Cambodia’s insurance industry sees slight growth in first 5 months of 2024
Cambodia’s insurance industry sees slight growth in first 5 months of 2024
An Insurance Regulator of Cambodia (IRC) report showed on Monday that Cambodia’s insurance industry recorded a gross premium of $150 million in the first five months of 2024, up 1.2 percent from $148.1 million over the same period in 2023.
The report said the growth was generated by 18 general insurers, 15 life insurers, seven micro-insurance companies, and one reinsurance firm.
It added that the total amount of claims incurred was $27.9 million during the January-May period this year, up 17 percent from $23.8 million over the same period 2023.
The Southeast Asian insurance industry has over$1 billion in total assets.
IRC’s Director General Bou Chanphirou emphasized that the insurance industry has been a pillar of support for the country’s social security and economy.
“Based on the insurance penetration rate of about 1.14 percent and insurance density of $20.72 per person in 2023, the insurance sector in Cambodia still has vast potential for growth in the future,” he said.
