PHNOM PENH (XINHUA) – Cambodia’s insurance industry reported a gross premium of USD178.5 million in the first half of 2024, a slight increase of about one per cent from USD176.8 million over the same period last year, according to an Insurance Regulator of Cambodia (IRC) report on Friday.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm, the report said.
It added that the total amount of claims incurred was about USD34.8 million during the January-June period this year, up 18.5 per cent from USD29.35 million over the same period last year. The Southeast Asian country’s insurance industry currently has more than USD1 billion in total assets. IRC’s Director General Bou Chanphirou said the insurance sector has been playing a crucial role in supporting the social security system, proactively contributing to national economic development.
He said the Cambodian insurance market expanded to approximately USD344 million in 2023, with an insurance penetration of 1.16 per cent of the gross domestic product (GDP) and an insurance density of around USD21.02 per person.
“These two indicators illustrate that the Cambodian insurance market has potential room for further growth in the future,” he said in a speech during the celebration of the Cambodia Insurance Day last week.
