Cambodia’s insurance industry records 3.5 pct growth in 2024
Cambodia’s insurance industry records 3.5 pct growth in 2024
Cambodia’s insurance industry reported a gross premium of $356.4 million in 2024, an increase of 3.5 percent from $344.2 million the previous year, according to a report by the Insurance Regulator of Cambodia (IRC) released on Wednesday.
The growth was driven by 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm.
The report indicated that the total amount of claims incurred was approximately $79.7 million last year, marking an increase of 18.9 percent from $67 million a year earlier.
The Southeast Asian nation’s insurance industry currently possesses over 1 billion dollars in total assets.
IRC Director General Bou Chanphirou stated that the insurance sector is playing a vital role in supporting the social security system and is actively contributing to national economic development.
He noted that the kingdom’s insurance penetration stood at 1.16 percent of the gross domestic product in 2023, with the insurance density at $21 per person.
“These two indicators demonstrate that the Cambodian insurance market has significant potential for further growth in the future,” Chanphirou remarked.
