Insurance sector logs $28M in gross premium in Sept
Insurance sector logs $28M in gross premium in Sept
Cambodia’s insurance sector logged a total gross premium reaching $28.48 million in September this year, up 5.27 percent from September last year, a report from the Insurance Regulator of Cambodia showed on Thursday.
Life insurance recorded a high growth of 8.72 percent to $17.3 million, while general insurance saw a nearly flat growth of 0.3 percent to $11.11 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.
The total amount of claims paid out by the insurers was $3.85 million, down 19.65 percent from $4.79 million recorded in the same period last year.
The insurance sector plays a crucial role in supporting the social security system and proactively contributing to national economic development, Bou Chanphirou, Director General, IRC, said.
“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,” he said.
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.
The growth was generated from 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm, the report said.
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.
