Tokio Marine Indonesia Sees Slowdown in Personal Accident Insurance

Industry Trends and Performance

PT Asuransi Tokio Marine Indonesia has observed a significant decline in both premiums and claims for personal accident insurance through Q3 2025. The company's President Director, Sancoyo Setiabudi, noted that this trend aligns with the overall industry slowdown. According to data from the Indonesian General Insurance Association (AAUI), personal accident insurance premiums fell by 7.3% year-on-year (YoY) to Rp2.05 trillion, while claims dropped by 34.8% YoY to Rp279 billion.

Market Dynamics and Consumer Behavior

The decline in personal accident insurance premiums may be attributed to the economic slowdown and changing consumer preferences. Many customers are now opting for more comprehensive insurance products such as health insurance and critical illness coverage. Sancoyo Setiabudi explained that this shift doesn't necessarily mean consumers are abandoning personal accident insurance, but rather seeking broader protection. The claim ratio for personal accident insurance improved to 13.6% as of September 2025, down from 19.3% in the same period last year.

Company Strategy and Outlook

Despite the current challenges, Tokio Marine Indonesia remains optimistic about the prospects for personal accident insurance. Sancoyo emphasized the importance of this product as a 'safety net' for individuals, particularly those in productive age groups with high mobility. The company is focusing on three key strategies: developing affordable microinsurance products, ensuring quick claims processing, and enhancing online distribution channels through website optimization, digital worksite implementation, and partnerships with distribution partners.

Expert Analysis

Insurance expert Dedy Kristianto noted that while the outlook for personal accident insurance remains stable, it is still under pressure. He anticipates a potential slight improvement in Q4 due to increased year-end travel, but believes that significant recovery will depend on improvements in consumer purchasing power. Dedy also observed that customers are increasingly choosing more comprehensive insurance products, and that the decline in personal accident insurance is partly due to reduced demand for products tied to travel, credit cards, and membership programs.

Conclusion

Tokio Marine Indonesia is navigating the current slowdown in personal accident insurance by adapting its product offerings and distribution strategies. The company remains cautiously optimistic about the remainder of the year, expecting stable performance driven by increasing mobility and protection needs.