Cambodia’s insurance industry records slight growth in H1
Cambodia’s insurance industry records slight growth in H1
Despite challenges, Cambodia’s insurance industry demonstrated resilience, reporting a gross premium of 178.5 million U.S. dollars in the first half of 2024. This marks a modest increase of about 1 percent from 176.8 million dollars over the same period last year, as per an Insurance Regulator of Cambodia (IRC) report on Friday.
The report said the growth was generated by 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.
The report also noted that the total amount of claims incurred saw a significant increase, reaching about 34.8 million dollars during the January-June period this year, up 18.5 percent from 29.35 million dollars over the same period last year.
The Southeast Asian insurance industry has over 1 billion dollars in total assets.
IRC’s Director General Bou Chanphirou said the insurance sector has been crucial in supporting the social security system and proactively contributing to national economic development.
He said the Cambodian insurance market expanded to approximately 344 million dollars in 2023, with an insurance penetration of 1.16 percent of the gross domestic product (GDP) and an insurance density of around 21.02 dollars 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.
