Cambodia’s insurance industry sees 3.2 pct growth in Jan.-Sept.
Cambodia’s insurance industry sees 3.2 pct growth in Jan.-Sept.
The Insurance Regulator of Cambodia (IRC) said in a report on Friday that Cambodia’s insurance industry recorded a gross premium of $272.8 million in the first nine months of 2024, up 3.2 percent from $264.2 million over the same period last year.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.
The report said that the total amount of claims incurred was about $51 million during the January-September period this year, up 15 percent from $44.3 million over the same period last year.
The Southeast Asian insurance industry has over $1 billion in total assets.
IRC’s director, General Bou Chanphirou, has said that the insurance sector has been crucial in supporting the social security system and proactively contributing to national economic development.
He added that the Cambodian insurance market rose to approximately $344 million in 2023, with an insurance penetration of 1.16 percent of the gross domestic product (GDP) and an insurance density of around $21.02 per person.
“These two indicators illustrate that the Cambodian insurance market has room for further growth in the future,” he said.
