second place with an underwriting result of IDR620n, 18% higher y-o-y.

Sinar Mas generated an underwriting result of IDR605bn in 1H2019, 50% more than for the first six months of 2018.