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AM Best maintains negative outlook for Indonesian insurance market

Posted On: Nov. 7, 2022 8:58 AM CST

Ratings agency A.M. Best Co. Inc. has maintained a negative outlook for the Indonesian non-life insurance market citing challenges in credit and motor insurance and ongoing macroeconomic uncertainties, Reinsurance News reported. Underwriting losses stemming from credit insurance have led to financial strain for several industry players, as the economic impact from COVID-19 hampered the debt repayment abilities of consumers.