This study is intended to acknowledge the determining factors of financial distress in insurance companies in Indonesia so as to serve as an early warning system for insurance companies. The objects of this study are insurance companies registered in Financial Services Authority (Otoritas Jasa Keuangan – OJK) in Indonesia between 2015-2019. Purposive sampling was employed to determine the sample, resulted in 13 companies qualified for the criteria. The result of Logistic Regression shows that surplus change had a significant positive effect on the probability of the company to experience financial distress, while the while premium growth and firm size have a significant negative effect. Other variables, namely claim expense, liquidity, solvency margin and RBC did not have a significant effect on the probability of a company’s financial distress. The results of this study have implications for insurance companies in Indonesia, in terms of reducing changes in surplus, increasing premium growth and firm size.