Indonesia’s Islamic Insurance Industry Posts Positive Performance in 2Q 2021

In line with Indonesia’s economy that grew 7.07% year-on-year (YoY), the Islamic Insurance industry saw positive performance in the second quarter of 2021 (2Q 2021).

Why it Matters?

Ronny Ahmad Iskandar, Head of Research and Innovation for Shariah Life Insurance at the Indonesian Shariah Insurance Association, noted that this positive performance was quite a significant rise compared to the second quarter in 2020 (2Q 2020), with growth in the gross contribution of the national Shariah insurance industry up 51.89% YoY in 2Q 2021 from IDR 7.6 trillion to IDR 11.5 trillion. Iskandar further elaborated that this meant despite the COVID-19 pandemic, Islamic insurance and general insurance could grow very well.

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