Insurance gross premium grows 8% to $88 million in Q2
Insurance gross premium grows 8% to $88 million in Q2
Cambodia’s insurance sector continued to expand, but at a slower pace, with total premium reaching $87.6 million in the April-June period of this year.
Premiums went up eight percent year-on-year, as per a report by the Insurance Regulator of Cambodia (IRC) on Sunday.
Life insurance recorded a high growth of 12.6 percent to $52 million, while general insurance saw a nearly flat growth of 1.9 percent to $35.7 million, said the report.
Endowment policies accounted for the largest share of life insurance sales, followed by term life. In general insurance, the highest sale was recorded by property insurance, followed by medical and auto insurance.
Total assets of the insurance sector stood at $1.1 billion; a healthy trend despite the slowdown in premiums, said the report. The total amount of claims paid out by the insurers was $23.7 million, up 23.8 percent from $19 million recorded in the same period last year.
The Cambodian insurance market was at $344 million in 2023, with an insurance penetration of 1.16 percent of the GDP and an insurance density of around $21.02 per person. “The insurance penetration and insurance density numbers illustrate that the Cambodian insurance market has potential room for further growth. There is also a need for public outreach and education on the benefits and advantages of insurance,” Bou Chanphirou, Director General, IRC, said earlier.
“The insurance sector plays a crucial role in supporting the social security system and proactively contributing to national economic development,” said Ros Seilava, Secretary of State of the Ministry of Economy and Finance and Vice Chairman of the Council of the Non-Bank Financial Service Authority, during Cambodia Insurance Day 2024, held in July 2024.
The Cambodian insurance market has a total of 105 insurance institutions, comprising 18 general insurance companies, 14 life insurance companies, seven microinsurance companies, one re-insurance company, 20 insurance brokers, 39 insurance agents, three loss adjustors, two claim managements and one actuarial company.
