Insurance Quarterly Report Kuartal III-2025
Kinerja Asuransi Jiwa Premi: Pada kuartal III-2025, pendapatan premi industri asuransi jiwa berada dalam kondisi relatif stagnan. Secara struktural, kinerja premi masih dibayangi oleh pelemahan premi bisnis baru, di tengah perlambatan pada kanal distribusi utama seperti bancassurance dan agen asuransi yang mengalami penurunan premi senjak awal tahun. Klaim: Pada kuartal III-2025, total klaim yang dibayarkan […]
Macroeconomic Monitor December 2025: Soft Landings, Hard Choices: A Year-End Macro Reflection and Global Economy in 2026
United States: Recent indicators show the US economy remains on an expansionary path but is gradually losing momentum. The S&P Global Manufacturing PMI eased to 52.2 in November 2025 from 52.5 in October 2025, while the Services PMI declined to 54.1 from 54.8, both still signalling moderate growth. Manufacturing output stayed firm but was increasingly […]
Macroeconomic Monitor November 2025: A Month of Mixed Signals and Selective Recovery
United States Recent data point to a U.S. economy that is still expanding but gradually cooling. On the activity side, S&P Global US Manufacturing PMI stood at 52.5 in October 2025, edging up from 52.0 in September 2025, while the Services PMI rose to 54.8 from 54.2, indicating continued but moderate growth in both factory […]
Macroeconomic Monitor October 2025: Steady Hands in Unsteady Winds
United States : The latest U.S. data suggest that economic momentum is beginning to soften, with manufacturing activity easing, the labor market showing early signs of stagnation, and inflationary pressures starting to moderate. The S&P Global U.S. Manufacturing Purchasing Manager Index (PMI) slipped to 52.0 in September 2025. In contrast, the S&P Global U.S. Services […]
When Trillions Nap in Banks: The Limits of Indonesia’s Liquidity Push
This paper takes a closer look at the government’s decision to place two hundred trillion rupiah in state-owned banks, noting that while the policy may prevent funds from remaining idle at the central bank and strengthen banks’ balance sheets, it does not necessarily lead to stronger credit growth nor faster economic recovery. Empirical evidence shows […]
Insurance Quarterly Report: Kuartal II – 2025
Kinerja Asuransi Jiwa Premi: Pada kuartal II-2025, industri asuransi jiwa mencatat pertumbuhan pendapatan premi negatif jika dibandingkan tahun sebelumnya, dengan penurunan sebesar 2% (YoY) menjadi Rp75,7 triliun. Tekanan ini terutama berasal dari melemahnya premi bisnis baru yang turun -6,1% (YoY), serta perlambatan pada tiga kanal utama distribusi, yaitu bancassurance, agen asuransi, dan direct marketing, yang […]
Macroeconomic Monitor September 2025
United States The US expansion continues to be anchored by services and household demand while manufacturing lags. S&P Global Services PMI remained firmly expansionary in August 2025, cushioning headline growth against an ISM Manufacturing print below 50 that still signals a contracting factory sector. Inflation progress is uneven: headline CPI re-firmed to 2.9% YoY on […]
Indonesia’s Q2 2025 GDP Commentary: Not So Much About Data Integrity, but How We Interpret It
• Real GDP grew 5.12% YoY in Q2 2025 and 4.04% QoQ, marking the strongest Q2 sequential rebound of recent years. The pattern is partly seasonal, Q2 typically jumps after a soft Q1, but 2025’s QoQ spike exceeded the ~3.7–3.8% norms, so the surprise reflects a cyclical upswing rather than a structural improvement. • Several […]
Macroeconomic Monitor August 2025
United States The US economy in July 2025 showed diverging momentum as manufacturing slipped into contraction (PMI 49.8) and industrial production weakened across both durable and nondurable goods, while services expanded strongly (PMI 55.7; Composite 55.1), making services becomes key driver of growth. Inflation eased slightly to 2.7% YoY, close to the Fed’s target, though […]
Macroeconomic Monitor July 2025
United States (US) economy shows a mixed outlook, with strong domestic demand driven by the services sector, but increasing pressure from external trade. The trade deficit has widened notably following the implementation of Trump’s reciprocal tariffs, which have begun to raise prices on certain consumer goods. While the overall growth trajectory remains moderate, downside risks […]
